Conventional loans are mortgage loans offered by non-government-sponsored lenders. These loan types include:
- Fixed Rate Loans
- Adjustable Rate Loans (ARMs)
- Balloon Mortgages and Pledge Asset Loans
- Jumbo Loans
- Construction Loans
- Reverse Mortgage
Basically, any loan that is not a VA, FHA or USDA loan is a conventional loan. Sometimes the term conventional loan is used interchangeably with the term conforming loan, but in reality, all conforming loans are conventional loans, but not all conventional loans are conforming loans.