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A conventional loan is a mortgage that is not insured or guaranteed by the federal government. It is backed by private lenders and typically follows the guidelines set by Fannie Mae and Freddie Mac. These loans come in fixed-rate or adjustable-rate options and typically require private mortgage insurance (PMI) if the down payment is less than 20%.

An FHA loan is a government-backed mortgage designed for borrowers who may have lower credit scores or smaller down payments. It is insured by the Federal Housing Administration, which makes it easier for lenders to approve borrowers with credit scores as low as 500 (with a 10% down payment) or 580 (with a 3.5% down payment).

A VA loan is a mortgage loan available to eligible veterans, active-duty military personnel, and their families. It is guaranteed by the U.S. Department of Veterans Affairs, allowing lenders to offer zero down payment, no private mortgage insurance (PMI), and competitive interest rates.

A USDA loan is a government-backed mortgage designed for low-to-moderate-income borrowers purchasing homes in rural and some suburban areas. The loan is issued by approved lenders and guaranteed by the U.S. Department of Agriculture, offering zero down payment and lower mortgage insurance rates.

A jumbo loan is used for home purchases that exceed conforming loan limits, which are $726,200 in most areas or up to $1,089,300 in high-cost regions. These loans have stricter qualification requirements, including higher credit scores (typically 700+), larger down payments (10%-20%), and strong income verification.