Conventional loans are mortgage loans offered by non-government sponsored lenders. They are also refered to as conforming loans, because they confrom the the underwriting guidelines of Fannie Mae and Freddie Mac.Conforming, or conventional financing has tighter underwriting standards than FHA insured loans and so mortgage insurance is usually cheaper. The down payment requirement is at least 5% of you own funds, and you must have at least a 680 credit score to qualify. If you are receiving the down payment for your home from a family member, you would not be able to use conventional financing, but if you have at least 5% of our own funds, you can receive gifts from family to help with the down payment. We work with several banks that offer conforming loans at the best interest rates in Greenville.