The industry term “conventional loan” just means a loan that is NOT backed by the government. VA, FHA and USDA loans are examples of government backed or “non-conventional” loans.
The other term you’ll probably hear thrown about is “conforming” loans. That simply means the loan “conforms” to guidelines set by Fannie Mae (FNMA) and Freddie Mac (FLMC). These two government entities set mortgage lending guidelines, buy mortgages from lenders and sell them to investors.
Rates are generally slightly higher than FHA, VA or USDA Loans
Lower down payments are possible but require private mortgage insurance (PMI)
20% down payment is typically required to avoid PMI
Requires good or excellent credit (600+)