Conventional

Vanilla ice cream scoop with cone isolat

Conventional loans are often considered the vanilla ice cream of mortgage loans.  This is the typical loan.  They are not insured by the government but by private mortgage insurance companies. Credit guidelines are more strict than government loans and there is little wiggle room in the requirements for qualification.  However, a conventional loan can be used to buy a rental property or a vacation home. Also, with a 20% down payment you can avoid mortgage insurance.