Conventional Mortgage Programs

Traditional purchase and refinance home loans for Florida residents including Fixed Rate and ARM's.

FL Conventional Mortgage Program Overview

  • The traditional conventional mortgage program has higher down payment requirements compared to FHA home loan which start at 5% and can go as high as 20% down or more.
  • Higher credit scores are required, however, a lower rate and more flexible program options are the benefit. Program options include:
    • Interest Only Time Periods
    • Construction Perm Loan Options
    • 3/1, 5/1, 7/1 & 10/1 Adjustable Rate Mortgage Options
    • Balloon Mortgage Programs
    • First Time Buyer Programs
    • Special Mortgage Programs Designed for:
      • Teachers
      • Nurses
      • Firefighters
      • Police Officers
    • Second Mortgage Programs
    • Real Estate Investor Programs
    • Home Equity Lines of Credit
  • The Florida conventional purchase and refinance programs can be used with a wide selection of property types including:
    • Single Family Homes
    • Condominiums
    • Town House
    • PUD's
    • Duplexes & Triplexes
    • And other property types.
  • A conventional FL mortgage will also typically have higher loan limits than are found with the FHA product. This aspect really is subject to government regulation and changes to loan limit as established by congress.

Beyond our range of FHA home buyer mortgages, the conventional FL mortgage allows home buyers very competitive interest rates and far more financing choices without some of the property restrictions of FHA that require a home to be basically "perfect" before you can close on your home. When looking at purchasing a short sell or bank owned property, the conventional loan product makes closing on the property much more realistic. The stark reality is, a seller in a short-sell situation won't typically have money to make required repairs, and most banks selling REO property sell the REO homes as-is and have a stack of offers from other buyers lined up right behind you.

Home buyers will often be faced with the decision, “Should I choose a conventional home loan or a Government backed FHA mortgage?”.  Both forms of a Florida home loans are great, and can offer benefits for the home buyer, but also come with a set of negatives that are subject to the condition of the real estate market in general. Working with a Florida mortgage expert like Sherry Greenwald can go a long way towards saving your hassle, money and time!

FL conventional loans do maintain a higher maximum loan amount, where-as, the FHA mortgage program currently has a cap that varies based upon the area you're purchasing in.That being said, the conventional mortgage programs will have a higher minimum down payment amount ranging from 5% - 20% based upon your credit score where the FHA minimum is 3.5% regardless of credit score. In addition, the type of home you are buying in FL can play a role in which mortgage product you are better served using for your home purchase. REO and Short Sell properties can, more often than not, present a problem for the FHA buyer. Finally, the conventional loan will require that the home buyer have a higher credit score and a lower debt-to-income ratio threshold and both of these factors can significantly impact the rate of interest you are eligible for. Contact Sherry Greenwald to learn more about your Florida home buyer options!

Conventional Refinance Program Overview

For conventional traditional home loans, refinancing programs offer many of the very same options and perks as those using the conventional mortgage program for buying a home. If you've refinanced using FHA in the past, doing a refi to a conventional loan is still OK. Eligible homeowners can also refinance their existing home into a reverse mortgage, eliminating their monthly P & I payments. To learn more about your conventional mortgage refinancing options, contact Sherry Greenwald today!

Overview of Types of FL Mortgage Programs we offer include:

Adjustable Rate Mortgages Jumbo Mortgages
Fixed Rate Mortgages VA Mortgage
Bridge Homes Loans Hybrid Loans
FHA Loan Construction Perm
Second Mortgages HELOC's
Reverse Mortgage Investor Loans
Interest Only Balloon Mortgages
First Time Buyers Much More...

If you have any further questions, please call 1-561-271-1611 or use our quick quote.

Quick Quote