1. A loan or mortgage to which the normal rules of such transactions apply without the inclusion of a government program (i.e. VA or FHA insurance). 2. A loan or mortgage with a fixed interest rate, fixed payments and a fixed term.
Loan with a fixed interest rate, payments, and term that isn't subject to the restrictions of government housing programs like FHA or VA.
Mortgage that is not insured by a government agency such as HUD/FHA, VA or the Farmer's Home Administration.