A VA mortgage loan is a home loan program offered by the U.S. Department of Veterans Affairs to eligible veterans, active-duty service members, and some surviving spouses. It provides benefits such as no down payment, competitive interest rates, no private mortgage insurance (PMI), and flexible credit requirements. The VA guarantees a portion of the loan, making it easier for lenders to offer favorable terms.

An FHA mortgage loan is a government-backed home loan insured by the Federal Housing Administration. It is designed for low-to-moderate-income borrowers with less-than-perfect credit. FHA loans offer lower down payment requirements (as low as 3.5%), more flexible credit guidelines, and competitive interest rates. Borrowers must pay mortgage insurance premiums (MIP) to protect lenders in case of default.

A USDA mortgage loan is a government-backed home loan offered by the U.S. Department of Agriculture to help eligible rural and suburban homebuyers. It features no down payment, low interest rates, and reduced mortgage insurance costs. USDA loans are designed for low-to-moderate-income borrowers and require the home to be in an eligible rural area.

A conventional mortgage loan is a home loan that is not backed by a government agency like the FHA, VA, or USDA. It is typically offered by private lenders and follows guidelines set by Fannie Mae and Freddie Mac. Conventional loans often require higher credit scores, larger down payments, and private mortgage insurance (PMI) if the down payment is less than 20%. They come in fixed- and adjustable-rate options.

A specialty mortgage loan is a tailored home loan designed to meet the unique needs of specific borrowers, such as self-employed individuals, doctors, first-time homebuyers, or those purchasing high-value properties. These loans may offer flexible underwriting, unique terms, or special benefits like low down payments, interest-only options, or jumbo loan amounts.