Final answer:
A mortgage not insured or guaranteed by the federal government is known as a Conventional mortgage. Conventional mortgages differ from government mortgages, which are backed by government agencies.
Step-by-step explanation:
A mortgage that is not insured or guaranteed by a division of the Federal Government is a d) Conventional mortgage.
Conventional mortgages are home loans not secured by a government entity. They are typically fixed in their terms and rate. In contrast, government-insured loans, such as FHA, VA, and USDA loans, are backed by the government, offering different benefits. Open-end mortgages allow borrowers to borrow additional funds after the initial loan amount is disbursed, operating similarly to a line of credit. A Government mortgage is backed by a government agency. FNMA mortgages, also known as Fannie Mae mortgages, are associated with the Federal National Mortgage Association, which is a government-sponsored enterprise but does not guarantee mortages itself; rather, it works within the secondary mortgage market.