Florida Conventional loans

Low down payments or no mortgage insurance options are just two examples of the benefits that come with a conventional loan. in Florida. Whether you use it to renovate your house or to pay off higher interest debt, a conventional loan works for both existing and future home owners.

Conventional loan requirements FL

Max 49.9% debt-to-income ratio
620 minimum credit score
Florida FHA loan

Benefits of Conventional 
loan in Florida

Buy or refinance primary, secondary, or vacation homes
Lower rates and closing costs, compared to FHA loans
Low down payment required
No mortgage insurance options

Today’s Florida conventional loan rates

Conventional 30-Year Fixed

Rates for Primary Home Purchase
Interest Rate




Loan Amount


Down Payment



30 Years

Monthly Principal & Interest Payment (Excludes taxes and hazard insurance)


Estimated Points


Disclosures, Assumptions & APR Information
Rates, terms, and fees as of May 12, 2023 1:07 pm and subject to change without notice.

Mortgage interest rates shown are based on a 30-day lock for the purchase of a primary residence. Rates shown include 1.625 discount point. All loans are subject to borrower meeting Fannie Mae approval guidelines.

Rates and terms subject to change based on market conditions and borrower eligibility. The rates shown are based upon a variety of conditions and circumstances. These include a consumer credit score which may vary from your individual credit score. A loan’s interest rate depends upon the specific features of the loan transaction and the borrower’s credit profile up to the time of closing. The advertised rates for 30-year fixed conventional products are based on an assumed loan amount of $480,000.00, $600,000.00 purchase transaction of primary residence, a 780 FICO score with a loan-to-value ratio of 80% maximum (20% Down-Payment) on a primary single family home. The annual percentage rate (APR), is the expense paid for credit over the loan term expressed as an annual rate. The Annual Percentage Rate (APR) displayed for the loan products shown here reflects interest rate and approximate cost of prepaid finance charges / discount points based on rate scenarios shown. The cost of prepaid finance charges are approximations which do not constitute and are not a substitute for the Loan Estimate of Closing Costs (LE) that a borrower receives once they apply for a loan. All conventional loans with a down payment of less than 20% require mortgage insurance. Mortgage insurance may increase the monthly payment and Annual Percentage Rate (APR) of the loan. For more information regarding our various loan products including no points or closing cost options, please contact us at (407) 584-4437
Please remember that we don’t have all your information. Therefore, the rate and payment result you see may not reflect your actual situation. Mortgage Expert, Inc. offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (407) 584-4437 to talk to a licensed loan originator.
Due to various federal, state and local requirements, certain products may not be available in all areas.
The monthly payment amount displayed includes principal and interest. The payment amount does not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment.

These mortgage rates are based upon a variety of assumptions and conditions which include a consumer credit score which may be higher or lower than your individual credit score. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit profile up to the time of closing. For more information, please contact us.

Interest Rate


Loan Amount

Down Payment


Monthly Principal & Interest Payment (Excludes taxes and hazard insurance)

Estimated Points

Disclosures, Assumptions & APR Information

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What is a conventional loan?
A conventional loan is used for the purchase or refinance of a 1-4 unit single family residence and is based on guidelines set forth by Fannie Mae and Freddie Mac that are both government subsidized entities. These guidelines are very standard across the board and have very little leniency compared to FHA and VA loans.
How much down for conventional loan in Florida?
Standard Conventional loans typically need a minimum of 5% down payment for an owner occupied home but if you are a first time home buyer, you may qualify for as alittle as 3% down payment option. To avoid PMI you will need to put 20% down-payment or opt for a lender-paid PMI option that increases the cost of the mortgage rate should you desire to explore the LPMI option.
Who qualifies for a Florida conventional loan?
Anyone over the age of 18 with acceptable credit, income and down-payment can qualify for a conventional loan. Standard requirements are a minimum of 620 credit score and a maximum of 49.9% DTI. The amount of loan you qualify for will depend on your income and down-payment.
Can you do conventional less than 20% down?
Absolutely! If you are a first-time homebuyer, you only need to put down as little as 3%. You can also put down as low as 5%. Please keep in mind that you will be required to pay private mortgage insurance though if your loan-to-value exceeds 80%.
Who sets guidelines for conventional loans?
Conventional loans operate on guidelines set by the Federal National Mortgage Association & the Federal Home Loan Mortgage Corporation, these are also known as Fannie Mae & Freddie Mac respectively. These are both government-sponsored entities.
Can I get a conventional loan if I filed a bankruptcy?
For a Chapter 7 or 11 bankruptcy, there is a 4-year waiting period. This starts from the discharge or dismissal date. For a Chapter 13 bankruptcy, it depends on how the court handled the bankruptcy. If the court simply discharged your bankruptcy, you would need to wait 4 years from the date you filed & 2 years from your dismissal date. If the court dismissed your bankruptcy, you would have to wait 4 years from the dismissal date to apply.
What is the maximum Debt-To-Income (DTI) ratio needed to qualify?
In most cases, the maximum DTI is 45%. Some lenders may go up to 50%, but you will most likely need a higher down payment, provide proof of reserves for your assets showing up to 6 months' worth, or a higher credit score to qualify.
Is it better to have a conventional loan or fha?
Conventional loan is much better than an FHA loan for the simple fact that mortgage insurance is not required on conventional loans if you are putting 20% down payment.  Also, the effective mortgage rates in Florida for a conventional mortgage are much lower compared to the same score borrower on an FHA loan.
Is a conventional loan good?
A Conventional loan is the best loan available for pourchasing or refinancing a home in the US. The have a lower effective rate and costs than a portfolio or private mortgages. They have no prepayment penalities and offer options with lower down-payments compared to a private money mortgage.
What is the downside of a conventional loan?
There is no downside to a conventional loan other than the fact that you own money on a loan that you have to payback. Convntional loans only provide upsides since they enable you to purchase a home by financing it compared to having to save the money to buy a home outright using cash.
How much credit do you need for a conventional loan?
Conventional loans in Florida require a minimum credit score of 620 in addition to having satisfactory tradelines such as on time paid credit card and instalment account. You typically need a minimum of two satisfactory tradelines for a minimum of two years.
What documentation is required for a conventional loan?
You will need to provide the following: a copy of your driver’s license, two years most recent W-2’s, most recent paystubs showing your year-to-date earnings (need to cover a 30-day period depending on how you are paid by your employer), two most recent bank statements including all pages, and a copy of your mortgage statement if you currently have a mortgage. If you are self-employed, you would need to provide your two years most recent personal tax returns with all schedules & addendums as well as your last two years most recent business returns with all schedules & attachments if applicable.
What is the difference between a Front-End DTI ratio vs a Back-End DTI ratio?
Your front-end ratio is determined by taking your total housing expenses (Principal, Interest, Taxes, Insurance, Association Dues) and dividing it by your monthly gross income. To get the percentage, multiple the total by 100. Your back-end ratio includes all your monthly required debts. This includes credit cards, student loans, auto loans, and personal loans. Items not included are utility bills, cell phone/internet bill, or car insurance premiums. Check out our mortgage payment calculator here to get your estimated housing expense today.
What is the maximum seller concession available on a conventional loan?
A seller concession is what the seller has agreed to pay in closing costs. This is going to vary depending on how much the buyer has as a down payment. If you have a down payment of less than 10%, the seller can contribute up to 3% of your closing costs. If you down payment is anywhere from 10-25%, the seller can contribute up to 6%. Anything over 25%, the seller can provide up to 9%. If you are buying an investment property, the maximum the seller can contribute is 2% regardless of down payment.

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