Conventional Loans

A Conventional loan program is most often utilized by a traditional home buyer.  It can also be known or referred to as a Conforming loan.  Conforming means that it meets and is backed by Fannie Mae or Freddie Mac.  Conventional is a program that can be used for a purchase or refinance.

Some key points of this loan program are:

  • 20% Down payment traditionally, but will also allow for as little at 3%, 5% or 10% as well
  • Less that 20 percent down will require mortgage insurance
  • Special conventional program up to 97% Loan to Value with NO Mortgage Insurance for borrowers with higher credit scores
  • Historically low interest rates
  • Maximum Loan Amount in Florida $510,400
  • Available for Purchase/Refinance/Cash-out