The remainder of the home's purchase price is borrowed and paid. While your down payment can determine your mortgage rate and.. Even after getting an FHA loan, you have the option to refinance to a conventional loan.
Hud Loans For First Time Buyers The VA loan is the cheapest mortgage available because no mortgage insurance is required. This makes VA home loans perfect for any first time home buyer who is eligible. 5. 203k Rehab Loans. If you’re in the market to purchase a fixer upper home then a 203k loan may be a perfect fit for you. These rehab loans are an extension of the FHA loan program.