Conventional Conforming loans are mortgage loans that adhere to the guidelines set by Fannie Mae and Freddie Mac, two government-sponsored enterprises. These loans typically require a strong credit profile and a down payment of at least 3%. Conforming loans are called so because they conform to the established loan limits, which vary by county and are updated annually. With competitive interest rates and a variety of available loan terms, conventional conforming loans are a popular choice for borrowers with good credit and the ability to make a down payment.