1St Time Home Buyer Mortgage Types Of Home Loan Types of Mortgages to Choose From | The Truth About Mortgage – This type of mortgage is backed by the Federal Housing Administration (FHA), a government housing agency. Another common government home loan is the VA loan, backed by the Department of Veteran Affairs, which allows zero down financing. There’s even a USDA home loan backed by the same folks that grade steaks! It too allows for 100% financing.1st time home Buyer Qualifications How to Qualify for First Time Home Buyer Programs – First time home buyer programs help you buy your first home with. Fannie Mae's HomeReady mortgage program has expanded eligibility to.