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Orlando CONVENTIONAL loan Expert

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Who CAN QUALIFY?

  • People with overall good credit and steady employment
  • People looking at buying a 1-to-4 family residential property
  • Great for primary, secondary, or investment properties

Shahram Sondi | Certified mortgage advisor™ | NMLS 186790

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Conventional loan interest rates

Loan Term 30-yr fixed

My Rate 6.00 5.75

My APR

6.086 5.881

Points

0.0 1.125

Months 360 360

Monthly Payment $2,398 $2,334

Get your quote

Loan Term 15-yr fixed

My Rate 5.375 4.875

My APR

5.396 5.066

Points

0.0 1.25

Months 180 180

Monthly Payment $3,242 $3,137

Get your quote

Loan Term 30-yr fixed

My Rate 6.00 5.75

My APR

6.086 5.843

Points

0.0 1.00

Months 360 360

Monthly Payment $2,398 $2,334

Get your quote

The rates above are estimated rates current as of: 11:18 GMT-4 on Feb 11th.

Florida Mortgage Rates Today – 30-year fixed conventional loaN

30-year fixed conventional loan

Florida 30 year fixed conventional monthly payments shown are principal and interest only and do not include PMI, property taxes, homeowners insurance, or other applicable escrows. Actual payment obligation will be greater.

Rates are based on an example loan amount of $400,000, 20 percent down payment, and example credit score of 780.

Mortgage Rates – 15-year fixed conventional loan

Florida 15 year fixed conventional monthly payments shown are principal and interest only and do not include PMI, property taxes, homeowners insurance, or other applicable escrows. Actual payment obligation will be greater.

Rates are based on an example loan amount of $400,000, 20 percent down payment, and example credit score of 780.

Mortgage Rates – 30-year fixed FHA loan

Florida FHA rates are based on an example base loan amount of $482,500 with a total financed loan amount of $490,943.75, which includes the 1.75 percent upfront FHA mortgage insurance premium (UFMIP) financed into the loan amount.

Monthly payments shown are principal and interest only and do not include monthly FHA mortgage insurance premiums, property taxes, homeowners insurance, or other applicable escrows. Actual payment obligation will be greater.

Rates assume an example credit score of 780 and 3.5 percent down payment.

Mortgage Rates – 30-year fixed VA loan

Florida VA rates are based on an example base loan amount of $500,000 with a total financed loan amount of $510,750, which includes the 2.15 percent first use VA funding fee financed into the loan amount.

Monthly payments shown are principal and interest only and do not include property taxes, homeowners insurance, or other applicable escrows. Actual payment obligation will be greater.

Veterans exempt from the VA funding fee will not be required to pay the funding fee. Borrowers must meet VA eligibility requirements.

Assumptions

This is not a commitment to lend. Rates and APRs shown are for informational purposes only and are subject to change without notice until locked.

Unless otherwise noted, examples assume:

  • A $500,000 purchase price or property value
  • A single family primary residence
  • No cash out on refinances
  • Debt to income ratio within program guidelines
  • An example credit score of 780

Mortgage insurance may be required depending on loan program and loan to value. If required, mortgage insurance may increase the APR.

All loans are subject to underwriting approval, borrower qualification, and applicable Fannie Mae, Freddie Mac, FHA HUD, or VA guidelines, as well as any lender overlays imposed by wholesale lenders.

Not all borrowers will qualify. Terms and availability may vary.

Benefits of

conventional loans

LOWER

effective rate than FHA

HIGHER

loan amounts than FHA

LOWER

closing costs than FHA

FLEXIBLE

property and loan terms

Top 6 questions about conventional loans in Florida

What is the minimum credit score?

A minimum credit score of 620 is required, but a score of 700+ is preferred for better rates

What’s the minimum down payment required?

You can qualify with as little as 3% down, but a 20% down payment avoids Private Mortgage Insurance (PMI)

What are the 2024 conventional loan limits in Florida?

