Buying a house with an FHA loan already makes homeownership more accessible, thanks to its lower credit score and down payment requirements. But when you combine these government-backed loans with an adjustable-rate mortgage (ARM), you can make those first few years of homeownership even more affordable. How an FHA ARM works An FHA adjustable-rate mortgage combines two things: government-backed FHA financing and the features of an adjustable-rate loan. The Federal Housing Administration insures these lo ...