Any loan not guaranteed or insured by a federal agency is referred to as a conventional loan. Underwriting guidelines are set by the national secondary market, mainly the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC), allowing lenders to sell the loans that they originate. Loan-To-Values (LTV) up to 100% are allowed, but LTVs over 80% will require Private Mortgage Insurance (PMI). Anyone who qualifies is eligible, with few limitations.