Conventional Loans in Florida

Conventional loans are one of the most popular mortgage options for Florida homebuyers and homeowners. These loans can be used for home purchases, rate-and-term refinances, and cash-out refinances. Conventional mortgages are often a strong option for borrowers with stable income, solid overall qualifications, and flexible financing needs. Borrowers can use conventional financing to purchase a primary residence, second home, or investment property while also benefiting from competitive interest rates and low down payment options in many cases.

At Mortgages Done Right, we help clients throughout Florida compare conventional loan options from more than 25 wholesale lenders. This gives you access to competitive interest rates, flexible loan terms, and personalized financing solutions designed to fit your goals.

Benefits of Conventional Loans

• Down payments starting as low as 3% for qualified borrowers
• No upfront mortgage insurance premium
• Competitive interest rates
• Available for primary homes, second homes, and investment properties
• Fixed-rate and adjustable-rate options
• Loan amounts up to conforming and high-balance limits

Who Should Consider a Conventional Loan?

Conventional loans are often a great choice for borrowers with reliable income and strong overall loan qualifications. They can be used by first-time homebuyers, move-up buyers, real estate investors, and homeowners looking to refinance to a lower rate or better loan terms.

Conventional Loan Requirements

Requirements vary by lender, loan program, property type, occupancy, and automated underwriting findings, but many borrowers may qualify with:

• Credit scores may start as low as 580 with DU automated approval, depending on lender guidelines and overall borrower qualifications
• Stable income and employment history
• Debt-to-income ratio within program guidelines
• Down payment of 3% to 20% or more depending on the loan scenario
• Property that meets conventional appraisal and eligibility standards

Related Mortgage Options

Depending on your credit, income, property type, and financing goals, another loan program may also be worth reviewing.

• FHA loans in Florida may be a good option for buyers looking for flexible credit and lower down payment options.
• VA loans in Florida may help eligible veterans, active-duty service members, National Guard members, reservists, and surviving spouses.
• Jumbo loans in Florida may help buyers purchasing higher-value homes.
• Bank statement loans in Florida may help self-employed borrowers who do not qualify using traditional tax-return income.

Conventional Loan FAQs

What is a conventional loan?

A conventional loan is a mortgage that is not insured by a government agency like FHA, VA, or USDA. Conventional loans are commonly used for home purchases, refinances, second homes, and certain investment properties.

How much down payment do I need for a conventional loan?

Some qualified borrowers may be able to purchase with as little as 3% down. The required down payment depends on credit, income, property type, occupancy, loan amount, and lender guidelines.

Can conventional loans be used for investment properties?

Yes. Conventional financing may be available for certain investment properties, but down payment, reserve, credit, and income requirements are usually different than for a primary residence.

Is a conventional loan better than an FHA loan?

It depends on the borrower. Conventional loans may be better for borrowers with stronger overall qualifications, while FHA loans may be helpful for buyers who need more flexible credit or down payment guidelines.

Why Choose Mortgages Done Right?

With more than 30 years of mortgage experience, over $1 billion in loans closed, access to more than 25 wholesale lenders, and more than 250 five-star Google reviews, Mortgages Done Right provides expert guidance and direct access to Greg Hayden throughout the loan process.

Whether you are purchasing a home or refinancing in Florida, we’ll help you compare conventional loan options and secure the financing that best fits your needs.