Current conventional guidelines, updated from one source.
Treat these as the program’s fixed points rather than an offer: the minimum down payment for a first-time buyer and for everyone else, the credit floor behind these pages, the leverage at which mortgage insurance begins and the points at which it ends, and the ratio an automated approval allows.
First-time buyer; 5% standard; 97% loan-to-value at the top
A first-time buyer, meaning anyone without an ownership interest in a home during the prior three years, can put 3% down on a one-unit principal residence with a fixed rate, which is 97% loan-to-value; everyone else starts at 5% down, and the same 97% is open to lower-income buyers through HomeReady and Home Possible.
Priced on the score; no agency minimum with an automated approval
The wholesale programs behind these pages start at a 620 decision score. The agencies themselves set no minimum for an automated approval and ask for 620 on a manually underwritten fixed-rate loan and 640 on an adjustable; the score prices the loan and the insurance more than it gates them.
Required above 80% LTV; removed at 80% by request, 78% automatically
The insurance line in a conventional payment is a bridge, not a fixture: required above 80% loan-to-value, cancellable at 80% on request and 78% by law, and priced by the insurer on the score inside Fannie Mae’s published 0.58%–1.86% range. Twenty percent down skips it entirely.
With an automated approval; 36% to 45% on a manual file
An automated approval allows a total debt-to-income ratio up to 50%; a manually underwritten file is held to 36%, or 45% when the credit score and reserves meet the agencies’ matrix. The ratio is measured on the total housing payment plus every other monthly obligation against gross income.
| Purpose | Occupancy and program | Maximum LTV |
|---|---|---|
| Purchase | One-unit principal residence, first-time buyer (fixed rate) | 97% |
| Purchase | One-unit principal residence, standard | 95% |
| Purchase | HomeReady / Home Possible (income limits apply) | 97% |
| Purchase | Two- to four-unit principal residence | 95% |
| Purchase | Second home | 90% |
| Purchase | Investment property, one unit | 85% |
| Purchase | Investment property, two to four units | 75% |
| Refinance | Limited cash-out (rate-and-term), one-unit principal residence | 95% |
| Refinance | Cash-out, one-unit principal residence | 80% |
| Refinance | Cash-out, two to four units, second home or investment | 75% |
| Combined LTV | Maximum contribution |
|---|---|
| above 90 percent | 3% of the sales price |
| 75.01 to 90 percent | 6% of the sales price |
| 75 percent or less | 9% of the sales price |
| investment property (any) | 2% of the sales price |
| Event | Waiting period |
|---|---|
| Chapter 7 or 11 bankruptcy | four years from discharge or dismissal (two years with documented extenuating circumstances) |
| Chapter 13 bankruptcy | two years from discharge; four years from dismissal (two with extenuating circumstances) |
| Multiple bankruptcy filings | five years when more than one filing within the past seven years |
| Foreclosure | seven years (three with extenuating circumstances, then limited to a principal residence or second home at 90 percent LTV, purchase or limited cash-out) |
| Deed-in-lieu, short sale or mortgage charge-off | four years (two with extenuating circumstances) |
Mortgage insurance: Fannie Mae reports that private mortgage insurance typically ranged from 0.58%–1.86% of the loan amount a year; the premium on a specific loan is priced by the insurer on the score, the leverage, and the coverage, and is never quoted here. Gifts from relatives may fund the entire down payment on a one-unit principal residence. HomeReady and Home Possible lend to 97% with income at or below 80% of the area median; HomeOne lends to the same leverage with a first-time buyer and no income limit.
Current conventional snapshot · updated October 1, 2026 · principal residences occupied within sixty days, second homes, and one- to four-unit investment properties · conforming limits apply by county and are confirmed by a Lendmire loan officer · above the limit, see the jumbo program · no prepayment penalty · Lendmire is a broker, never the lender.
