Conventional Loans are loans that are non-government funded (FHA and VA). Private lenders and big banks offer competive loans with the rate dependant upon your credit profile. There are two "levels" of conventional loans: conforming and non-conforming. Conforming loans (lower amounts) abide by loan limits (per county) and are established by Fannie Mae. Non-conforming limits exceed the loan limit and can be has high as the lender chooses.
Conventional Loans are generally prefered because their is private market competition which brings the best interest rate and lower payments. There are many choices for loan programs within this category that I can help you choose from. Your long-term goals and equity strategy will play a part in forming a loan program that fits.