"Conventional loan" is just another name for a straightforward, "regular" mortgage. These loans are not guaranteed by the federal government, but are required to adhere to a wide variety of laws and regulations. Conventional loans almost always require a down payment of at least 10 percent — if not more. Until at least 20 percent of the loan is paid off, the borrower will also need to pay private mortgage insurance. Generally, a credit score of at least 680 is required. If a VA Loan isn't the best option for your situation, Veterans United offers conventional loans with competitive rates and great customer service. Ask your VA Loan specialist for details.

Call 800-884-5560 to speak with a mortgage specialist, or

These loans are government-backed, no-money-down mortgages offered through the U.S. Department of Agriculture. Often referred to as "farm loans," it's important to remember USDA loans are not limited to farm land or farmers. To be eligible, the borrower cannot have an income higher than 115 percent of the area's median level and will need a credit score of at least 620 to meet lender qualification standards. The property being purchased must also be located inside of designated areas of the country. While these zones are considered "rural" by the USDA, there is still a good variety of locations to select from in most markets. USDA loans require mortgage insurance as of Oct. 1, 2011, but generally at a lower rate than conventional loans.

Offered by the Federal Housing Administration, FHA loans offer the advantage of a small 3.5 percent down payment. Since they are government backed, FHA loans do not require private mortgage insurance, though there is a small insurance premium that covers the unpaid amount, but this is rolled into the monthly payments. Lenders require borrowers to have a credit score of 620 or higher to qualify. In addition, there are limits on the amount of the loan, which can vary based on location and type of property being purchased.