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A conventional loan is the most common type of mortgage and refers to any mortgage not backed by a government agency. Conventional mortgages can be conforming or nonconforming.
Some government-insured loans such as VA, FHA, and USDA can make homebuying more accessible.
First-time homebuyers may obtain a conventional or a government-insured loan. There are programs that offer additional benefits to first-time homebuyers such as lower down payment.