Which type of mortgage refers to home loans other than government loans such as VA and FHA?

The correct choice is a conventional mortgage, which pertains to home loans that are not insured or guaranteed by government entities like the Department of Veterans Affairs (VA) or the Federal Housing Administration (FHA). Conventional mortgages are typically offered by private lenders and include a variety of loan types, such as fixed-rate and adjustable-rate mortgages.

This classification is significant because conventional mortgages usually adhere to certain underwriting standards and may require borrowers to meet specific credit and income criteria. Additionally, they often require higher down payments compared to government-backed loans, which can facilitate more rapid equity building for the borrower.

The distinction from government-backed loans is important in the context of lending practices, interest rates, and eligibility requirements, as these factors can significantly influence a buyer's options when choosing financing for a home.