FHA Loans 

FHA loans are geared towards but not limited to first time home buyers.  The FHA Loan requirements allow for shorter credit depth, higher debt to income, lower credit scores, and only requires 3.5% down payment.  FHA also allows for a co-signer if needed.  There are loan limits (loan amount caps) and is determined by the county the home you want to finance is located in. An FHA mortgage is a home loan insured by the Federal Housing Administration and backed by the government.  

If you are looking to do a renovation on along with your FHA Loan, there is a program called 203k, that allows you to fold in the cost of the renovation into your loan.