Broad program orientation

Start with the whole loan, not a program nickname

Conventional and government-backed mortgages use different rules and cost structures. No category is automatically best: the useful comparison is the complete documented scenario and the complete set of proposed terms.

Last reviewed: July 14, 2026
Scope: Broad mortgage categories

Direct answer

Conventional mortgages are not insured or guaranteed by FHA, VA, or USDA. FHA-insured loans use HUD rules and mortgage insurance. VA-backed loans depend on an eligible borrower's benefit, a Certificate of Eligibility, lender review, occupancy, and property requirements. USDA Guaranteed loans combine household-income and rural-area requirements with lender and program review. Compare availability, cash to close, recurring and upfront costs, term, property fit, and documentation—not one advertised feature.

Conventional loans

Understand conforming-market guidelines, mortgage-insurance questions, and why down payment is only one part of a conventional review.

FHA loans

Learn what FHA insurance does, why approved-lender underwriting still matters, and how occupancy, property, limits, and insurance interact.

VA loans

Separate service eligibility and entitlement from credit, income, occupancy, appraisal, funding-fee, and lender requirements.

USDA loans

Get a concise orientation to the Guaranteed program and continue to the USDA-focused education domain for detailed source-based guides.

Self-employed borrowers

See why taxable income, business cash flow, ownership, distributions, current performance, and business assets may require separate analysis.

Use the same comparison frame for every category

Purpose and occupancy: Purchase or refinance, primary residence or another permitted occupancy, and intended property use.
Property: Type, condition, appraisal, location, units, planned repairs, and program-specific acceptability.
Borrower: Documented income, assets, debts, credit history, funds, and any program-specific status.
Costs: Interest, points or credits, lender and third-party charges, mortgage insurance or program fees, taxes, insurance, and cash to close.
Time: Loan term, expected time in the home, rate-lock period, and the period over which upfront costs may matter.

Common misunderstanding

A small or zero down-payment feature does not mean zero cash is required, and a larger down payment does not by itself settle approval, pricing, mortgage insurance, reserves, or property questions. Review the actual Loan Estimate and documented transaction. For a process view, read how the mortgage process fits together.

Official starting points

Sources checked July 14, 2026. Program pages summarize different rule systems; current program guidance and transaction documents control.