Federal Housing Administration and Veterans Affairs loans are government supported loans that can help a first time home buyer secure a mortgage. VA loans are for military personnel and can get you a fixed rate mortgage with zero down payment. These loans also have relaxed qualifying standards, though they come with a VA funding fee that can range from between 0.4% – 3.3%.
With an FHA loan you’ll need to put down at least 3.5%, and will need to pay mortgage insurance premiums for at least 5 years. That said, these loans also come with lower qualifying standards, including credit scores as low as 580.