You're hearing it everywhere (even from us): Now's a smart time to buy a house. Mortgage rates are extremely low, so if homeownership has been on your wish list then now's the time to take the leap.

But as exciting as home shopping is, understanding the finances that go along with it can be overwhelming and confusing, especially for first-timers.

That's where the loan originators at Envoy Mortgage come in. They're ready to help you learn all the financial jargon and check if there are any down payment assistance loan programs that you qualify for.

Depending on your financial goals, there may be some loans that are better suited for your income, property location, and credit score. Here's a closer look at the most popular home loan types and who should apply for them.

Traditional/conventional
Got a solid credit score and very little debt? Congratulations, for more reasons than this. With a traditional home loan, you might be able to avoid paying private mortgage insurance (PMI) by providing a 20 percent down payment. But here's some really great news: You can still make a minimum down payment as low as 3 percent, if you choose.

VA
VA home loans are available to American veterans and their family members. Usually, private mortgage insurance and down payments are not required to apply for a VA loan, but a funding fee may be charged.

Fixed rate vs. adjustable rate
Fixed-rate means the interest rate and payment for your loan doesn't change. This certainly makes monthly budgeting easier, and is a popular, stable, and secure loan option if you plan to live in your new home for many years.

Adjustable rate mortgage loans begin with a set interest rate, but once the initial period has passed, rates can change depending on current market trends. If you only plan on staying in your new home for a few years, this could be a good way to take advantage of those earlier, lower payments.

Other types of home loans
If you don't fit inside the financial guidelines of a traditional mortgage, there are still ways to reach your monetary goals through real estate. Here are a few:

Jumbo loan
Jumbo mortgages are a type of conventional mortgage that have non-conforming loan limits. This means the home loan exceeds the limits set by the federal government. If you're looking to borrow more than $510,400, then a jumbo loan is your first stop in terms of a great mortgage solution. These kinds of loans are very common in areas with a higher cost of living, and usually require more documentation to qualify.

Non-agency
A non-agency loan is a loan that is not backed by any of the government-sponsored enterprises (like Fannie Mae or Freddie Mac). These mortgage loans can usually provide extensive financing for loan amounts higher than the maximum conforming limits set by most government agencies, or that provide more flexibility during the loan approval process.

USDA
This loan is funded by the U.S. Department of Agriculture and is a great choice if you plan to purchase a home in a rural area. You must purchase a home in a USDA-eligible area and meet a certain income guideline to qualify.

Down payment assistance programs
You may be eligible to receive down payment assistance when applying for a specific loan program. This assistance could be in the form of a financial grant that will reduce your down payment amount, and may even cover your closing costs.

These programs vary by your state, county, or city — visit with your Envoy Mortgage loan originator for specific details and qualifications. You never know until you ask, right?

Envoy Mortgage can help you choose the right loan program and explore payment assistance programs, getting you on the road to homeownership.

Either fill out this form online or call 713-977-8005 to speak with a loan originator today.