A standard FHA-insured loan product is traditionally one of the best types of home loans for first-time buyers. A FHA loan is insured by the Federal Housing Administration (FHA) and is originated or funded by a private lender. While mortgage lenders do vary in how they apply FHA underwriting guidelines, FHA standards in general are more flexible than most other types of home loan programs and can be a great fit for those households with lower credit scores. FHA also has a low minimum down payment of just 3.5% (of the purchase price) and it permits a gift from a family member or the seller to pay the remaining closing costs and fees to purchase your first home. These are great features for the typical cash-strapped buyer looking to finance a home of their own. To learn more about an FHA loan click here.

If you intend to buy a home in a rural area, you definitely need to check out the United States Department of Agriculture's (USDA) Rural Housing Service. The UDSA offers loans that are exceptional because they are 100% financing without monthly mortgage insurance premiums. While they do require an upfront mortgage insurance premium, you can finance that cost just like an FHA loan. Your Realtor can tell you if a particular home is within the USDA Approved area or you can go to http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do and type in any homes address. The good news is the all of Lake County, many parts or Volusia County, and even parts of Orange County Florida are approved for USDA financing. To learn more about USDA Guaranteed Rural Housing Loan click here.

A Conventional Loan is a loan product that conforms to Fannie Mae and Freddie Mac's guidelines. Fannie Mae and Freddie Mac are nicknames for the two Government Sponsored Enterprises (GSEs) that were created by the federal government to purchase mortgage loans from lenders. After most lenders make a loan, they sell the loan to Fannie Mae or Freddie Mac. In partnership with Private Mortgage Insurance (PMI) companies, these loan types can have a low down payment and offer good terms. In some cases the down payment on a conventional loan can be as low as 5%. To learn more about conventional loans click here.

An FHA 203k Loan is like a standard FHA loan, but with this home loan program you can finance not only the purchase of the home, but also repairs to the home as well. The FHA 203K loan is great home loan product for those who are buying a fixer upper, such as a foreclosure or other property that do not meet a lender's standard property conditions. To learn more about the FHA 203K loan click here.