For a loan that is neither insured nor guaranteed by the federal government, what type of mortgage is it known as?

A loan that is neither insured nor guaranteed by the federal government is referred to as a conventional mortgage. Conventional mortgages are typically offered by private lenders and conform to the guidelines set by government-sponsored enterprises like Fannie Mae and Freddie Mac, although they do not have any government backing. This distinguishes them from loans that are specifically insured or guaranteed by federal programs, like FHA mortgages or government-backed mortgages, which provide additional security to lenders.

Conventional mortgages may require stricter credit and financial qualifications compared to government-backed loans, as they do not carry the same insurance protections for lenders. Their terms can vary widely, including fixed-rate or adjustable-rate options, but the key characteristic is the absence of federal insurance or guarantees. This type of mortgage is prevalent in the market and is an essential foundation for many homebuyers seeking financing.