Benefits of FHA Loans: Low Down Payments and Less Strict Credit Score Requirements. Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. For FHA loans, down payment of 3.5 percent is required for maximum financing.
Identification. The FHA guidelines are very clear on loan approval after foreclosure. A borrower must have three years to the month from his foreclosure before a lender will approve him for an FHA.