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They are the same as conforming and non-conforming loans. A conventional, or conforming, loan is one not insured by the Federal Housing Administration (FHA) or guaranteed by the Veterans Administration (VA), two federal government agencies that make homeownership possible and generally more affordable for a large segment of the population.

However, that said, many major banks and private lenders now offer non-conventional, or non-conforming, loans for lower-income borrowers and those with blemishes on their credit.

In fact, Fannie Mae and Freddie Mac are now the leading sources of non-conventional loans, thereby making the process of buying a home a lot easier for more people – but not necessarily cheaper. The interest rates on these loans are much higher than rates on conventional mortgages.

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