The default mortgage for credit-strong W-2 borrowers. 3–20% down, 620+ FICO, removable PMI, no permanent insurance dragging your payment forever. If you've got the score and the savings, this is almost always the right call.
"Conventional" just means the loan conforms to Fannie Mae or Freddie Mac guidelines — not government-backed (FHA/VA/USDA). That's it. The benefit is flexibility and lower long-term cost when you have the credit profile to qualify.
3% (HomeReady / Home Possible for first-time or moderate-income buyers), 5% (standard), 10%, 15%, 20% (no PMI). Investment property: 15–25% down.
620 FICO minimum. Best pricing at 740+. Below 660, FHA often beats conventional on rate even with mortgage insurance factored in.
Standard: $806,500. Monroe County (Keys) high-balance: $1,209,750. Above that = jumbo territory.
Required below 20% down. Drops automatically at 78% LTV. Can be requested off at 80%. Coastal FL appreciation often kills PMI within 2–3 years.
Typically 45% back-end, up to 50% with strong compensating factors. HomeReady can stretch to 50% with reserves.
Primary, second home, investment. SFR, condo, townhome, 2–4 unit. Warrantable condos only on standard conventional — non-warrantable needs portfolio.
This is the question almost every Florida first-time buyer faces. The answer turns on credit and how long you'll hold the loan.
FICO 700+, you can put down 5%+, and you plan to hold the loan 5+ years. Lower long-term cost. PMI removable. Better refi optionality.
FICO 580–680, lower down payment, or higher DTI. FHA is more forgiving on the front end but PMI is permanent unless you refinance later. More on FHA →
Whichever loan you pick, get a Florida insurance quote before you go under contract. We do this in 24 hours. Insurance kills more coastal deals than rate ever has.
Above $806,500 in most FL (or $1.2M+ in Monroe), you're in jumbo territory — different underwriting, different rate sheet. See our jumbo program →
30-minute strategy call. We'll look at your credit, your savings, your timeline, and tell you the loan that wins — not the one I get paid most on.
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