A conventional loan is the most common type of mortgage. They are backed and serviced by private mortgage lenders.

FHA stands for Federal Housing Administration. An FHA loan is considered a government loan. FHA loans allow the borrower to put down as little as 3.5%. FHA allows approval with more loose restrictions. If you have debt, or a lower credit score, this may be the best option for you.

USDA stands for United States Department of Agriculture. These loans are done in more rural areas (35,000 people or less), they also have income limitations. They allow for 0% down payment. These loans are backed by the government, which is why you will often hear them referred to as government loans.

VA stands for Department of Veterans Affairs (previously Veterans Administration). VA loans are for veterans, service members, or surviving spouses. VA loans allow for little to 0% down payments and no private mortgage insurance. If you are a veteran or active service member, this might be the loan for you.

Construction loans are for those with big dreams and plans to make that dream a reality. If you are looking to build a house, this is the loan you are looking for.

HELOC stands for Home Equity Line of Credit. This loan is considered open ended, which means that you can periodically pull out the equity in your home. This loan has a variable interest rate and is typically used to make home improvements, or consolidate debt. The possibilities are endless with a HELOC.