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(813) 928-9610

FLORIDA
SINCE 1995
DIRECT LENDING

This is not a commitment to lend.  Not all borrowers will qualify for the loan programs listed.  All program terms and conditions are subject to change and may be discontinued without prior notice.  Contact loan originator for program questions and scenarios.  

CONVENTIONAL

HOME LOANS

The most popular and versatile home loan in America


Conventional loans are one of the most common loan types.  They are the standard around which most other loan programs are designed. Commonly referred to as "conforming" loans, they 'conform' to a prescribed set of underwriting standards established by the two Government-Sponsored Entities Fannie Mae (FNMA) and Freddie Mac (FHLMC).

This is a full-doc loan, meaning that all income and assets are verified by the lender in order to qualify.  The income from the borrower's tax returns must show enough taxable income to demonstrate the ability to repay the new loan.

Qualifying is usually straight-forward, but can be unyielding if your scenario doesn't fit into conforming underwriting standards.


If the down payment is at least 10%, in certain circumstances, Conventional financing can also be paired with a Home Equity Line of Credit (HELOC) to achieve certain goals, such as avoiding paying PMI, to make purchase a condominium easier, or to avoid the hassle of Jumbo financing.  This is called COMBO Financing.  Learn more about COMBO Financing HERE.

If you are considering Conventional financing, we'd love the opportunity to answer all of your questions and review your options and see if this is the right loan program for you.

GET PRE-APPROVED TODAY

3 easy steps.  No cost/obligation

CALCULATE YOUR MONTHLY PAYMENT

KEY FEATURES

  • Low Down Payment- as little as 3% down required.
  • Special PMI pricing available in certain geographic areas with 3% down ( Fannie Mae's HomeReady).  Income restrictions may apply to qualify, buyer(s) must not have been a homeowner in the past 5 years, and take homebuyer education certificate--see loan originator for details).
  • Semi-flexible credit score requirements– scores as low as 640.  (620 on a case-by-case/ manual underwriting basis)
  • Gift Funds from a family member are acceptable
  • Allows for non-occupying co-borrowers (family can help co-sign on the loan to qualify)
  • Self-Employed borrowers - most recent year's tax return can be used to qualify for income (instead of averaging two years)  **Must be in business for 5 years, otherwise the traditional method of averaging the most recent two years tax returns applies.)
  • W2 Wage-Earning employees working in the Cannabis Industry (non-owners of the business) are eligible.
  • Interested Party Contributions (IPC's)- up to 9%, depending on down payment.  This includes credits from sellers, real estate agents, builders, etc.)
    • Owner Occupied or Second/Vacation Home
      • If down payment is less than 10%, the max contribution is 3%
      • If the down payment is 10% - 24.999%, the max contribution max is 6%
      • If the down payment is 25% or greater, the max contribution max is 9%
    • Investment Property - the max contribution is 2%

LOAN SIZE LIMITS

For most counties in Florida, the maximum loan size for a single-unit homes is currently $548,250.The maximum loan size in Monroe County - $608,350 in 2021.  Click image below for an interactive map of all US Counties.

OCCUPANCY

Owner-occupied, Second/Vacation Homes, and Investment properties

ACCEPTABLE HOME TYPES

  • Single Family Homes
  • Multi-Unit Homes (2-4 units)
  • Townhomes / Villas
  • Condominiums - Condo association must qualify for a limited financial review (with a 25% down payment and/or combined with a second loan or HELOC), or a full financial review (if down payment < 25%). See our COMBO LOAN for details on how this works.
  • Specialty home types - on a very limited basis. (log homes, dome homes, stilt homes, etc.  For these property types, we suggest our specialty property program.

NON-US Citizen Requirements

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At a Glance

Minimum Down Payment

3%

Minimum Down Payment to avoid PMI

20%

PMI (Private Mortgage Insurance)

Applies if financing > 80% of sales price

Minimum mid-credit score

620

Min/ Max Loan Amount

$50,000 - $548,250*

* in most areas of Florida, except Monroe County, where the limit is $608,350

 

Loan Repayment Terms

10 yrs, 15 years, 20 years, 30 years

Amortization

Fixed rate or adjustable rate

Prepayment Penalties

None

GET PRE-APPROVED TODAY

3 easy steps.  No cost/obligation

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CONVENTIONAL

HOME LOANS

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