The Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) offer government mortgage loans that have features (such as low down payment options and flexible credit and income guidelines) that may make them easier for first-time homebuyers to obtain.

FHA Mortgage Loan Features
• Low down payment
• Fixed-rate loans available
• Maximum loan amounts vary by county

VA Mortgage Loan Features
• Up to 100% financing—with as little as $0 down payment for qualified borrowers
• Fixed-rate loans available
• More flexible qualification guidelines than those for conventional loans

Other types of Mortgages

Fixed-Rate Mortgages
• One’s interest rate remains the same for the entire loan term
• One’s monthly payment of principal and interest does not change during the loan term

Adjustable-Rate Mortgages (ARMs)
• Interest rate may change periodically during the loan term
• One’s monthly payment may increase or decrease based on interest rate changes

Jumbo Loans
• For borrowers needing higher loan amounts
• Available for primary residences, second or vacation homes and investment properties

Affordable Loan Solution Mortgage
• Down payment as low as 3%
• No mortgage insurance required