Final answer:
A mortgage written without governmental underwriting, i.e., not guaranteed by the Federal Housing Administration or Veterans Administration, is a Conventional mortgage.
Step-by-step explanation:
A mortgage written without governmental underwriting, i.e., not guaranteed by the Federal Housing Administration or Veterans Administration, is a
Conventional mortgage.
The characteristics of a conventional mortgage include higher interest rates (often adjustable) compared to government-backed mortgages like FHA and VA, as well as stricter requirements for credit ratings and down payments. Private financial institutions offer conventional mortgages and are not backed by any government agency.