6. Understand your first-date homebuyer mortgage selection Mortgage specifics Selecting best home loan choice could make the difference between a good quick preapproval otherwise a disturbing loan assertion. Several authorities enterprises render financing software one appeal to individuals that have lower credit ratings, armed forces individuals or reduced-income people seeking residential property for the outlying parts of the country. Antique money may be the hottest mortgage method of, but they also come towards the strictest being qualified criteria. Lenders pursue legislation lay from the Fannie mae and you will Freddie Mac in order to agree traditional finance.