Veterans may qualify for Veterans Administration mortgages. There are caps on the size of a VA loan you can get, but this loan could be ideal for buying a lower priced home with a small down payment.

FHA or Federal Housing Administration loans are available to those buyers who may not meet some or all of  the criteria of a conventional loan.  FHA loans require less of a down payment (typically the minumum is 3.5%), credit score requirements are lower than with conventional loans and the debt to income ratio criteria is typically higher.