Conventional Loans
Conventional Loans
Conventional loans are the most widely used mortgage product in the United States. Not backed by a government agency, they are originated and funded by private lenders and typically sold to Fannie Mae or Freddie Mac. They offer flexible terms, competitive rates, and are available for primary residences, second homes, and investment properties — making them the go-to choice for borrowers with solid credit and stable income.
Program Highlights
Down Payments from 3%
Qualified buyers can put as little as 3% down on a primary residence with select conventional programs.
No Upfront Mortgage Insurance
Unlike FHA loans, conventional loans have no upfront MIP — and PMI can be removed once you reach 20% equity.
Flexible Loan Terms
Choose from 10, 15, 20, or 30-year fixed terms, or adjustable-rate options to fit your financial goals.
Primary, Second Home & Investment
Finance your primary residence, vacation home, or investment property with one versatile program.
Competitive Interest Rates
Borrowers with strong credit and stable income typically qualify for the most competitive rates available.
Higher Loan Limits
Conforming loan limits for 2024 are $766,550 for single-family homes in most Florida counties.
Loan Types
Fixed-Rate Conventional
Your rate and payment stay the same for the life of the loan. Available in 10, 15, 20, and 30-year terms.
Adjustable-Rate (ARM)
Start with a lower fixed rate for an initial period (5, 7, or 10 years), then adjust annually based on market index.
Conforming Loans
Loans that meet Fannie Mae and Freddie Mac guidelines — the most common and widely available conventional product.
HomeReady & Home Possible
Low down payment programs (3%) for low-to-moderate income borrowers with flexible income and credit guidelines.
General Requirements
- Minimum credit score of 620 (higher scores unlock better rates)
- Debt-to-income ratio typically below 45%
- Stable employment and income history (2 years preferred)
- Down payment of 3%–20% depending on program
- Private mortgage insurance (PMI) required below 20% down
- Property must meet conventional appraisal standards
Find Your Conventional Loan
Whether you're buying your first home or your fifth, a conventional loan may be your best option. Contact us today to get pre-qualified.
Ready to Get Started?
Let our family help yours. Call us at 561-207-8082 or apply online today.