Home Buyer Loan Programs What Types Of Mortgages Are There 5 types of mortgage loans for homebuyers 1. Conventional mortgages. A conventional mortgage is a home loan that’s not insured by. 2. jumbo mortgages. jumbo mortgages are conventional loans that have non-conforming loan limits. 3. Government-insured mortgages. The U.S. government isn’t a mortgage.Luckily, the federal and Illinois state governments have created mortgage programs to help first-time home buyers navigate and afford the purchase. No matter your financial situation, these programs.First Time Buyer Low Income Down Payment Assistance With Conventional Loan Fha Interest Only Loan Bad Credit First Time Home Buyers In that type of scenario, you could help accrue a down-payment while improving your credit rating at the same time. Solutions to Buying a Home with Bad Credit If you’re determined. and it can be a.When one spouse wants to keep the home, the mortgage can (and should) be refinanced in their name only. ‘Assume’ the original mortgage. If the current loan terms are favorable (primarily the.