FHA assumable mortgages?

I've heard that some current FHA mortgages are non qualifying, and fully assumable, after 2 years.  Is this true?   :cool  I live in the St. Louis area where I'm seeing a glut of loan defaults and I want to take advantage of this situation for a personal residence as well as possible investing (rooming houses).  Thanks in advance for responding. :biggrin

Not true