While the number of first-time buyers is down, there are plenty of folks who are tempted by falling home prices and low interest rates. What kind of loans are out there for them?

The kind of loan you're offered starts with your credit score. Fannie Mae and Freddie Mac are looking for credit scores of at least 660. The stronger the credit of the borrower, the better product they can obtain."

Examples: If you put down 5 percent, you'll need a credit score of at least 660. But if you go with an FHA loan, you can put down as little as 2.25% and they might accept a 580 credit score. With a FICO credit scores of over 700, you can get 100% financing.

Who is a good FHA candidate? Someone in a first or second job out of high school or college, who is working and can afford the property but might need help with the down payment. With FHA, a parent can provide the down-payment assistance as long as the borrower can afford the payment. The average credit score of an FHA borrower is about 620.

Down Payments - When it comes to down payments, lenders want to see at least 5 percent down for a normal conforming loan of up to $417,000, if you're borrowing more than $417,000, some lenders want to see at least 15% equity in the property, although some have made adjustments to 10% due to weak market conditions.

Mortgage Home Loan Notes: "Gross Income Ratios"

Lenders normally would like to see 25 to 28% of your gross income going against your housing expense, and now that has been adjusted to include ratios of up to 40% of your gross income. Once you get past the ratio of 42 or 45% of your gross income, you may not be able to do a conforming loan.