Home Mortgage Types Explained
Sep 1, 2026 / Alyssa Duranty
A home mortgage is a loan used to buy a home, and the right option depends on factors such as your credit profile, down payment, income, property type and eligibility for government-backed programs.
Common mortgage types include conventional, FHA, VA and jumbo loans. Each has different qualification requirements, costs and loan limits, so it is important to compare options with a qualified lender before making an offer.
What Is a Conventional Mortgage?
A conventional mortgage is a home loan that is not insured or guaranteed by a federal government agency. It is one of the most common mortgage options for buyers with established credit, stable income and funds for a down payment.
Conventional loans may be used for primary residences, second homes and investment properties, subject to lender requirements. Depending on the loan structure and down payment, borrowers may need to pay private mortgage insurance, often called PMI.
A lender can explain current credit, down payment, debt-to-income and documentation requirements.
What Is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration. It may be an option for buyers who have a lower down payment, limited credit history or credit challenges that make conventional financing harder to qualify for.
FHA loans require mortgage insurance, which can affect the total cost of the loan. Buyers should compare mortgage insurance costs, interest rates and long-term financing plans before choosing an FHA loan.
Who Can Qualify for a VA Loan?
VA loans are mortgage loans backed by the U.S. Department of Veterans Affairs for eligible veterans, service members and certain surviving spouses. Eligibility, entitlement and property requirements apply.
A key feature of a VA loan is that eligible borrowers may be able to purchase a home with no down payment. VA loans may also have different mortgage insurance requirements than conventional or FHA loans. Speak with a VA-approved lender and review the Department of Veterans Affairs’ eligibility information to understand current requirements.
What Is a Jumbo Mortgage?
A jumbo mortgage is a loan used when the amount you need to borrow exceeds the conforming loan limit for the county where the property is located. Conforming loan limits are updated periodically and can vary by location.
Jumbo loans often have more stringent underwriting requirements than conforming loans. Lenders may evaluate credit, income, assets, debt and cash reserves closely when reviewing an application.
How Do You Choose the Right Type of Mortgage?
The best mortgage type depends on your financial situation, homebuying goals and eligibility. Before choosing a loan, compare:
- Down payment requirements
- Interest rates and annual percentage rate (APR)
- Mortgage insurance and other loan costs
- Loan-term options, such as fixed-rate or adjustable-rate mortgages
- Credit, income and debt requirements
- Property and occupancy requirements
- Whether the loan can support your longer-term plans
A qualified mortgage professional can help you understand how each option may affect your monthly payment and overall borrowing costs.
Compare down payment requirements, interest rates, APR, mortgage insurance, loan terms, credit requirements, and property requirements with a qualified lender before selecting a mortgage.
Do You Need Storage When Buying a Home?
Storage can help when a home purchase involves changing closing dates, renovations, a temporary move or limited space during unpacking. Instead of filling your garage, spare bedroom or new living room with boxes, you can store belongings until you are ready for them.
Public Storage offers a range of storage unit sizes, from smaller spaces for a few boxes and seasonal items to larger units for furniture, appliances and the contents of multiple rooms. Choosing the right size starts with a quick inventory of what you plan to store and how often you expect to visit your unit.
Depending on the location, available features may include:
- Climate-controlled storage for items that may benefit from a more consistent storage environment, including wooden furniture, electronics, and certain household belongings.
- Drive-Up Access that lets you pull a vehicle up to or near your storage unit, making it easier to load and unload furniture, moving boxes and larger items.
- 24/7 access at select locations for added flexibility outside standard daytime hours.
- Vehicle storage for cars, boats and RVs at select properties—helpful if your new home has limited parking or driveway space.
- A range of storage unit sizes for a few boxes, the contents of a room or apartment, or furniture and belongings from multiple rooms. Availability varies by location.
Before reserving a unit, consider what you are storing, how often you expect to visit and how you plan to move items in and out. This can help you choose a unit size and available features that fit your move.
Find a nearby Public Storage location and reserve the right space to keep your home move organized from closing day through move-in.
Frequently Asked Questions
Which Type of Mortgage Is Right for Me?
The right type of mortgage for you depends on your credit profile, down payment, income, property type, and eligibility for government-backed programs. Compare conventional, FHA, VA, and jumbo loan options with a qualified lender before making an offer.
What Is the Difference Between a Conventional Mortgage and an FHA Loan?
The difference between a conventional mortgage and an FHA loan involves federal insurance, qualification requirements, and mortgage insurance costs. Conventional loans are not insured or guaranteed by a federal agency, while the Federal Housing Administration insures FHA loans. Compare down payment requirements, interest rates, mortgage insurance, and long-term costs with a qualified lender.
Do I Qualify for a VA Loan?
You qualify for a VA loan if you meet Department of Veterans Affairs eligibility, entitlement, and property requirements. VA loans serve eligible veterans, service members, and certain surviving spouses, and eligible borrowers often purchase a home with no down payment. Speak with a VA-approved lender and review current VA eligibility requirements before applying.
Do I Need Self-Storage When Buying a Home?
You might need self-storage when buying a home if you have a housing gap between your previous move-out and your new home’s move-in date, if your closing dates change, renovations delay move-in, or boxes and furniture crowd your new space. Public Storage offers unit sizes from locker-sized and 5’x5′ units all the way up to 10’x30′ units (and 10’x40′ at select facilities) and vehicle spaces that accommodate vehicles up to 50′. Public Storage Size Guide, then find storage near your new home.
