Discover 5 types of government loans for buying, refinancing, and renovating your home, with options to suit various needs and budgets. If youÒ€ℒre comparing your options, it may be helpful to review the different types of mortgages available to see how government-backed loans compare to conventional ones. Let's go over the pros and cons of conventional loans, jumbo loans and government-backed loans, as well as the difference between fixed rate and adjustable-rate mortgages, so you can determine the Ò€¦