Conventional LoansTraditional Financing, Modern Benefits
Conventional loans offer competitive rates, flexible terms, and the ability to finance a wide range of property types with as little as 3% down.
Why Choose a Conventional Loan?
Conventional loans are not backed by the government, giving lenders flexibility to offer competitive terms to qualified borrowers with good credit.
Competitive Interest Rates
Lower rates for borrowers with excellent credit
Flexible Loan Terms
Choose from 10, 15, 20, or 30-year terms
No Upfront MI with 20% Down
Avoid mortgage insurance with adequate down payment
Higher Loan Limits
Up to $766,550 in most Florida counties
Cancel PMI at 80% LTV
Remove mortgage insurance when you reach 20% equity
Conventional Loan Quick Facts
Types of Conventional Loans
Conforming Loans
Loans that meet Fannie Mae and Freddie Mac guidelines, including loan limits. These typically offer the best rates.
- Lower interest rates
- Standardized underwriting
- Loan amounts up to $766,550
Non-Conforming Loans
Loans that don't meet Fannie Mae/Freddie Mac standards, often due to loan amount (jumbo) or unique circumstances.
- Higher loan amounts available
- More flexible guidelines
- Slightly higher rates
Conventional Loan Requirements
Credit & Income
- • Minimum credit score of 620 (680+ for best rates)
- • Debt-to-income ratio typically under 43%
- • Stable employment history (2 years preferred)
- • Sufficient income to cover mortgage payments
Down Payment & Assets
- • 3% minimum down (first-time buyers)
- • 5% minimum (repeat buyers)
- • Cash reserves (2-6 months recommended)
- • Funds for closing costs
Ready for a Conventional Loan?
See if you qualify for competitive conventional loan rates today.