For most Florida counties, the conforming loan limit is $766,550 for single-family homes

What is the maximum debt-to-income (DTI) ratio?

The maximum DTI for conventional loans is 49.9%, but it’s best to keep it under 45%

What are the employment requirements?

You need to document two years of employment, but unlike FHA, conventional loans are more lenient with gaps over six months

What’s the difference between conventional and FHA loans?

FHA loans, backed by the government, have easier credit and income requirements but require 3.5% down and lifelong mortgage insurance

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Guides on conventional loans

No need to figure it out alone—check out these handy how-tos

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Florida Conventional Mortgage Loans: [r]How to Get the Best Rates[/r]
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Florida Conventional Mortgage Loans: How to Get the Best Rates

Introduction Considering a Florida move or eyeing investment property opportunities? Well, beyond the sunshine and sandy beaches, there’s a practical step – researching your mortgage loan options. Before setting up your Floridian base, make sure you’ve got the financial groundwork covered. A conventional loan is a mortgage offered and backed by private sector lenders, distinguishingContinue reading “Florida Conventional Mortgage Loans: [r]How to Get the Best Rates[/r]”

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[r]Primary, Secondary & Investment[/r] Properties: What You Should Know
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Primary, Secondary & Investment Properties: What You Should Know

Introduction Getting ready to dive into homeownership? Before you make the leap, let’s talk about the kind of home you’re eyeing—your main pad, a sweet getaway, or maybe an investment spot. In this no-nonsense guide, we’ll break down the definitions, rules, and perks of primary residences, second homes, and investment properties, cutting through the jargonContinue reading “[r]Primary, Secondary & Investment[/r] Properties: What You Should Know”

22nd of Feb. 2024

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Programs For [r]First-Time Home Buyers[/r]
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Programs For First-Time Home Buyers

Introduction Buying your first home might feel like navigating a maze, but don’t worry—I’m here to guide you through it all. In this guide, I’ll break down the ins and outs of payment assistance programs and loans designed just for first-time homebuyers. Let’s kick things off by exploring the benefits, risks, and eligibility details ofContinue reading “Programs For [r]First-Time Home Buyers[/r]”

20th of Feb. 2024

7 min. read

Still Have Questions?

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(407) 906-6414
or book a videocall

A conventional loan is a mortgage that isn’t backed by the federal government. These loans follow guidelines set by Fannie Mae and Freddie Mac, and they’re the most common type of mortgage in Florida. If you have good credit and a stable income, conventional loans typically offer better rates and more flexibility than government-backed options.

For borrowers with good credit scores (620+) and stable finances, conventional loans are usually the better choice. You’ll typically get lower interest rates, pay less in mortgage insurance, and have more options for property types. Plus, you can drop your mortgage insurance once you reach 20% equity – something you can’t do with FHA loans.

The main drawback is that conventional loans have stricter qualification requirements than FHA loans. You’ll need a higher credit score and generally a larger down payment. They’re less forgiving of recent financial hiccups like late payments or bankruptcies. That said, if you can qualify, these “stricter” requirements actually work in your favor by securing you better rates.

Absolutely. While 20% down is ideal to avoid mortgage insurance, you can get a conventional loan with as little as 3% down in Florida. A 10% down payment is a solid middle ground that many of my clients choose – it keeps your monthly payments reasonable while still leaving cash for other priorities.

To qualify in today’s Florida market, you’ll need a credit score of at least 620 (though 660+ will get you better rates), a debt-to-income ratio under 49.9%, and a down payment of at least 3%. You’ll also need proof of stable income and employment. As your broker, I’ll help you understand exactly where you stand and what options are available to you.

Speaking from years of Florida real estate experience, realtors prefer conventional loans because they typically close faster and have fewer property condition requirements than FHA loans. Sellers also tend to favor conventional loan offers because they view these buyers as more financially stable and the transactions as less likely to fall through.