Florida Conventional Loans — 3% Down, No Upfront Mortgage Insurance

Most lenders, including CrossCountry Mortgage, require a minimum credit score of 620 for a conventional loan. Higher scores (740+) unlock the best interest rates and lowest PMI premiums. If your score is between 620–679, you can still qualify but may pay slightly higher rates. Joe can review your credit profile and recommend the best path forward.

Yes. Conventional loans allow as little as 3% down for first-time buyers through programs like Fannie Mae HomeReady and Freddie Mac Home Possible. On a $400,000 home, that's just $12,000 down. You'll pay PMI until you reach 20% equity, but unlike FHA loans, PMI automatically cancels — it doesn't last for the life of the loan.

PMI on a conventional loan automatically terminates when your loan balance reaches 78% of the original home value. You can also request cancellation at 80% by contacting your servicer. If your home has appreciated significantly, a new appraisal may help you reach the 80% threshold sooner. This is a major advantage over FHA loans, where mortgage insurance lasts for the life of the loan if you put less than 10% down.

The 2025 conforming loan limit for most Florida counties is $806,500 for a single-family home. High-cost areas like Monroe County (the Florida Keys) have a higher limit of $929,200. Loans above the conforming limit are considered jumbo loans and may have different qualification requirements. Joe can help you find the best product whether you're borrowing at, below, or above the limit.

Conventional loans require a higher credit score (620 vs. 580 for FHA) but offer major advantages: no upfront mortgage insurance premium (FHA charges 1.75%), PMI that cancels at 20% equity (FHA MIP lasts for life with less than 10% down), higher loan limits ($806,500 vs. $524,225), and the ability to finance investment properties. For buyers with 620+ credit scores, conventional loans often save thousands over the life of the loan.

Yes — this is one of the biggest advantages of conventional loans over FHA and VA loans, which require owner occupancy. Conventional loans allow you to finance investment properties and second homes. Expect to put 15–25% down for an investment property and have a credit score of 680+. Joe can walk you through the specific requirements and help you build your real estate portfolio.

With CrossCountry Mortgage, conventional loans typically close in 21–30 days from application. Conventional loans often close faster than FHA or VA loans because they don't require government agency review. Having your documents ready (pay stubs, W-2s, bank statements, tax returns) and responding quickly to requests from Joe's team helps ensure the fastest possible closing.

In most cases, yes — an appraisal is required to confirm the property's value supports the loan amount. However, some conventional loans may qualify for an appraisal waiver through Fannie Mae or Freddie Mac's automated underwriting systems, which can save you $400–600 and speed up the process. Joe will let you know if your loan is eligible for a waiver.