If you're comparing government-backed mortgage options, two programs you're likely to encounter are VA loans and FHA loans.

When you're buying a home, the down payment is only one part of the money you may need at closing. There are also closing costs. Closing costs are the fees, prepaid expenses, and other charges associated with completing a real estate transaction and mortgage loan. They can include lender fees, title-related expenses, appraisal costs, taxes, insurance, and several other items depending on the property and financing.

When you're preparing to buy a home, even a small difference in your mortgage interest rate can make a meaningful difference in your monthly payment and the amount of interest you pay over the life of the loan.

Buying your first home is exciting, but it can also feel overwhelming. How much home can you afford? How much money do you need for a down payment? Which mortgage should you choose?