There are many different loan products available for today's homebuyer. Below are descriptions of the basic mortgage types, but the best way to see what you can actually qualify for is to speak with one of our preferred lenders.
The Federal Housing Administration (FHA) does not actually lend money, but they insure loans issued by FHA-approved lenders. The advantages of an FHA loan include lower down payments (3.5%) and less rigid credit and income requirements.
You can generally only get an FHA loan on a home that you intend to be your primary residence. In addition, FHA has requirements for the condition of the property that are more strict than with a conventional loan. Therefore, a lot of older homes or homes that need major work may not qualify. Here is a good summary of the FHA Minimum Property Standards.