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 get approved even if you have less-than-perfect credit. The Federal Housing Administration or “FHA” requires a down payment of only 3.5% of the price of the home. Borrowers who cannot afford a traditional down payment of 20% or can’t get approved for private mortgage insurance should look into FHA loans.