It isn’t easy navigating your way through the plethora of home loans available when you want to buy your new home but don’t have the wherewithal to pay the total amount upfront. You may find it quite bewildering to learn about the different types of mortgage loans, the terms and conditions, interest rates, repayment terms and penalties, eligibility criteria and so on. So your best option may be to check out the most popular mortgage loans available, as they are likely to be the least complex to understand.
The four most popular mortgage loan programs are:
FHA Loans: If you are a first time home buyer, this would be the most suitable home loan for you. The government basically funds the loan through mortgage insurance. In this case, FICO scores are unimportant and it requires a minimal down payment.