For informational purposes only. This is not a commitment to lend or extend credit, an offer, or a quote. Program parameters shown are Fannie Mae and Freddie Mac guidelines and wholesale lender overlays, are subject to change without notice, and every figure depends on the borrower, the property, the occupancy, the automated underwriting finding, and full underwriting. Mortgage insurance figures are published typical ranges and editable estimates, not premium quotes. Conforming loan limits apply by county. Lendmire is a mortgage broker, not a lender. Licensed in sixteen states for consumer mortgages. NMLS #2371349.
What a conventional loan is — and how the file is qualified.
A conventional loan is a mortgage written to the rules of Fannie Mae and Freddie Mac so a lender can sell it to them after closing. Those rules decide the leverage by occupancy, the credit standard, the insurance above the threshold, and the ratios, and the four cards below take a Florida file apart along exactly those lines.
For the program overview, see Lendmire’s conventional loan program; for the mortgage insurance cancellation rules, see the CFPB.
Leverage by occupancy and buyer
The down payment a Florida buyer needs depends on three things: whether the home is a principal residence, a second home, or a rental; whether it is one unit or several; and whether the buyer counts as a first-time buyer. The snapshot table gives the answer for every combination the program allows.
Credit scores and automated underwriting
A derogatory event does not end eligibility; it starts a clock. Bankruptcies, foreclosures, short sales, and deed-in-lieu transfers each carry a waiting period in the agencies’ guides, shortened by documented extenuating circumstances, and the snapshot shows each one for a Florida buyer planning the timing.
Mortgage insurance that cancels
Twenty percent down means no mortgage insurance at all, and anything less means insurance for a while. The calculator on this page shows the Florida payment with the estimated premium and the payment after it ends, along with the month on the amortization schedule when the request and automatic thresholds arrive.
Ratios, reserves, and the DU finding
The automated finding is the hinge of a conventional file: it reads the income, the assets, the credit, and the property, allows a total debt ratio up to the automated maximum, and names the reserves the file must show. A Florida underwriter then verifies what the finding assumed.
A lender runs the same math on a Florida file with one difference: the insurer’s actual premium replaces the estimate. The estimate here starts at the low end of the published range and is editable, because the real figure depends on the score and the leverage.
Where Florida buyers borrow — and how a conforming loan fits.
Florida is many markets, not one: ownership, home values, and incomes shift from city to city, and every conforming loan written in the state is sized against its own local numbers. The statewide figures below come from the U.S. Census Bureau.
Statewide figures provide general market context, not an appraisal or an income calculation. Read the figures as ranges, not predictions. The lender appraises one home, documents one income, and lets the automated system read one credit file.
Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.
Where Florida’s buyers borrow — market by market.
Where Lendmire serves Florida buyers, market by market: the cities below rank by owner households and link to local guides with Census context, the leverage table, and a calculator seeded to local values.
Jacksonville
With owner households around 227,054, about 58% of households, Jacksonville is a metropolitan market where the conventional loan does most of the work, from first purchases at the low down payment to second homes and investment property. Census context: median value near $293,700, median household income near $69,872, population near 978K.
Tampa
With owner households around 83,683, about 50% of households, Tampa is a metropolitan market where the conventional loan does most of the work, from first purchases at the low down payment to second homes and investment property. Census context: median value near $420,400, median household income near $75,475, population near 402K.
St. Petersburg
Near 74,915 St. Petersburg households own (63% of the total), and most of them borrowed conventionally: in a metropolitan market this size the conforming loan is the default instrument for purchase, refinance, and cash-out. Census context: median value near $371,100, median household income near $75,192, population near 263K.
Port St. Lucie
Near 70,522 Port St. Lucie households own (84% of the total), and most of them borrowed conventionally: in a metropolitan market this size the conforming loan is the default instrument for purchase, refinance, and cash-out. Census context: median value near $369,200, median household income near $80,648, population near 232K.
Cape Coral
Cape Coral carries one of the largest owner-household counts in Lendmire’s Florida footprint, near 64,036, about 77% of households; in a metropolitan market of that depth, conforming loans finance the bulk of purchases and refinances. Census context: median value near $373,500, median household income near $78,104, population near 216K.
