Florida Conventional Loan  ·  Licensed in NJ · CT · FL (FL MLB 1987)  ·  NMLS #1630225

Florida Conventional Loan — 2026 Requirements, Limits and Down Payments

A Florida conventional loan is the standard Fannie Mae and Freddie Mac mortgage, and for most buyers it is the cheapest way to finance a home. You need a 620 credit score, 3% down as a first-time buyer or 5% if you have owned before. There is no upfront mortgage insurance premium — FHA charges one at closing, conventional does not. The 2026 conforming limit is $832,750 in almost every Florida county.

Last updated August 2026 · reviewed by a licensed mortgage broker

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★★★★★ 5.0 on GoogleNMLS #1630225 · verify on NMLS Consumer AccessLicensed in NJ · CT · FL (FL MLB 1987)Family owned since 2017 · Ridgefield, NJ
620Minimum Credit Score
To Qualify
740Score For Best Pricing
Pricing Is Tiered
22%Equity For Automatic
PMI Cancellation
10%Down, Second Home
15% Investment, 1 Unit


Your Answer Right Here

What Is a Florida Conventional Loan and How Does It Work?

A Florida conventional loan is a mortgage not insured by a federal agency. It follows guidelines set by Fannie Mae and Freddie Mac, which purchase conventional mortgages from lenders after closing. Compared to FHA loans, conventional financing requires a higher minimum credit score but carries no upfront mortgage insurance premium, offers cancellable PMI at 20% equity, and costs less long-term for borrowers with solid credit. The minimum credit score is 620, minimum down payment is 3% for first-time buyers, and the maximum DTI is 49.99%. According to the Consumer Financial Protection Bureau, conventional loans are the most widely used mortgage type in the country. Mortgage-World.com shops multiple loan programs to find you the most competitive rate for your credit and income profile.


Program Snapshot

Program Snapshot — 2026 Guidelines at a Glance

The table below covers every key Florida conventional loan requirement for 2026, based on Fannie Mae and Freddie Mac guidelines as applied through Mortgage-World.com’s wholesale loan programs:

Guideline Category Conventional Requirement (FL 2026)
Minimum Credit Score 620
Minimum Down Payment 3% (first-time buyers, HomeReady / Home Possible)  /  5% (repeat buyers)
Maximum DTI 49.99%
Maximum Cash-Out LTV 80% of appraised value
Private Mortgage Insurance (PMI) Required if LTV > 80%; cancellable at 20% equity — no upfront premium
2026 Conforming Loan Limit — Most FL Counties $832,750 (single family)
2026 High-Balance Limit — Monroe County (Keys) $990,150 (single family)
Property Types 1–4 unit primary, second homes, investment properties, condos, PUDs
Loan Types 30-yr Fixed, 15-yr Fixed, 10-yr Fixed, ARM (5/1, 7/1, 10/1), Cash-Out Refi
Employment / Income 2-year history; W-2 or self-employed; rental income with Schedule E


Visual Guide

Florida Conventional Loan Requirements — Visual Overview

The infographic below summarizes the key Florida conventional loan requirements at a glance. Call 888.958.5382 to confirm your eligibility with current wholesale lender guidelines:

Florida Conventional Loan Requirements 2026Florida Conventional Loan — 2026 Requirements at a GlanceCREDIT SCORE620minimum to qualifyhigher score = lower rateDOWN PAYMENT3%first-time buyers5%repeat buyers (min)MAX DTI / PMI49.99%max debt-to-income ratioPMI cancels at 20%equity — no upfront MIPFL LOAN LIMITS$832,750Most FL counties$990,150Monroe County (Keys)80% max cash-out LTVFlorida Conventional Loan Requirements 2026 | Mortgage-World.com NMLS #1630225
Florida Conventional Loan Requirements — 2026 Guidelines | Mortgage-World.com NMLS #1630225


Full Guidelines

Conventional Loan Guidelines That Affect Your Approval

These four areas determine whether a Florida conventional loan application is approved or declined. Understanding each one before you apply puts you in a stronger position:

Credit Score & Pricing Tiers

The minimum credit score for a Florida conventional loan is 620, but where your score lands determines the rate you receive. Conventional loans are priced in tiers — a 760 or higher score receives materially better pricing than 680, and 680 beats 620 by a meaningful margin. Unlike FHA’s flat upfront MIP, conventional pricing rewards stronger credit directly through the interest rate. If your score sits between 620 and 659, even a 20-point gain can reduce your rate before you lock. We pull all three bureaus and show you the pricing impact before you commit.

Debt-to-Income Ratio — Max 49.99%

The maximum DTI for a Florida conventional loan is 49.99%. This includes all monthly obligations on your credit report — the proposed PITIA, car loans, student loans, and credit card minimums — divided by gross monthly income. DTIs above 49.99% do not qualify. Borrowers between 47% and 49.99% typically need a 700 or higher credit score plus 12 months of reserves as compensating factors. See our Florida cash-out refinance page to model your payment.

