Conventional Home Loans
Ideal Lending helps homebuyers secure Conventional financing with competitive options, clear guidance, and trusted service backed by hundreds of 5-star reviews.
What is a Conventional Loan?
A conventional loan is a type of mortgage loan that is not insured or guaranteed by the government. Instead, the loan is backed by private lenders, and its insurance is usually paid by the borrower. These programs follow lending rules set by Fannie Mae and Freddie Mac and have the reputation for being the most affordable and quickest to close in the mortgage industry.
- Purchase and refinance options
- As low as 3% down payments
- A debt-to-income ratio lower than 43%
- Minimum 620 credit score
Get approved to buy a home.
Start with a few simple questions to check your Conventional loan options.
Why Choose a Conventional Loan through Ideal Lending
Conventional loans remain one of the most popular options for homebuyers who want flexibility and long-term savings. Ideal Lending makes the process simple with expert guidance and competitive options tailored to your goals.
Here’s a Quick Overview:
- Down payments as low as 3% for qualified borrowers
- Credit scores typically starting around 620
- Flexible loan terms to fit your budget
- Ability to remove PMI once sufficient equity is reached (typically around 20%)
- Available for many property types, including primary homes, second homes, and investment properties
- May be eligible to pair with down payment assistance or closing cost savings programs (where allowed)
Frequently Asked Questions
Conventional Loan FAQs for Florida Homebuyers
Can I use Down Payment Assistance with a Conventional Loan?
Yes. Many Down Payment Assistance (DPA) programs work with Conventional Loans, especially those designed for first-time or moderate-income buyers. These programs can help cover your down payment or closing costs, making it easier to get into a home with less money upfront.
In Florida, programs like Hometown Heroes and other local housing initiatives can often be combined with a Conventional Loan for additional savings. Your Ideal Lending loan officer can review your eligibility and help you find the best combination of assistance and financing options for your situation.
How much can I borrow with a Conventional Loan in Florida?
The amount you can borrow depends on your income, credit, debt-to-income ratio, and the conforming loan limits set by the Federal Housing Finance Agency (FHFA).
For 2025, the baseline conforming loan limit for a single-family home is $766,550, but many higher-cost areas in Florida — including parts of Palm Beach, Broward, Miami-Dade, and Monroe counties — allow higher limits.
If your loan amount exceeds those limits, it’s considered a jumbo loan. Ideal Lending offers both conforming and jumbo Conventional options, so your loan officer can help you choose the best fit for your price range and goals.
Can I buy a condo in Florida with a Conventional Loan?
Yes. Conventional Loans are one of the most common ways to finance condos in Florida. To qualify, the condo project must meet Fannie Mae or Freddie Mac’s approval guidelines. This includes having proper insurance, healthy financial reserves, and no major structural or safety issues. Your Ideal Lending loan officer can confirm whether a condo is already approved or help request a limited review if it is not.
Condos in Florida often have additional considerations, such as association rules, budgets, and required insurance coverage. Before making an offer, it’s important to understand how these factors can impact your financing.
To learn what to look for before buying a condo, check out our Thinking About Buying a Condo? guide.
How Much Can You Afford?
Curious about what your payment might look like? Use our quick, easy tools to estimate your loan amount, compare options, and feel more prepared before you buy.
Mortgage Payment Calculator
Use our mortgage calculator to estimate your Conventional loan monthly mortgage payment.
Closing Costs Calculator
Use our Florida Mortgage Closing Costs Calculator to estimate your total closing expenses.
Rate Buydown Calculator
Estimate your monthly savings with our 3-2-1 Rate Buydown calculator.