Miami
With owner households around 60,068, about 31% of households, Miami is a metropolitan market where the conventional loan does most of the work, from first purchases at the low down payment to second homes and investment property. Census context: median value near $518,100, median household income near $62,462, population near 460K.
What decides a Florida conventional file does not vary by city: the score and what it costs, the leverage for the occupancy, the insurance and its exit, the ratio and the reserves the finding requires, and the seasoning after a credit event. The county limit changes yearly and is confirmed by a loan officer rather than printed here.
Four ways Florida buyers put a conforming loan to work.
Florida borrowers use conforming loans for reasons that repeat: the first purchase at the first-time-buyer minimum, the purchase with twenty percent down and no insurance, the second home or rental no government program will finance, and the refinance or cash-out on a home with equity.
Buy a first home at the first-time-buyer minimum
For a Florida first purchase, the conventional route pairs the agencies’ lowest down payment with insurance that cancels and no upfront premium; the file is qualified on the score, the ratio, the reserves, and the automated finding, and a family gift may fund the whole down payment.
Buy a second home
Conventional financing is the consumer program that reaches a second home: a Florida buyer brings the down payment the leverage table shows for that occupancy, qualifies on the full payment of both homes, and shows the reserves the finding requires. The home must be for the owner’s use, not a rental business.
Refinance or take cash out
The conventional refinance fits a Florida owner who wants a different term, a different structure, or cash from equity; each has its own leverage, and a cash-out refinance generally needs six months of ownership. A home equity line that leaves the first mortgage alone is the comparison worth running.
Buy an investment property
Investment property on a conforming loan is a common entry point for Florida landlords: one to four units, a down payment set by the leverage table, rental income counted under the agencies’ rules, and a cap on how many financed properties one borrower may hold.
Estimate the payment on a Florida price before requesting a quote.
This is what a Florida conventional purchase costs each month at the leverage you choose, with the insurance shown as a separate line and then removed: the calculator finds the month on the schedule when the balance reaches the request threshold and the automatic one, and shows the payment on each side. The rate shown is the weekly Freddie Mac average, editable, and not a quote.
Florida conventional payment estimate
Defaults describe Florida, not your purchase: put in the real price, the real down payment, and the real escrows.
Editable benchmark: 7.03% as of September 24, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not a conventional loan quote.
Estimate seeded at the low end of Fannie Mae’s published range (0.58%–1.86% a year); the insurer prices the actual premium on the score and the leverage. Applies only above 80% loan-to-value.
Illustrative starting assumptions: a $360,000 price near Florida’s median owner-occupied home value, the first-time buyer’s minimum down payment, a thirty-year term at the current Freddie Mac benchmark, mortgage insurance at the low end of Fannie Mae’s published range, property taxes and insurance estimated for Florida (U.S. Census Bureau). Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conventional benchmark, a market reference and not a conventional loan quote; your rate is set by the lender at lock. The mortgage insurance figure is an editable estimate seeded from Fannie Mae’s published typical range, not a premium quote; the insurer prices the actual premium, and the cancellation month assumes scheduled payments with no extra principal and no change in value. Taxes, insurance and dues are editable estimates; closing costs are not included. Conforming loan limits apply by county. Licensed in sixteen states for consumer mortgages.
Same buyer, three very different closings.
The alternatives put the conventional loan’s cost in perspective: FHA charges a premium every month and an upfront premium at closing, VA charges a one-time fee, conventional charges a premium only until equity arrives. The comparison below is written for a Florida buyer weighing all three.
Conventional, FHA, or VA.
Conventional fits the Florida buyer with a solid score: the premium is smaller than FHA’s for strong credit and it ends, there is no upfront premium, and twenty percent down removes insurance altogether. A modest score or a thin file is where FHA competes.
FHA’s leverage is high and its credit standard is forgiving, but its insurance is priced by schedule rather than by score and does not cancel on a full-leverage thirty-year loan. A Florida buyer comparing the two sees the premium line stay on FHA and disappear on conventional. See Lendmire’s FHA loan program.