Private Mortgage Insurance — Cancellable at 20% Equity

If your down payment on a Florida home is less than 20%, PMI is required. Unlike FHA mortgage insurance, which stays for the life of the loan when you put down less than 10%, conventional PMI is cancelled once your balance falls to 80% of the original purchase price through scheduled payments or an appreciation-based appraisal. There is no upfront PMI premium at closing. Monthly PMI rates range from 0.15% to 1.5% annually depending on credit score and LTV. Visit our Florida cash-out refinance page if you have equity and want to remove PMI now.

FL Conforming Loan Limits by County

The 2026 conforming loan limit for most Florida counties — including Miami-Dade, Broward, Palm Beach, Orange, Hillsborough, and Duval — is $832,750 for a single-family home. Monroe County (the Florida Keys) is the only high-cost Florida county in 2026, with a limit of $990,150. Loans between the standard and high-balance limit in Monroe County follow Fannie Mae and Freddie Mac guidelines. Above $990,150 requires jumbo financing. According to Fannie Mae’s loan limits page, limits update each November.

Loan Options

Loan Options Available Through Mortgage-World.com

A conventional mortgage in Florida is not one size fits all. These are the most common loan options we close through our Florida wholesale loan programs for buyers, refinancers, second-home purchasers, and investors:

Conventional Purchase Loan
Florida buyers can use a conventional purchase loan for primary residences, second homes, and investment properties statewide. Down payment starts at 3% for first-time buyers under HomeReady or Home Possible, and 5% for repeat buyers. Fixed terms of 10, 15, or 30 years are available along with 5/1, 7/1, and 10/1 ARMs. Seller concessions are allowed up to 3% (LTV above 90%) or 6% (LTV 75–90%).
Conventional Cash-Out Refinance
Florida homeowners with a 620 or higher credit score and at least 20% equity can access that equity through a conventional cash-out refinance up to 80% LTV. There is no upfront mortgage insurance premium — a significant advantage over FHA cash-out for borrowers with sufficient equity. For homeowners at 700 or above, conventional cash-out typically costs less over the life of the loan than FHA. Funds can be used for home improvements, debt consolidation, tuition, or any legal purpose.
Second Homes, Condos & Investment Properties
Conventional loans for Florida second homes require 10% down minimum. Investment properties require 15–25% down depending on unit count, and rental income can be used for qualifying. Condo purchases require the project to be Fannie Mae or Freddie Mac warrantable. For investment properties where you prefer not to qualify on personal income, see our Florida DSCR loan program for a no-income-verification alternative.


Side-by-Side Comparison

Florida Conventional Loan vs. FHA — Which Is Right for You?

The best loan program depends on your credit score, your down payment, and how long you plan to stay in the home. Here is the side-by-side breakdown for Florida borrowers in 2026:

Factor Florida Conventional Loan Florida FHA Loan
Min Credit Score 620 500 (10% down) / 580 (3.5% down)
Min Down Payment 3% (first-time) / 5% (repeat) 3.5% (580+) / 10% (500–579)
Max DTI 49.99% 56.99%
Upfront Mortgage Insurance None 1.75% added to loan balance
Monthly MI Cancellable? Yes — at 20% equity Only if >10% down (after 11 years)
Investment Properties Allowed? Yes No — primary residence only
Best For 620+ credit, 5%+ down, cancellable MI 500–619 credit, 3.5% down, higher DTI
The Mortgage-World.com Difference — We Run Both Scenarios for You

Many Florida borrowers in the 640–680 score range assume FHA is cheaper because the rate looks lower. Once you factor in the 1.75% upfront MIP and lifetime monthly MIP, conventional with PMI is often the better long-term choice. We run both scenarios side by side — according to Fannie Mae’s research, comparing loan types saves borrowers significantly. Apply online or call 888.958.5382 and we will return both scenarios the same day.

Not sure whether conventional or FHA is cheaper for your file?
Have a licensed loan officer run both

Before You Start

What Happens After You Apply

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  2. A licensed loan officer calls you

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  3. We ask for documents and pull credit

    Only once you have decided to move forward.

