What are the pros and cons to a FHA home mortgage loan?

I have terrible credit but have been pre-approved for FHA at 6% interest fixed for 30 years. I'm wondering if this is the way to go or if there are better ways to buy a home. I'm a single mom, live in Iowa,have very little for down payment, good rent and work history, and signs that I've been working... show more I have terrible credit but have been pre-approved for FHA at 6% interest fixed for 30 years.
I'm wondering if this is the way to go or if there are better ways to buy a home.
I'm a single mom, live in Iowa,have very little for down payment, good rent and work history, and signs that I've been working to improve my credit rating.
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