Conventional Loans in Florida
Flexible, competitive financing with down payments as low as 3% and PMI that cancels at 20% equity. Use it for a primary home, a second home, or an investment property anywhere in Florida.
- As low as 3% down
- Cancellable PMI
- Primary, 2nd & investment
- 620+ FICO
What is a conventional loan in Florida?
A Florida conventional loan is a non-government-insured mortgage available with as little as 3% down. CambridgeHomeLoan.com offers conventional purchase and refinance loans with cancellable PMI, competitive rates, and eligibility for primary residences, second homes, and investment properties across the state.
Florida conventional loan payment calculator
Estimate your monthly payment and PMI. Adjust the price, down payment, and rate to see your number.
Florida conventional loan requirements
| Down payment | As low as 3% (HomeReady / Home Possible) |
| Minimum credit | 620+; better pricing at 680–740+ |
| Mortgage insurance | PMI if under 20% down — cancellable at 20% equity |
| Loan limit | Up to the conforming limit for the county |
| Occupancy | Primary, second home, or investment |
| Debt-to-income | Typically up to ~45–50% with strong factors |
| Property types | SFR, condos, townhomes, 2–4 units |
| Terms | 10–30-year fixed and ARMs |
Conventional vs. FHA in Florida
| Feature | Conventional | FHA |
|---|---|---|
| Min down | 3% | 3.5% (FHA) |
| Min FICO | 620 | 580 |
| Mortgage insurance | PMI — cancellable at 20% | MIP — often for life of loan |
| Occupancy | Primary, 2nd, investment | Primary only |
| Best for | Stronger credit | Lower credit / first-time |
Conventional loan pros and cons
Advantages
- Down payments from just 3%
- PMI cancels automatically at 20% equity
- Works for primary, second, and investment homes
- Higher loan limits than FHA in most counties
- Great pricing with strong credit
Considerations
- Needs 620+ credit (higher for best rates)
- PMI applies until you reach 20% equity
- Stricter on credit & DTI than FHA
- Conforming loan-limit caps the price
Conventional across Florida
For buyers with solid credit, a conventional loan is often the lowest-cost option in Florida — lower long-term mortgage-insurance cost than FHA, higher loan limits, and the flexibility to finance second homes on the coast or investment properties in growth markets. We’ll run FHA and conventional side by side so you can see which wins for your numbers.
Florida conventional loan questions
What is a conventional loan in Florida?
How much down do I need for a conventional loan?
When does PMI go away?
What credit score do I need?
Can I use a conventional loan for an investment property?
What are conventional loan limits in Florida?
Finance your Florida home, your way
As low as 3% down, cancellable PMI, and options for every property type.
Get Pre-QualifiedCambridgeHomeLoan.com · 4830 West Kennedy Blvd, Tampa, FL 33609 · NMLS #1826020 · 800-826-5077 · info@cambridgehomeloan.com. Equal Housing Lender. Conventional loan terms depend on credit, down payment, and occupancy. Rates, terms, and eligibility are subject to change and to borrower and property qualification. This is not a commitment to lend.