The most common types of home mortgage loans include conventional loans, FHA loans, and VA loans. Here’s a simple breakdown of each: Conventional Loan: Not backed by the government, lenders may offer borrowers home mortgage loans with more flexible terms, features, and benefits. FHA Loan: Designed to make home ownership more affordable, these Federal Housing Administration insured mortgages allow buyers who are unable to qualify for a conventional loan to receive home financing. VA Loan: Guaranteed by the U.S. Department of Veteran Affairs, these loans help active duty military, veterans, and qualifying military spouses receive lower interest rates and better terms than available through a conventional mortgage loan. Browse our mortgage loan options page for more information on these loans and more to explore your options.