If the loan is an FHA type loan it means that the mortgage is insured. There are different FHA loans available, for example the 203K FHA streamline and FHA 184 Native American financing. Each loan type has its different requirements
FHA loans require 3.5% down payment, also requires PMI (private mortgage insurance) for the life of the loan and usually requires a credit score of 620.
As a side note, while you may qualify with a 620 for an FHA loan, the mortgage companies have a layover which they may require you to have 640 or better depending on the company.
If you have one you need to sell the home or you can refinance as a conventional loan, if small enough a signature loan.