VA beats conventional on the principal residence for nearly every eligible borrower; conventional beats VA on everything VA does not touch: second homes, rentals, and buyers without the certificate. The two often sit side by side in one Florida household. See Lendmire’s VA loan program.
Choose by profile: a strong score and any down payment point to conventional; a modest score and a small down payment point to FHA; eligibility with full entitlement points to VA. A Florida loan officer runs all three on the same numbers before recommending one. Above the conforming limit, see the jumbo loan program.
What to prepare for a Florida scenario review.
What a lender reads on a Florida conventional loan, and what you can have ready before anyone asks.
This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the transaction, the property, the automated underwriting finding, and the income picture. Nothing here is legal or tax advice.
Local details that can change the loan.
When a Florida conventional file surprises someone, the cause is usually one of these: a premium higher than expected, a score that priced differently than hoped, an appraisal under the price, a project that failed review, or a loan amount over the conforming limit.
Use these checks to keep the Florida file clean and fundable.
A Florida file that is ready to review has already answered three questions: what leverage and therefore what insurance, what score and therefore what price, and whether the home is inside the agencies’ rules.
- Plan the insurance: the premium is priced on the score and the leverage inside the published range.
- Confirm the score: the score sets the loan-level adjustments and the insurance premium more than it gates the loan.
- Mind the ratios: a manual file is held to the lower ratio pair.
Mortgage insurance: how much, and until when
The premium on a Florida loan can be paid monthly, by the lender in exchange for a different price, as a single premium at closing, or split; the monthly structure cancels under the federal rules, and the others are priced by the lender. The calculator shows the monthly structure and the month the thresholds arrive on scheduled payments.
The score sets the cost
The score does two jobs on a Florida file: it feeds the automated assessment alongside the rest of the credit file, and it sets the cost of the loan and the insurance. A buyer close to a cost tier sometimes gains more from a short wait and a paid-down balance than from any other change.
Ratios, reserves, and the finding
Enter income in the calculator to see where a Florida scenario lands against the automated maximum; the finding, the score, and the reserves decide the rest, and the ratio drops on its own once the insurance cancels, because the premium leaves the housing payment.
The conforming limit
The limit caps the loan, not the price. A Florida buyer shopping above it has two choices, a larger down payment or a jumbo loan, and the better one depends on the score, the reserves, and the cost on each. These pages do not quote the limit because it changes every year.
Second homes, rentals, and financed-property limits
Buying a second home or a rental in Florida on a conventional loan means qualifying on the full payments of every property owned, documenting the rents the agencies allow, and showing reserves for each. The leverage table gives the down payment for each occupancy.
From a Florida pre-approval to keys in hand.
Underneath, the Florida process is any mortgage process; what makes it conventional is the automated finding, the project review where it applies, the leverage by occupancy, and the insurance threshold. Each step below says what happens and what the buyer does.
Pre-approval
The first conversation settles the shape: whether the buyer counts as a first-time buyer, what leverage the occupancy allows, how much insurance the down payment carries, and whether conventional is the right program next to FHA and VA for the Florida purchase.
Contract and appraisal
The Florida contract sets the price and the contributions; the appraisal, or the system’s value acceptance, sets the value. Both feed the loan amount, and the lender confirms the project review and the conforming limit before underwriting begins.
Underwriting
Underwriting on a Florida conventional file is a verification of the finding: the documents behind the income and assets, the source of the down payment, the project review, and the insurance commitment for the leverage. Conditions are cleared and the approval is issued with its terms.
Closing
Closing is where the structure becomes a payment: principal and interest, the insurance while the loan is above the threshold, taxes and insurance. The Florida buyer takes the keys, and the lender delivers the loan to the agency it was written for.
A brokerage that prices the whole market.
Lendmire never lends. It reads a Florida file against conventional, FHA, and VA, matches the program to the profile, and keeps the premium, the cost tier, and the conforming limit in front of the buyer before anything is signed.
