Conversion A conversion is a change in ownership status.  For example, rental housing may be converted to cooperative or condominium ownership.  Such changes must conform to guidelines determined by the laws of New York State.

A mortgage loan granted by a bank or thrift institution that is based solely on real estate as security and is not insured or guaranteed by a government agency.

A mortgage loan that is based solely on real estate as security, is not insured or guaranteed by a government agency, and is eligible for purchase or insurance by Fannie Mae or Freddie Mac.

A mortgage loan based solely on the value of the real estate and the credit worthiness of the borrower. This is a mortgage loan without any government insurance or guarantees. This is the type of mortgage loan that anyone can qualify for.