If you want to purchase a home in Florida, a conventional loan is one of your options.
With a conventional mortgage, you can choose an adjustable or fixed interest rate and a suitable loan term.
What is a Conventional Loan?
This type of mortgage does not have backing from a government agency, which is what defines it as a conventional home loan.
Most borrowers use the terms “conventional mortgage” and “conforming mortgage” as if they mean the same thing.
This is not the case, as a conforming loan is one that fits within the Fannie Mae and Freddie Mac conforming loan limits.
A conventional loan can be a conforming loan, or it can be a non-conforming or “jumbo’ loan if it exceeds those limits.
Below, you can learn more about conventional conforming loans.
Discover more about Jumbo loans on our page dedicated to non-conforming mortgages.
Can You Buy a Home in FL With a Conventional Loan?
Finding out whether you can buy a home with a conventional conforming loan or whether you need a jumbo loan is a matter of looking up the conforming loan limits for the county where you are shopping.
As an example, North Palm Beach and West Palm Beach are located in Palm Beach County, Florida.
Here are the conforming loan limits for this county:
These are also the conforming loan limits for most counties throughout the country. Only in select high cost counties are there higher loan limits.
If you do not need to borrow more than these amounts, a conventional conforming loan may be an option.
Eligibility for a Conventional Mortgage
Your eligibility for a conventional conforming loan depends not just on how much you need to borrow, but also on:
- Your credit score
- Your debt-to-income (DTI) ratio
- Your income
- Your employment history and status
- Your ability to make a down payment
If you are wondering if there are ways you can improve your qualifications before you apply, just ask the experts at America’s Mortgage Solutions during your consult.
Apply Now for a Conventional Loan in FL
Is a conventional mortgage right for you, and do you qualify? Find out today by calling (561) 316-6800. We look forward to meeting you during your consultation. We work with flowers in West Palm Beach, North Palm Beach, and throughout Florida.