The two major loan types are Conventional and FHA loans. Other popular loan types are VA, Jumbo, and USDA.
Between Conventional and FHA loans, FHA usually has a lower interest rate, but requires mortgage insurance to be added to your payment that often off-sets this. So if you have a large down payment and a solid credit score Conventional may still be cheaper, even with the higher interest rate. A qualified loan originator can do a side-by-side comparison for your unique scenario and see which makes the most sense for you.
Similar to FHA loans, VA loans also have very low rates, but unlike FHA loans they do not have mortgage insurance. However, you must have served in the US armed forces to qualify for a VA loan.
Jumbo loans are for loans that need to borrow more than FHA or Conventional loans allow. Rates on these vary greatly based on the lender as well as the borrower’s unique loan characteristics.