Conventional Loans are options for buyers with good, though not necessarily perfect, credit histories. One advantage of a conventional loan is that you will not be required to pay for private mortgage insurance (PMI). However, if your down payment for the purchase is less than 20%, you will have to pay for private mortgage insurance (PMI). In that case you may want to consider another option. This is something to discuss with your Loan Originator.
Conforming Mortgages offer lower rates because they are originated to guidelines established by Fannie Mae or Freddie Mac, which are Government Sponsored Programs. These loans must also conform to established maximum loan limits set by Fannie Mae and Freddie Mac.
Non-Conforming Jumbo Mortgages carry higher interest rates because they are above the established Fannie Mae and Freddie Mac maximum loan limits.