Conventional Florida loans, with options for every down payment.
The bread and butter of mortgage lending. Lowest cost path for a lot of buyers, and the most flexibility on property type.
Reviewed by Travis Penny, NMLS 1649161
Last reviewed October 13, 2026
Is a conventional loan the right choice in Florida?
For many Florida buyers, yes. Conventional loans are not government backed, which gives them flexibility on property types and lets you remove mortgage insurance once you reach enough equity, unlike FHA. They work well for move up buyers, second homes, and anyone with solid credit and a reasonable down payment.
All loans are subject to credit and underwriting approval. Not all applicants will qualify. Program terms and availability can change. This page is for general education and is not a loan offer or a commitment to make a loan. Travis Penny, NMLS ID #1649161, is a mortgage broker with Vision Mortgage, LLC, NMLS #1286953. Equal Housing Opportunity.
12.4 business day average to clear to close
My average from loan submission to clear to close is 12.4 business days. That's an average, not a promise. Your timeline depends on your file, the appraisal and title, but when you need speed, I can move fast.
Average of my loans from submission to clear to close. Not a guarantee; individual timelines vary. Clear to close means underwriting is done. Closing is scheduled after that.
Text me at (207) 615-7770
3% to 20%+ down
Conventional program guidelines offer several down payment tiers. I pick what fits your file.
Primary, second home, investment
Conventional handles all three (with different rates and rules).
MI you can drop
Mortgage insurance falls off automatically once you hit 78% LTV. Or I refi out earlier if it makes sense.
Down payment tiers
- Eligible first-time buyers may be able to put as little as 3% down through programs like HomeReady. Income limits and other rules apply, and not everyone will qualify.
- Other primary home purchases typically start at 5% down, including owner occupied 2 to 4 unit homes.
- Second homes typically need 10% down. Investment purchases typically need 15% down for one unit or 25% down for 2 to 4 units.
- Putting 20% down avoids private mortgage insurance.
Program information
The 97% loan to value guideline is a maximum, and not everyone will qualify. This information is general education, not a loan offer or a commitment to lend. Down payment and credit requirements vary by client, property, and lender, and program guidelines change. For your own numbers, call or text me at (207) 615-7770 or email Travis@travis.mortgage. For the wider picture, see my Florida mortgage broker and home loans hub, the Florida mortgage rate factors that shape pricing, and the costs that come with a mortgage beyond the loan. Seasonal buyers should read my snowbird mortgage page, buyers in Lee County can start with Fort Myers, and agents can use my buydown sheet and preapprovals.
Florida condos and PMI
Florida condos must meet project approval (warrantability) rules, and buildings subject to Florida's milestone inspection and reserve laws can face extra review. On a conventional loan, PMI can be removed once you reach enough equity, and it drops off automatically at 22% equity based on the original value.
When conventional beats FHA
I compare conventional and FHA costs for your credit, down payment and property. Mortgage insurance and cancellation rules can change which option fits.
Second home and investment rules
Second homes typically start at 10% down. Conventional investment loans typically require 15% down for one unit and 25% down for 2 to 4 units, subject to the property and lender guidelines.
Conventional loans can work on qualifying leasehold properties. See leased land home loans.
Frequently asked questions
When does a conventional loan beat FHA in Florida?
I compare both for your credit, down payment and property. Conventional mortgage insurance generally terminates at the scheduled 78% LTV point when the loan is current, subject to applicable rules. I review the full costs and cancellation conditions.
Can I use a conventional loan on a second home or investment property?
Yes. Second homes typically start at 10% down. Conventional investment purchases typically need 15% down for one unit or 25% down for 2 to 4 units, subject to the property and lender guidelines.
When does conventional mortgage insurance drop off?
Mortgage insurance falls off automatically once you hit 78% LTV. Or I refinance out earlier if it makes sense given current rates and your equity position.
Keep exploring
Not sure which loan fits?
Answer seven quick questions and I'll point you to the right program.
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I'll lay out your options in plain English. No pressure, no scripts.
Average of my loans from submission to clear to close. Not a guarantee; individual timelines vary. Clear to close means underwriting is done. Closing is scheduled after that.