A Conventional loan is any loan made by a private lender and that is not offered or secured by a government entity. These therefore would not include FHA, VA, or USDA backed government loans. 

The most common of all Conventional loans are Conforming loans. Simply put, Conforming loans are those that specifically conform to the government sponsored entities (GSEs), Fannie Mae and Freddie Mac, which are private entities but setup specifically by the government in order to create a highly liquid market for mortgages. By creating such liquidity that has the positive effect of lowering interest rates. That is why conforming loans tend to nearly almost always offer superior rates to other conventional loan programs.

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