One of the best tips for getting a mortgage is to choose the right type of loan. There are many different options available and the right one for you depends on a number of factors, ranging from who you marry to your credit score:
- Conventional Loans: Usually the cheapest loan you can get if you have 20% down payment and a credit score of 640 and higher.
- FHA Loans: Federally backed loans with low down payments but higher insurance premiums for people with less than ideal credit.
VA Loans: Requires no down payment and is a good option for qualifying military personnel, veterans and their spouses.
- USDA: Also requires no down payment, but only available for rural locations.
Local governments and organizations may also have grants for first-time buyers.