Written by Medardo A. CevallosReviewed by Medardo F. CevallosUpdated March 14, 2026NMLS#305389Licensed Mortgage Loan Originator, NMLS #305389

Conventional Mortgages in Florida

A popular type of home financing that offers predictability and flexibility for your budget, with fixed or adjustable rate options.

Apply Now

What is a Conventional Mortgage?

A conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. A conventional, or conforming, mortgage adheres to the guidelines set by Fannie Mae and Freddie Mac. It may have either a fixed or adjustable rate. The maximum limit for a conforming loan depends on the county and state you live in.

How Does a Conventional Loan Compare to an FHA Loan?

Conventional loans require a minimum 620 credit score and as little as 3% down, but do not carry a government guarantee. FHA loans allow scores as low as 580 with 3.5% down but include both an upfront and annual mortgage insurance premium. The key advantage of a conventional loan is that private mortgage insurance (PMI) can be removed once you reach 20% equity — a cost saving that FHA borrowers typically cannot access.

What Is Private Mortgage Insurance (PMI) on a Conventional Loan?

PMI is insurance that protects the lender if you default on a conventional loan with less than 20% down. It is added to your monthly payment and typically costs 0.5%–1.5% of the loan amount annually. Once your loan balance drops to 80% of the home's original value, you can request PMI cancellation — or it automatically terminates at 78% LTV.

What Credit Score Do You Need for a Conventional Mortgage in Florida?

Most lenders require a minimum 620 credit score for conventional loan approval in Florida. Borrowers with scores of 740 or higher qualify for the most competitive rates. Between 620 and 739, you may pay a slightly higher rate or points. Home Financial Group can review your credit profile and recommend the best path forward.

Types of Conventional Mortgages

Fixed-Rate Mortgage

Fixed-rate mortgages in Florida have a set interest rate for the entire length of the mortgage term, which can be between 10 and 30 years. This provides predictable monthly payments for the life of your loan.

Adjustable-Rate Mortgage (ARM)

An ARM has a term of 30 years with a low introductory rate for a fixed period, followed by periodic adjustments according to a specific benchmark index. This can offer lower initial payments.

Key Features

Budget Predictability

Fixed-rate options offer consistent monthly payments you can count on.

Flexible Terms

Choose from various term lengths between 10 and 30 years.

PMI Can Be Removed

Private mortgage insurance can be removed once you reach 20% equity.

Multiple Property Types

Finance primary residences, second homes, and investment properties.

Florida Conventional Loan Limits by County

Conforming loan limits determine the maximum loan amount eligible for conventional financing backed by Fannie Mae and Freddie Mac. Loans above these limits are classified as jumbo loans.

Standard Florida Counties

$766,550

Single-family home — 2026 conforming limit

Miami-Dade, Broward, Palm Beach
Orange, Hillsborough, Pinellas
Duval, Sarasota, Lee, Collier
Most remaining Florida counties

What Happens Above the Limit?

Loan amounts above $766,550 require a jumbo mortgage. Jumbo loans typically require a larger down payment (10-20%), higher credit scores (700+), and substantial cash reserves.

Home Financial Group originates both conforming conventional and jumbo loans across all of Florida.

Ready to Get Pre-Approved?

Find out how much home you qualify for — no cost, no obligation.

Get Pre-Approved Talk to a Loan Officer

Frequently Asked Questions About Conventional Loans

The minimum down payment for a conventional loan is 3-5% for a primary residence. For investment properties, expect to put down 10-15%. A larger down payment can help you avoid private mortgage insurance and secure a lower interest rate.

The minimum credit score for a conventional loan is typically 620. However, borrowers with scores of 740 or higher will qualify for the best interest rates and terms. Home Financial Group works with borrowers across the credit spectrum to find the right solution.

The conforming loan limit for most Florida counties is $766,550 for a single-family home. Loans above this amount are considered jumbo loans, which have different qualification requirements.

Private mortgage insurance (PMI) is required on conventional loans when the down payment is less than 20%. The advantage of a conventional loan is that PMI can be removed once you reach 80% loan-to-value (LTV) ratio, unlike FHA mortgage insurance which typically lasts the life of the loan.

Yes. Conventional loans can finance primary residences, second homes, and investment properties. Investment property loans typically require a larger down payment (10-25%) and may carry slightly higher interest rates than owner-occupied loans.

Conventional loans require higher credit scores (620 minimum vs. 580 for FHA) but offer PMI that can be removed and no upfront mortgage insurance premium. FHA loans have lower down payment requirements and more flexible guidelines, but include both upfront and annual mortgage insurance premiums that often last the life of the loan.

Ready to Apply for a Conventional Mortgage?

Contact Home Financial Group today to explore your conventional mortgage options. We will help you choose the right loan structure for your needs.

Apply Online Call (954) 370-4849