If you’re like most homebuyersyou likely know you need to take out a mortgage, but choosing between the different options can be as overwhelming as finding your dream home. While all mortgages share the same purpose—buying property—they each come with their own advantages, disadvantages, and unique terms. What’s more, the type of home loan you borrow can have a tremendous impact on your future and financial health.

Let’s go over the main types of home loans you can choose at Local Life Lending —which fall into two categories: conventional mortgage loans and government-backed mortgage loans.


A conventional mortgage is offered by a private lender such as Local Life Lending—rather than a government-sponsored enterprise, such as the Federal National Mortgage Association (commonly known as Fannie Mae) or the Federal Home Loan Mortgage Corporation (commonly known as Freddie Mac). Most of these are what’s known as “conforming,” as they still adhere to the Federal Housing Finance Administration’s (FHFA) loan limits and meet Fannie Mae and Freddie Mac requirements. However, there is a subcategory of conventional mortgages called “nonconforming,” which are less standardized. Learn More About Conventional Mortgage Loans

  • Fixed Rate Mortgages
  • Adjustable-Rate Mortgages (ARMs)
  • Jumbo Mortgages


The U.S. government does not directly loan money to homebuyers, but there are multiple government agencies that purchase loans from private lenders. These are designed to make homeownership more accessible to borrowers with less-than-ideal credit scores and savings. Learn More About Government-Backed Mortgage Loans.

  • FHA Loans
  • USDA Loans
  • VA Loans

As you can see, there is no one-size-fits-all mortgage solution. You have to do your research to figure out which has the best terms for your financial situation and how long you anticipate living in your home.

Local Life Lending offers both fixed and adjustable rates for conventional and jumbo loans. We can also finance a whole range of properties, including single-family homes, multi-family homes, townhouses, and more. Get pre-approved today, and we’ll help you find the perfect mortgage for your needs.

Learn more at NMLS Resource Center.