Conventional home loans are those not insured by a federal agency, such as the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA) or the U.S. Department of Agriculture (USDA). Conventional options come in many varieties, such as:

1. Conforming: This is typically less than the maximum amount and meets the standards for the loan

2. Nonconforming: This is when the house purchase price exceeds the maximum loan amount or uses different standards for the underwriting process

3. Fixed-rate: This loan allows your interest rate to stay the same throughout the life of your mortgage

4. Adjustable-rate (ARM): This loan adjusts your interest rate annually after a fixed-rate period determined at the beginning of your mortgage

5. Low-down-payment: There are programs available based on qualifications that offer flexibility in the down payment amount.

6. Renovations: Many homebuyers are HGTV-inspired and this options allows for renovation costs of a fixer upper.