I am trying to figure out if there are any hidden fees or difference in terms that I have to look out for, thanks.
A conforming loan must have a certain minimum down payment, and there is a maximum loan amount. In general, it's a very safe loan for the lender because of the large down payment, and because they can sell it to Fannie Mae. Try to get one of those if you can afford it, it's a good deal.
Conforming loans are ones that can be sold to Fannie Mae and Freddie Mac for securitization and so are cheaper than non-conforming loans. To be a conforming loan, it must be less than a specified size. That is the only difference.