Which type of mortgage is not insured by the FHA or guaranteed by the VA?

A conventional loan is categorized as a mortgage that is not insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). These loans are offered by private lenders and adhere to the guidelines set by Fannie Mae and Freddie Mac, which include specific credit score requirements and limits on loan amounts, but they do not have government backing.

In contrast, government-backed loans are specifically designed to reduce risk for lenders and typically come with features such as lower down payment requirements and more flexible credit criteria. A subprime loan, while not insured or guaranteed by government entities, is a type of loan aimed at borrowers with lower credit scores but does not fit the criteria of government backing or insurance. Federally insured loans refer to those that are backed specifically by federal agencies, like the FHA, indicating they are protected against default. Thus, a conventional loan stands alone as the main mortgage type that does not have any form of federal insurance or guarantee.