Conventional Loans in Florida: Rates, Requirements & Limits (2026)
Conventional loans in Florida are the most common mortgage type for buyers with solid credit. They are not government-backed like FHA or VA loans, which means lenders set their own credit standards within Fannie Mae and Freddie Mac guidelines. Most buyers with a 620+ score and at least 3–5% down will qualify.
Conventional loan requirements in Florida
- Minimum credit score: 620 (most lenders prefer 660+ for best rates)
- Down payment: 3% for first-time buyers on specific programs; 5% standard for primary residence; 10% for second homes; 20–25% for investment properties
- DTI ratio: up to 45–50% depending on compensating factors
- PMI required on less than 20% down; cancels at 80% LTV
2026 conforming loan limits in Florida
The 2026 conforming loan limit is $806,500 for single-family homes in all but the highest-cost Florida counties. This is the maximum loan amount eligible for Fannie/Freddie purchase. Loans above this limit are classified as jumbo and require stricter qualification.
Conventional vs. FHA in Florida
Conventional makes more sense than FHA when your credit score is 680+ and you plan to stay in the home long enough for PMI to cancel at 80% LTV. FHA mortgage insurance lasts the life of the loan for most low-down-payment purchases. Conventional PMI is temporary. Over a 10-year hold, that difference adds up to $15,000–30,000 in most South Florida transactions. Compare conventional vs. FHA in detail to make the right call for your situation.
For personalized guidance on buying or selling in South Florida, contact the team at Pure Equity Realty. We serve Palm Beach, Broward, Miami-Dade, St. Lucie, and Highlands counties with expert representation and a 1% listing fee.
Onias Derilus is the Broker/Owner of Pure Equity Realty, a South Florida brokerage specializing in 1% listing commissions and free buyer representation across Palm Beach, Broward, Miami-Dade, St. Lucie, and Highlands counties. He holds an NMLS mortgage originator license and founded Mortgage Capital and Verified Title to serve clients through every step of the transaction.