Commercial Loans - generally made by commercial banks that normally supply capital for business ventures on a short-term basis.
Conventional Loans - loans that are not insured or guaranteed by a government agency. They can be conforming or non-conforming loans.
Conforming loans - can be resold in the secondary market due to the fact that they meet nationally accepted underwriting criteria established by national secondary market investors, primarily Fannie Mae (FNMA) and Freddie Mac (FHLMC). The criteria includes down payment amounts, maximum loan amounts, property specifications, borrower income requirements and credit guidelines.
Non-conforming Loans - these loans do not conform to the guidelines set forth by Fannie Mae or Freddie Mac. Examples of non-conforming loans are inadequate credit history or derogatory credit, not enough income, home equity or home improvement loans, credit lines, and second mortgages.
Government Loans - consist of loans that are in some way guaranteed or purchased by government owned corporations or organizations.
In-House or Portfolio Loans - these are loans that lending institutions keep "in-house", or sell to the secondary market (FNMA or FHLMC).
