You can get an FHA home loan even if you have a lower credit score. If you have a lot of debt, have filed for bankruptcy or have accounts sent to collections, you may still qualify for an FHA mortgage. FHA loans are insured by the federal government, and these loans can work for you without the requirement of a large down payment or closing costs. An FHA mortgage is a better option than financing through a bank that only offers expensive subprime financing. More people qualify for FHA home loans than for traditional mortgages.