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Conventional Loans in Florida
Conventional mortgages are a popular choice for Florida buyers and homeowners. See down payment requirements, credit guidelines, PMI basics, and get a quick pre-approval with expert support.
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What Is a Conventional Mortgage Loan?
A conventional mortgage loan is a home loan that is not insured or guaranteed by the federal government. In Florida, conventional loans are commonly used by buyers with solid credit who want lower monthly payments, flexible terms, and fewer long-term fees compared to FHA financing.
Conventional loans can be:
- Fixed-rate or adjustable-rate
- Conforming (meeting Fannie Mae and Freddie Mac guidelines)
- Non-conforming (including jumbo loans above county limits)
Conventional Loan Down Payment Options in Florida
Conventional loans offer some of the lowest down payment options available for qualified Florida buyers:
- 3% down for first-time homebuyers
- 5% down for non-first-time buyers
- 10% down for second homes
- 20% down for investment properties
- Low down payment options available for Florida condos
Unlike FHA loans, conventional loans may allow private mortgage insurance (PMI) to be removed once sufficient equity is reached.
Conventional Loan Requirements in Florida
To qualify for a conventional mortgage in Florida, borrowers typically need:
- Minimum 620 credit score
- Eligible property types: single-family homes, townhomes, and condos in Florida
- 4-year waiting period after bankruptcy or short sale
- Maximum 50% debt-to-income ratio
- Gifted down payment funds allowed from an eligible relative
Straight talk: Conventional loans reward stronger credit profiles. If your score and income qualify, they often outperform FHA long-term.
Florida Conventional Loan Limits
Most conventional loans are subject to county-based loan limits set annually by Fannie Mae and Freddie Mac.
- Higher-cost Florida counties allow higher limits
- Loan limits vary by county and property type
View Florida Conventional Loan Limits by County: https://www.fhfa.gov/data/dashboard/conforming-loan-limit-values-map
Is a Conventional Loan Right for You?
Conventional loans in Florida are ideal for buyers who:
- Have solid credit scores
- Want lower long-term mortgage costs
- Plan to remove PMI once equity is built
- Are purchasing primary homes, second homes, or investment properties
Not sure whether FHA or Conventional makes more sense? That comparison matters, and it is not the same for every buyer.
Talk With a Florida Mortgage Specialist
Licensed Florida Mortgage Loan Originator
Serving homebuyers throughout the State of Florida
Frequently Asked Questions About Conventional Loans in Florida
What is a conventional loan in Florida, and how is it different from FHA or VA?
A conventional loan is a mortgage that is not backed by a government agency like FHA or VA. In Florida, conventional loans are popular because they can offer flexible term options and, for qualified borrowers, competitive pricing. Compared to FHA, conventional financing may have different mortgage insurance rules. Compared to VA, conventional loans do not require VA eligibility, and down payment requirements depend on the program and your profile.
What is the minimum down payment for a conventional loan in Florida?
The minimum down payment depends on whether you are a first-time buyer, the property type, and the lender's guidelines. Many Florida homebuyers look for low down payment conventional options, but the best fit depends on your credit, income, and the home price. If you are buying a condo, the down payment requirement can also be influenced by condo project eligibility and lender rules.
What credit score do I need for a Florida conventional mortgage?
Credit score requirements vary by lender and the specifics of your application, including down payment and debt-to-income ratio. In Florida, borrowers with stronger credit often have more loan options and may qualify for better pricing. If your score is not where you want it to be yet, we can usually outline practical steps to improve your approval strength before you apply.
How does PMI work on conventional loans in Florida, and can it be removed?
PMI, private mortgage insurance, is typically required when your down payment is less than 20% on a conventional loan. The cost depends on factors like your credit score, down payment amount, and loan type. One advantage of conventional PMI is that, in many cases, it can be removed once you reach certain equity thresholds, which can lower your monthly payment over time.
Can I use a conventional loan in Florida for a condo, second home, or investment property?
Yes, conventional loans can often be used for condos, second homes, and investment properties in Florida, but the requirements are different than for a primary residence. Condos can involve additional project review and HOA documentation. Second homes and rentals typically require higher down payments and stronger reserves. We can confirm your best option once we know the property type, location, and how you plan to occupy it.
Disclaimer: Mortgage programs, rates, and underwriting guidelines can change without notice. For the most up-to-date conventional loan requirements in Florida and a personalized qualification review, please contact us.