Conventional mortgages are private loans that are not backed by the government. They’re either conforming or non-conforming. Conforming loans can be sold to other lenders, typically government.
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· Conventional Loans. As the name would suggest, these loans are basically the bread and butter of the mortgage world. Conventional loans, sometimes referred to as agency loans, are mortgages offered through Fannie Mae or Freddie Mac, government-sponsored enterprises (GSEs) that provide funds for mortgages to lenders.