What type of loan is neither insured by nor guaranteed by a government agency?

A conventional loan is characterized as a type of mortgage that is not backed or insured by any government agency, such as FHA (Federal Housing Administration), VA (Veterans Affairs), or USDA (United States Department of Agriculture). Conventional loans are typically offered by private lenders and can be more stringent regarding credit requirements and down payments compared to government-backed loans.

Notably, these loans can be either conforming or non-conforming. Conforming loans meet the guidelines set by government-sponsored enterprises like Fannie Mae and Freddie Mac, whereas non-conforming loans do not. The absence of government insurance or guarantees means that lenders may perceive greater risk, which often results in such loans requiring a higher credit score or larger down payments.

The other options pertain to different real estate concepts. A counteroffer is a response to an initial offer during negotiations, while a contract for deed is an agreement where the seller provides financing to the buyer, and a contingency refers to conditions that must be met for a contract to be binding. These do not fit the definition of types of loans.