Conventional Home Loans for Florida Buyers

Why conventional is the workhorse loan in Florida

Conventional loans cover the largest share of Florida home purchases for one simple reason: they offer the best long-term cost for buyers with decent credit and a stable income. Conventional loans aren’t backed by the government (unlike FHA or VA) — instead, they conform to guidelines set by Fannie Mae and Freddie Mac, which lets lenders sell them on the secondary market. That liquidity is what keeps conventional rates competitive.

If you have a credit score in the 700s, steady employment, and at least 3% to put down, conventional is almost always the program to start with. Turtur Home Loans, NMLS #2836215, compares conventional offers against FHA, VA, and jumbo every time we run a pre-approval — so you see all four side by side before making a decision.

Down payment options at a glance

• 3% down — Fannie Mae HomeReady / Freddie Mac Home Possible. For first-time buyers or repeat buyers with income at or below 80% of area median. Lower PMI than standard 3%-down conventional.
• 5% down — standard conventional. Available to most qualified buyers regardless of income. PMI required until you reach 20% equity.
• 10% down. A common middle ground that reduces PMI cost and improves rate offers.
• 20% down. No PMI required. Best monthly payment. Standard threshold for jumbo loans and most refinance scenarios.
• Higher down payments (25%+). Can unlock investor property pricing, second-home loans, or pricing tiers reserved for low-risk borrowers.

The right amount to put down isn’t always the maximum. We’ll model 3%, 5%, 10%, and 20% scenarios for the property you’re targeting so you can decide based on monthly payment, total interest paid, and how much liquid cash you want to keep.

Conforming vs jumbo — the 2026 Broward and Palm Beach limits

Conventional loans split into two buckets:

• Conforming. Loan amount up to $806,500 in Broward and Palm Beach counties (the 2026 baseline limit for Florida). These get the best rates and the most underwriting flexibility.
• Jumbo (non-conforming). Anything above $806,500. Pricing and guidelines vary by lender. We have direct relationships with portfolio lenders who handle jumbo with interest-only options, asset depletion, and recent-self-employed income.

If you’re shopping near the conforming limit, sometimes putting an extra $20,000-$40,000 down to keep the loan amount below $806,500 saves you noticeable interest over the life of the loan. We can model that exact tradeoff during pre-approval.

What it takes to qualify

• Credit score. Minimum 620 to qualify; meaningful rate improvements start at 660, 680, 700, 720, 740, and 760. The biggest jumps are between 700 and 760.
• Debt-to-income ratio. Typically capped at 45%, sometimes stretched to 50% for buyers with strong reserves or large down payments.
• Cash to close. Down payment plus closing costs (2%-4% of price in Florida). Reserves of 2-6 months of mortgage payments are often required, especially for second homes and investment properties.

You don’t have to be perfect on all three. A strong 760 credit score can offset a higher DTI; a 25% down payment can offset a 660 credit score. Pre-approval is the place to find out exactly how your scenario shakes out.

PMI — what it is and how to avoid it

Private Mortgage Insurance (PMI) applies to any conventional loan with less than 20% down. It protects the lender if you default — but you pay for it monthly. PMI rates in 2026 typically run 0.3%-1.5% of the loan amount annually, depending on credit and down payment. Key facts:

• It drops off automatically. Once you have 22% equity (78% loan-to-value based on the original purchase price), PMI is removed by federal law. You can request removal at 80% LTV if the home has appreciated.
• It’s cheaper than FHA’s MIP for buyers with 720+ credit. A key reason higher-credit buyers favor conventional over FHA even at low down payments.

Florida-specific things to know on a conventional loan

• Hurricane and wind insurance is required by every lender and runs $1,500-$4,500/yr for single-family in Broward and Palm Beach. Underwriting includes the insurance premium in your DTI.
• Property taxes in both counties run roughly 1.0%-1.3% of assessed value. File for homestead exemption by March 1 of the year after you close to lock in Save Our Homes protection.
• Florida doc stamps and intangible tax are part of conventional closing costs ($0.35 per $100 on the note plus 0.2% intangible).
• Condo financing under conventional has its own warrantability rules — check our condo mortgages page for the full breakdown.
• Second homes and investment properties require larger down payments (10%-25%) and 6+ months of reserves. Conventional is usually still the best program even at higher down-payment requirements.

How Turtur runs your conventional approval

1. Free 15-minute consultation. Share your credit range, income, savings, target area, and timeline.
2. Pre-approval in 24 hours. Soft credit pull (no score impact), pre-approval letter you can attach to offers.
3. Rate shopping across 40+ lenders. Conventional pricing varies meaningfully between banks. We compare and present the top 2-3 options.
4. Close on time. Typical Florida conventional purchase closes in 21-30 days from contract acceptance.

Fill out the form on this page or call (754) 224-5704. Turtur Home Loans NMLS #2836215 · Didier Latortue NMLS #1649918 — licensed Florida mortgage broker.