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 A conventional loan is any mortgage that isn’t backed by the federal government. Conventional loans have higher minimum credit score requirements than other loan types — typically 620 — and are harder to qualify for than government-backed mortgages. Borrowers who make less than a 20% down payment are typically required to pay private mortgage insurance (PMI) on this type of mortgage loan. 

 A fixed-rate mortgage is exactly what it sounds like: a home loan with a mortgage interest rate that stays the same for the entire loan term. The rate included on your closing disclosure is the same rate you’ll have for the length of your repayment term, unless you refinance your mortgage. 

 An adjustable-rate mortgage (ARM) is a type of mortgage loan that has a variable interest rate. Instead of staying fixed, it fluctuates over the repayment term. One popular ARM option is the 5/1 ARM, which is considered a hybrid mortgage because it has both a fixed-rate period and a period when the rate adjusts on a recurring basis.

 A high-balance loan is another type of conventional loan. In a nutshell, it’s a loan with a balance that exceeds the standard conforming loan limit — however, it’s still considered a conforming loan because it stays within the loan limit that the Federal Housing Finance Agency (FHFA) has set for high-cost areas. 

 A jumbo mortgage is a larger conventional loan, typically used to buy a luxury home. Jumbo loan amounts exceed all conforming loan limits and often require a large down payment of at least 20%. 

 The Federal Housing Administration (FHA) backs these types of mortgage loans, which cater to borrowers with credit blemishes and limited down payment funds. You can qualify for an FHA loan with a 580 credit score and a minimum 3.5% down payment. If your score is between 500 and 579, you’ll need a 10% down payment. In 2025, the FHA loan limit in most U.S. counties is set at $524,225 for single-family homes. In high-cost areas, the FHA loan limit is $1,209,750. 

 Military service members, veterans and eligible spouses may qualify for a loan backed by the U.S. Department of Veterans Affairs (VA). 

  The U.S. Department of Agriculture (USDA) guarantees USDA loans provided to low- and moderate-income buyers looking to purchase homes in designated rural areas. Down payments and mortgage insurance aren’t required for these types of home loans, but there are income limitations. 

 A second mortgage is a different type of mortgage loan that allows you to borrow against the equity you’ve built in your home over time. Similar to a first mortgage (the loan you use to buy a home), a second mortgage is secured by your home. However, a second mortgage takes a subordinate position to a first mortgage — this means that it’s repaid after a first mortgage in a foreclosure sale.