  4. You get an approval to shop with

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Common Questions Answered

Florida Conventional Mortgage — Frequently Asked Questions

What is the minimum credit score for a Florida conventional loan?
The minimum credit score for a Florida conventional loan is 620. Conventional loans are priced in tiers — higher scores receive lower rates. Borrowers at 740 or above receive the best available pricing. Some wholesale lenders apply overlays requiring a 640 or 660 minimum, which is one reason working with a mortgage broker who shops the market matters near the cutoff.
What are the conforming loan limits in Florida for 2026?
The 2026 conforming loan limit for most Florida counties is $832,750 for a single-family home. Monroe County (the Florida Keys) is the only designated high-cost county in Florida with a 2026 conforming high-balance limit of $990,150. Loans above those limits require true jumbo financing, which has stricter qualification requirements and is typically priced higher. Limits are set annually by the Federal Housing Finance Agency (FHFA) and take effect each January 1.
What is the maximum DTI for a Florida conventional loan?
The maximum debt-to-income ratio for a Florida conventional loan is 49.99%. FHA allows a higher ceiling of 56.99% with compensating factors, which gives FHA an edge for borrowers with tighter income-to-debt ratios. Reaching 49.99% DTI generally requires a 700 or higher credit score along with strong cash reserves as compensating factors. Keeping your DTI below 43% gives you the most program flexibility and typically the most competitive rate.
Can I do a cash-out refinance with a Florida conventional loan?
Yes. Florida conventional cash-out refinances allow a maximum LTV of 80%, meaning you must retain at least 20% equity in the property after taking cash out. The minimum credit score is 620. Unlike FHA cash-out refinances, conventional carries no upfront mortgage insurance premium at closing — which makes it significantly less expensive for most borrowers with 640 or higher credit and sufficient equity. See our Florida cash-out refinance rates page for current program details.
How does PMI work on a Florida conventional loan?
PMI is required when your LTV exceeds 80% (down payment below 20%). It is paid monthly and cancelled once your balance drops to 80% of the original purchase price through scheduled payments or a new appraisal. There is no upfront PMI premium at closing. Monthly PMI rates range from 0.15% to 1.5% annually. Under the Homeowners Protection Act, lenders must automatically cancel PMI at 22% equity.
Can I use a conventional loan to buy an investment property or vacation home in Florida?
Yes. Florida conventional loans allow investment property and second home purchases — FHA loans do not allow investment properties. Single-family investment properties require 15% down minimum; two-to-four-unit properties require 20–25% down. Second homes require 10% down. Documented rental income can help you qualify. For investors who prefer not to show personal income, our Florida DSCR loan program qualifies on rental income versus the mortgage payment.
How much down payment do you need for a Florida conventional loan?
3% if you are a first-time buyer, 5% if you have owned before. Second homes need 10% down, and single-family investment properties need at least 15%. Put 20% down and there is no private mortgage insurance — that is usually where conventional pulls ahead of FHA on total cost.
Is a conventional loan cheaper than FHA in Florida?
Often, yes — but it turns on your credit score. FHA charges an upfront mortgage insurance premium at closing and keeps its monthly premium for the life of the loan on most files. Conventional has no upfront premium, and private mortgage insurance comes off once you reach 20% equity. In the 620s FHA often prices better, because conventional pricing tightens as the score drops. Get both quoted on your own numbers before you decide.
What happens if I need to borrow more than the Florida conforming limit?
You move to a jumbo loan. In almost every Florida county the conforming limit for a single-family home is $832,750 in 2026. Monroe County, the Florida Keys, is the state’s only high-cost county, and there the limit runs to $990,150. Above whichever limit applies to your county, jumbo guidelines take over — they want a higher credit score and more months of reserves.
Can I use gift funds for the down payment on a Florida conventional loan?
Yes. On a primary residence the whole down payment can be a documented gift from a relative. The lender will want a gift letter confirming the money is not a loan, plus a paper trail showing where it came from and when it landed in your account. Gift funds that show up in your account unsourced are one of the most common reasons a closing slips.

Related conventional pages: Conventional loans overview · New Jersey conventional loans · Connecticut conventional loans.

Related Resources

Which Florida Program Fits You?

Florida conventional loan620 score, 3% down, no upfront mortgage insuranceYou are hereFlorida FHA loanLower score, higher debt-to-income ceilingCompareFlorida jumbo loanAbove the conforming limit for your countyCompareFirst-time buyer in FloridaDown payment help and the 3% optionCompare
Related Conventional ProgramsGet pre-approved
Florida Conventional Loan — Mortgage-World.com, NMLS #1630225Mortgage-World.com
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Find out what a Florida conventional loan costs you

A licensed loan officer will price conventional against FHA on your actual numbers — score, down payment, debt-to-income, and your county limit. You will see which one costs less over the years you plan to keep the loan, not just which has the lower rate today.

What You Need
✓620 minimum credit score
✓3% down for first-time buyers
✓No hard credit pull to get your numbers
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Florida Conventional Loan guide by Chris Luis, Broker/Owner of Mortgage-World.com, NMLS #1630225

Written and reviewed by Chris Luis, Broker/Owner of Mortgage-World.com, NMLS #1630225. About the author

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