FHA loans are designed for low-to-moderate-income borrowers; they require a lower minimum down payment and lower credit scores than many conventional loans.
A conventional mortgage or conventional loan is a home buyer’s loan that is not offered or secured by a government entity.
It is available through or guaranteed by a private lender or the two government-sponsored enterprises—Fannie Mae and Freddie Mac
The Veterans Benefits Administration (VBA) provides federal guarantees of home loans for qualified applicants. To be eligible for a VA-guaranteed home loan, veterans must have served on active duty in the Army, Navy, Air Force, Coast Guard, or Marines.
A Non-Qualifed Mortgage (non-QM), is a home loan designed to help homebuyers who can’t meet the strict criteria of a qualifying mortgage. For exampe, if you are self-employed or don’t have all the necessary documentation to qualify for a traditional mortgage, you might need to look at non-qualified mortgages.