Any mortgage loan other than an FHA, VA or an RHS loan is conventional loan.

Conventional loans may be.

• Conforming loans. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac.
• Non-conforming loans. A non-conforming loan is a loan that fails to meet bank criteria for funding. Reasons include the loan amount is higher than the conforming loan limit (for mortgage loans), lack of sufficient credit, the unorthodox nature of the use of funds, or the collateral backing it. In many cases, non-conforming loans can be funded by hard money lenders, or private institutions/money.