FHA I am SOOOO lost!?

I would really appreciate some insight here. My Fiance and I contacted Wells Fargo to obtain a mortgage for 70,000 for a home we are looking to purchase. The mortgage guy I talked to said we should try a FHA loan. His credit score is 562, we would be putting $ 10,000 down and have $ 5,000 for closing cost ect. So what is a FHA loan and will we get one with his score and the money we have for a down payment???? Any help would be great!!!! Thanks………..Oh by the way he has no judgments, no forecloser, and all student loans were paid off 5 years ago.
No, I’m not co-signing was told it wasn’t needed…..obviously if I was co-signing I would have stated that along with my score

Register New Account
Reset Password