Several programs, one set of numbers
A lender with one rate sheet sells that sheet; a brokerage with several can say which fits. For a Florida buyer with a strong score that is usually a conventional loan on the program whose cost is lowest for that file; for a modest score it may be FHA, and the arithmetic decides.
The insurance explained before the offer
The premium and its exit are decided by the leverage and the score, and a buyer should know both before signing a contract. Lendmire states the structure for the Florida purchase, shows the payment before and after cancellation, and explains the request and automatic thresholds.
Licensed, consumer-purpose, in writing
Lendmire carries the license for the state the Florida home is in, delivers the disclosures a consumer mortgage requires, and commits the terms to paper. The program figures on this page are read from one guideline source built on the agencies’ published guides.
Trusted by buyers & families alike.
Florida conventional loan FAQs
What a conventional loan is, how much it takes to buy, what score it needs, how the mortgage insurance works and ends, and how the conforming limit works, answered for Florida buyers.
What is a conventional loan, and who is it for?
A conventional loan is a mortgage written to the rules of Fannie Mae and Freddie Mac so the lender can sell it to them after closing; no government agency insures it, and a private insurer covers the top slice above the leverage threshold. It fits the Florida buyer with a solid score, any down payment from the program minimum up, and any occupancy the agencies allow, including second homes and rentals.
How much do I need to put down on a conventional loan in Florida?
A small share of the price for a first-time buyer, a little more for a repeat buyer, and twenty percent to skip the insurance. On a Florida home at the median value the market section shows what the minimums come to in dollars.
What credit score do I need for a conventional loan?
A conventional loan prices credit rather than simply gating it. The practical floor is the wholesale overlay in the snapshot; the agencies’ own minimum applies only to manual underwriting. Above the floor, the premium and the loan-level adjustments fall as the score rises.
How does private mortgage insurance work, and when does it end?
Three dates matter: the month the balance reaches the request threshold, when the borrower can ask the servicer to drop the premium with a good payment history; the month it reaches the termination threshold, when the servicer must drop it; and the midpoint of the term, the final backstop. Twenty percent down means none of this applies.
What is the conforming loan limit in Florida?
The limit is the first thing confirmed on a Florida file near the top of the market. These pages state the program’s structure rather than a number that changes every year; the current figure comes from a loan officer.
Can the seller pay my closing costs on a conventional loan?
Up to the share of the price in the snapshot table for the combined loan-to-value. Anything above it reduces the price for sizing the loan, and nothing from the seller may fund the down payment.
Can the down payment be a gift?
Yes, on a principal residence, from a relative or other acceptable donor, documented by letter and transfer. The seller cannot be the source, and on second homes and multi-unit homes above the threshold the buyer contributes a share of their own funds.
What happens after my Florida offer is accepted?
The file moves into appraisal and underwriting, and the calendar is set by the appraisal and the conditions the underwriter adds. No page can promise a date, and this one does not.
Is a conventional loan assumable?
Generally not. Conventional fixed-rate loans contain a due-on-sale clause, so a buyer cannot take over the loan the way a buyer can assume an FHA or VA loan; some adjustable-rate loans allow assumption after the initial period. A Florida seller with a low-rate conventional loan sells the home, not the loan.
How does a conventional refinance work?
Two paths: a limited cash-out refinance, often called rate-and-term, to the higher leverage in the snapshot, which changes the rate, the term, or the structure and pays off the existing loan with limited cash back; and a cash-out refinance to the lower leverage after the seasoning period, which hands over equity in cash. Each occupancy has its own limit on both.
A Florida conventional loan sized to the price, the score, and the leverage.
A Florida conventional purchase starts with three questions: the score, the down payment, and the occupancy. Lendmire answers them, prices the programs, and writes up the one that fits.
This guide covers Florida — for the program overview, see Lendmire’s conventional loan program.
All Florida city guides (6): Cape Coral · Jacksonville · Miami · Port St. Lucie · St. Petersburg · Tampa
Related programs: FHA Loans · Jumbo Loans · Refinance Loans