Loan Programs · Buying a home

Conventional loans for South Florida homes

A conventional loan is the most common way people buy and refinance homes in Florida. It is not backed by a government agency, and it follows the guidelines set by Fannie Mae and Freddie Mac. We help you see whether it is the right fit next to FHA, VA and other options.

Conventional Loans explained

A conventional loan is a mortgage that meets Fannie Mae or Freddie Mac guidelines and stays at or below the conforming loan limit for your county. For 2026, the one-unit conforming limit in Palm Beach, Broward and Miami-Dade counties is $832,750, the national baseline set by FHFA. Conventional loans can be used for a primary home, a second home or an investment property, with fixed or adjustable terms. If you put down less than 20 percent, private mortgage insurance (PMI) is usually required, and it can typically be removed later as you build equity. All loans are subject to credit approval and program guidelines.

Who it fits

  • Buyers with steady income and established credit who want flexible terms
  • People buying a second home or a seasonal place in South Florida
  • Owners who want mortgage insurance that can come off over time
  • Buyers of condos in projects that meet Fannie Mae or Freddie Mac standards
  • Investors financing a rental within conforming limits

Florida specifics

  • The 2026 one-unit conforming limit for Palm Beach, Broward and Miami-Dade counties is $832,750 per FHFA. Two- to four-unit properties have higher limits.
  • Condos need to be in a project that meets agency standards. Since Florida's post-Surfside condo safety laws, lenders look closely at milestone inspections, reserve studies and special assessments.
  • Homeowners insurance, wind coverage and flood insurance (when the home is in a FEMA flood zone) are counted in your monthly housing cost, so we price them early.
  • Many South Florida buyers are seasonal residents. Second-home financing has its own occupancy rules, and we make sure the loan matches how you will actually use the home.

How it works with Justin

  1. We review your income, assets, credit and goals, then compare conventional with other options side by side.
  2. You get a preapproval based on documented information, so your offer carries weight.
  3. Once you are under contract, we order the appraisal, review the condo or HOA documents if needed, and confirm insurance.
  4. Underwriting reviews the full file and issues a final approval, followed by your Closing Disclosure and closing.

Documents to gather

  • Recent pay stubs and two years of W-2s, or tax returns if you are self-employed
  • Two months of bank and investment statements
  • Photo ID and Social Security number
  • Details on any other properties you own
  • Condo questionnaire and HOA documents when buying a condo

Things to consider

  • Credit history has a bigger effect on conventional pricing and mortgage insurance than on some government programs.
  • Loan amounts above the conforming limit need jumbo financing.
  • Some Florida condo buildings do not meet agency standards, which can rule out conventional financing for that unit.
  • Second homes and investment properties usually need a larger down payment than a primary home.

Share a few details and Justin will tell you whether Conventional fits, with real numbers for your loan.

Conventional Loans: common questions

What is the conforming loan limit in Palm Beach County for 2026?

For 2026, the one-unit conforming loan limit in Palm Beach County is $832,750, according to FHFA. Broward and Miami-Dade counties have the same limit. Loans above that amount are considered jumbo loans.

How much do I need to put down on a conventional loan?

Fannie Mae and Freddie Mac offer options with as little as 3 percent down for eligible primary-home buyers, subject to program rules such as first-time buyer status or income limits. Many buyers put down more to lower their payment or avoid mortgage insurance. Second homes and investment properties typically require more.

Can I remove PMI on a conventional loan?

Yes, in most cases. Federal rules let you request removal once your balance reaches 80 percent of the home's original value, and it ends automatically at 78 percent if you are current on payments. Your servicer can explain the exact steps.

Can I use a conventional loan for a condo in Florida?

Often, yes, as long as the condo project meets Fannie Mae or Freddie Mac standards. Lenders review the association's budget, reserves, insurance and any structural or safety issues. If the building does not qualify, we can look at other options for that unit.

Is conventional better than FHA?

It depends on your credit, down payment and the property. Conventional mortgage insurance can come off over time, while FHA can be more forgiving on credit. We run both so you can compare real numbers before you choose.

Related loan programs

  • FHA Loans — FHA home loans in South Florida: low down payment, flexible credit, FHA condo approval and Palm Beach, Broward and Miami-Dade loan limits explained.
  • Jumbo Loans — Jumbo mortgages for South Florida homes above the 2026 conforming limit of $832,750 in Palm Beach, Broward and Miami-Dade. Reserves, condos and more.
  • First-Time Home Buyer Loans — First-time home buyer loans in South Florida: low down payment options, Florida Housing programs, condo tips and a clear path from preapproval to keys.
  • Seller-Paid Rate Buydown — How a seller-paid buydown can lower your early payments on a South Florida home. Temporary vs. permanent buydowns, seller credit limits and builder offers.

South Florida areas where it fits

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