The rate will adjust with the market after the initial fixed rate period according to the terms established when you close. A low initial rate may help you qualify for a larger loan. They are not restricted to first time home buyers. If you've had a bankruptcy discharged and good credit since, you may qualify after two years. Gift down payments are permitted.
Government loans allow a higher debt ratio than conventional loans.
VA loans have a zero down payment and are fixed rate only. Some loans can be approved with limited documentation of income, debt, employment and assets. These loans offer substantially higher interest rates, but may allow you to buy a home when your credit is poor or you are self-employed. Most, but not all, require substantial down payments. .