Not all mortgage lenders are alike!  I would strongly recommend calling around to several different places to get a good undertstanding of the differences.  

The 2 most common loans that homebuyers opt for are either the conventional 30 year fixed rate or adjustable rate.  Let me explain the differences:

Fixed rate mortgages have the same interest rate for the entire term of the loan (typically 15 or 30 years).  Payments are stable and predictable, but the interest rate may be higher than other types of mortages.

Adjustable rate mortgages (ARMs) use interest rates linked to a financial index that changes periodically over the life of the loan.  Initial payments may be lower, making the ARM more affordable.

Your lender will work with you to help determine which loan is best for you. 

Please utilize the following 2 websites as an extra source of informaiton: 

www.hud.gov

HUD (US Department of Housing and Urban Developement) has a great website packed with information.  You can look at all the statistics of an area that you are considering moving into. 

www.fha.gov

FHA (Federal Housing Administration) offers loans to qualifying persons. 

Check out both websites and see if there's any FHA or HUD programs that would benefit you!  If you are a first time homebuyer, there may be many extra programs and/or offers available to you thru HUD or FHA.  Your mortgage lender should be knowledgable with all your options.