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When a creditor promotes electronic payment via its website (for example, by stating on the website that payments can be made electronically through the website), a payment made on the website prior to any cutoff time specified by the creditor is considered a conforming payment.
Conforming loans are mortgages that conform to financing limits set by the Federal Housing Finance Agency (FIFA) and meet underwriting guidelines set by Fannie Mae and Freddie Mac, whereas nonconforming loans do not. Conforming and nonconforming loans are both types of conventional loans.
A non-conforming mortgage is a term in the United States for a residential mortgage that does not conform to the loan purchasing guidelines set by the Federal National Mortgage Association /Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac).
In the United States, a conforming loan is a mortgage loan that conforms to GSE (Fannie Mae and Freddie Mac) guidelines. The most well-known guideline is the size of the loan, which, for 2019, was generally limited to $484,350 for single family homes in the continental US.
Short answer: A conventional home loan is one that is not insured or guaranteed by the government. A conforming loan is one that adheres to the size limits used by Freddie Mac and Fannie Mae, the two U.S. corporations that purchase mortgage loans. So no, an FHA loan is not the same as conventional.
Non-conforming loans are loans that cannot be purchased by Fannie Mae or Freddie Mac. These types of loans include jumbo loans. Jumbo loans exceed the conforming loan limits and have different underwriting guidelines.
A conforming loan through Fannie or Freddie can have a down payment as low as 3 percent, though only up to $417,000 and the borrower must be a first-time homebuyer. There's no additional up-front fee.
What is the minimum down payment required for a conventional loan? Conventional loans require as little as 3% down (this is even lower than FHA loans). For down payments lower than 20% though, private mortgage insurance (PMI) is required. (PMI can be removed after 20% equity is earned in the home.)

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