Which of the following terms refers to a standard mortgage that lacks governmental backing?

A conventional loan refers to a standard mortgage that is not insured or guaranteed by a government agency. It is typically offered by private lenders and adheres to the guidelines set by government-sponsored entities like Fannie Mae and Freddie Mac, but does not carry the backing of the Federal Housing Administration (FHA), Veterans Affairs (VA), or any other government programs.

Options like FHA and VA loans are specifically designed to support certain borrowers and include government backing, which helps lower the risks for lenders. A subprime loan, while it may not be backed by a government agency, is categorized based on its risk profile and typically offered to borrowers with poor credit histories. Therefore, the correct term for a standard mortgage that lacks any governmental backing is indeed a conventional loan.