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Conventional Mortgages in Florida
The Most Popular Choice for Florida Homebuyers
Conventional loans are not insured directly by the federal government, making them ideal for borrowers with good credit and stable income. Options start as low as 3% down for first-time homebuyers with flexible private mortgage insurance (PMI) terms that drop off automatically at 20% equity.
Best For:
Borrowers with credit scores 620+ looking for competitive wholesale interest rates and low monthly PMI.
Key Guidelines & Requirements
- Minimum 620 credit score
- At least 3% down payment for first-time buyers (5% for repeat buyers)
- Maximum Debt-to-Income (DTI) ratio around 45% - 50%
- Verifiable W2 income, tax returns, and asset documentation
Program Benefits & Considerations
Pros:
- ✓ PMI can be cancelled once you reach 20% home equity
- ✓ Higher conforming loan limits available across Florida
- ✓ Can be used for primary residences, second homes, and investment properties
Considerations:
- ! Stricter credit and income guidelines than FHA loans
- ! Higher rates/PMI for credit scores under 680
Frequently Asked Questions
Is 20% down required for a conventional loan?
No! First-time buyers can put down as little as 3%, and repeat buyers 5%.
When does PMI drop off?
Private Mortgage Insurance automatically cancels when your loan balance reaches 78% of the original home value.
See If You Qualify For Conventional Mortgages in Florida
Mark Harris will review your scenario and provide an exact wholesale rate and payment quote.
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