A mortgage is a type of loan that is specifically tied to real property. A conventional mortgage loan a broad term used to describe any loan that is not backed by the government but is instead backed by private mortgage lenders such as Financial Concepts Mortgage.
In comparison, Federal Housing Authority (FHA) loans and Veterans Administration (VA) loans are both backed by the government. FHA loans were created by Congress in the 1930s to make it easier for Americans to get into homeownership, whereas VA loans are designed for veterans, military members, and their spouses.