The Deal: Conventional financing is the most common type of financing. It is straight from your bank with no government backing or regualtions. Conventional loans can range from 5%-20% + down requirements.
The Good: Conventional loans tend to have very good terms and interest rates because of the required amount down and the lack of regualtions from the government. The more qualified you are as a buyer (Higher down payment, High credit ccore, low debt - income ratio) the better your interest rate.
The Bad: Since the interest rates are directly correlated to your down payment and qualifications, you must have larger amounts of cash and have good credit. If you are struggling with your credit or don't want to tie up all of your cash in a transaction, conventional loans might not be for you.