Looking for a Conventional Mortgage Loan in Florida?
WE ARE STEP ONE. We create personalized mortgage solutions for our clients at the industry’s best pricing. If you’re purchasing or refinancing anywhere in Florida, we’ll be here to guide you through the process and find the best-fit loan option.
Florida Conventional Mortgage Rates
At Streamline Mortgage Solutions, we’re the mortgage experts that will help you get the funds you need to buy your dream home at the lowest rates possible. We were recently ranked among the top two percent of mortgage professionals in Central Florida, as recognized by Orlando Magazine.
- Low Rates – We’ll get you the industry’s best prices to save you money.
- Over 1,500 Loans Closed – We are experienced and knowledgeable.
- No Application Fees – We won’t charge you application fees.
- The Streamline Process – We’ll help you through every step of the process from pre-approval to closing.
Conventional Loan Benefits
- If you have 20% equity in your property or are planning on making a downpayment of 20% or more, you won’t have to pay private mortgage insurance (PMI).
- There are no upfront fees on conventional loans, unlike FHA upfront mortgage insurance premiums, VA funding fees, and USDA upfront guarantee fees.
- Conventional mortgages are available for loan amounts greater than the county loan limit (or limits set by the FHA, VA, or USDA).
Types of Conventional Loans:
- Conventional Conforming Loans — Mortgage loans that conform to Fannie Mae and/or Freddie Mac guidelines, including Florida county loan limits starting at $484,350.
- Conventional Non-Conforming Loans — Includes jumbo loans for higher loan amounts as well as Alt-A (higher credit risk) loan products for credit-challenged borrowers.
- Jumbo Loans — Loans for amounts larger than current county loan limits set by Fannie Mae and/or Freddie Mac. There are no maximum loan amounts, but lenders and investors set their own limits based on their business needs.
What do I need to qualify?
Minimum 620 credit score
If your credit is lower, consider an FHA loan, which starts at a minimum credit score of 600.
Minimum 3% downpayment
As little as 3% downpayment for first-time home buyers, 5% for non-first-time buyers.
Maximum 49.9% Debt-to-Income ratio
Depending on your credit score and financial reserves, your debt-to-income ratio can be as high as 49.9%.