What Is a Conventional Mortgage Loan?

Guide to Types of Conventional Mortgages Loans

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• Conventional just means anything that is non-government
• Conventional just means anything that is non-government
• By that definition it can include many different types of home loans
• The most common are conforming loans backed by Fannie Mae and Freddie Mac
• Along with jumbo loans and non-conforming loans that don’t meet agency guidelines
• As you might suspect, conventional mortgage loans can be both fixed mortgages or adjustable-rate mortgages, including the 30-year fixed, 15-year fixed,  hybrid ARMs, interest-only loans, and so on.
• Basically anything under the sun. They can be used to purchase a home or refinance an existing mortgage.