The most widely used mortgage product in Florida, and for good reason. 3% down options for first-timers. PMI that drops automatically. Second homes, investment properties, coastal condos. Fannie Mae and Freddie Mac set the rules; we know every edge.
One product category, multiple programs. The right one depends on your down payment, income, credit, and what you're buying.
5 to 20% down, 620+ FICO. Works for primary, second home, and investment. The workhorse of the FL mortgage market.
3% down for first-time buyers or income-eligible borrowers. Reduced PMI factors. Fannie's and Freddie's affordable products.
10% min down. Primary residence owner purchasing a vacation home or coastal property. Must be in a viable second-home area.
15 to 25% down. 75% of rental income can be counted to qualify after a 25% vacancy factor. Works for LTR and documented STR income.
Just paid cash for a property? Delayed financing lets you cash-out refi immediately (within 6 months) without a seasoning wait.
Single-close loan for new construction. Converts from construction draw to permanent conventional at completion.
Under the Homeowners Protection Act, conventional lenders must automatically cancel PMI when your loan balance reaches 78% of the original purchase price on a scheduled-payment basis. You don't have to ask, it happens automatically.
At 80% LTV (based on original purchase price) with a clean payment history, you can formally request PMI removal. Written request to servicer, no additional appraisal required if payments are current.
If your property value has increased since purchase, a new appraisal can move the LTV calculation faster than amortization. Many FL coastal buyers who purchased in 2020 to 2022 are good candidates for this right now.
Trade a slightly higher interest rate for zero monthly PMI payment. Works well if you plan to sell or refi within 5 to 7 years. We model both scenarios, LPMI vs standard MI, so you see the breakeven.
Conventional Pre-Approval
We pull your scenario, run the LLPA pricing matrix, and show you exactly what your rate, PMI, and monthly payment look like before you walk into any showings.