Conventional loans are not backed or guaranteed by the government and offer more loan options to choose from. Typically have lower rates since the borrower has solid income and credit.

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VA loans are a benefit for active-duty and veteran military service members and some surviving spouses. You're eligible to apply for a VA loan if: You are on active duty and have served 90 continuous days.

FHA home loans require lower minimum credit scores and down payments. They're backed by the government and are designed to make homeownership more affordable, which makes them especially popular with first-time homebuyers.

Used to finance the purchase of a plot of land. You can take out a land loan if you're interested in buying a piece of land to build a home or to utilize for business purposes.