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Different types of loans have different benefits and drawbacks. For example:

• Conventional loans have low interest rates but strict credit score requirements and larger down payments.
• FHA loans have lower down payment requirements and more lenient credit score requirements, but also have higher mortgage insurance premiums and stricter guidelines.
• VA loans have no down payment required and no private mortgage insurance (PMI) required, but have stricter credit requirements and limits on the size of the loan.
• USDA loans have no down payment required and low interest rates, but also have income limits and location restrictions.
• First-time homebuyer programs offer down payment assistance and tax credits, but may also have income limits and specific requirements that must be met to qualify. It is important to research the options and consult with a lender or real estate agent to determine which program is best for your individual circumstances.