Here are some types of mortgages ¹ ² ³:

Conventional mortgage: a mortgage not backed by a government agency

 Conforming conventional loan: a type of conventional mortgage that follows high-end lending limits set forth by Fannie Mae

Fixed-rate mortgage: a mortgage with an interest rate that stays the same for the entire loan term

Adjustable-rate mortgage (ARM): a mortgage with a variable interest rate

 High-balance loan: a type of conventional loan with a balance that exceeds the standard conforming loan limit, but is still considered conforming because it stays within the loan limit that the Federal Housing Finance Agency (FHFA) has set for localities it recognizes as high-cost areas

Jumbo loan: a nonconforming loan

Federal Housing Administration (FHA) loans: available for specific populations that may not have the income, credit scores, or down payments required to qualify for conventional mortgages

 U.S. Department of Agriculture (USDA) loans: available for specific populations that may not have the income, credit scores, or down payments required to qualify for conventional mortgages

U.S. Department of Veterans Affairs (VA) loans: available for specific populations that may not have the income, credit scores, or down payments required to qualify for conventional mortgages