Q. Can you help me find the best mortgage interest rate and lender? Iâ??m a first-time buyer.

A. Sure, you have lots of options.

In your state of Connecticut, for example, there are programs for first-time buyers that offer low rates and help with closing costs. Eligibility depends on your income and credit score, and there are price caps on some of the programs. Here's where you can find out more about the Connecticut Housing Finance Authority's programs.

Obtaining a loan backed by the Federal Housing Administration is a good choice, too. The FHA only requires a 3% down payment, and income, credit score and debt requirements are more lenient than with a conventional mortgage. Also, the limits on the prices of homes that you can buy have just been increased. Our report on FHA loans for first-time buyers has more details.

We also recommend that you read our guide to finding the best loan for you.

The reason first-time buyers are categorized as such is that they don't have the luxury of selling their present home and using the equity for a down payment and closing costs. Those are major roadblocks to home ownership.<.p>

But if you have money saved up, a good credit score and a low debt level, being a first-time buyer makes no difference. You should be able to get a mortgage from any reputable lender. A good place to start is our extensive database of the best mortgage rates. Also, look at what banks and mortgage lenders in your neighborhood are offering. To get the best deal, you have to shop for it.

Just be sure and stick with a traditional type of loan, like a 30-year, fixed-rate mortgage. Don't let a lender talk you into an exotic loan such as an option ARM or interest-only mortgage. They can -- and often do -- lead to disaster.

Whether you're buying a home or refinancing an existing mortgage, we have a mortgage calculator that can help you make the right decisions.