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Conventional Home Loans

Traditional mortgage financing with competitive rates for qualified buyers in Lake Mary and throughout Florida. Fixed-rate, adjustable-rate, and jumbo loan options available.

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What Are Conventional Home Loans?

Conventional home loans are traditional mortgages that are not insured or guaranteed by the federal government. These loans are ideal for borrowers with good credit scores and stable income who are looking to purchase or refinance a home in Lake Mary, FL, or anywhere in Florida.

Types of Conventional Loans Available in Lake Mary

Fixed-Rate Mortgages

Lock in a stable interest rate for the life of your loan. Available in 15, 20, and 30-year terms.

  • Predictable monthly payments
  • Protection against rate increases
  • Ideal for long-term homeowners

Adjustable-Rate Mortgages (ARMs)

Start with a lower initial rate that adjusts periodically based on market conditions.

  • Lower initial payments
  • Rate caps for protection
  • Good for short-term ownership

Jumbo Loans

For loan amounts exceeding conventional loan limits in Florida's high-value markets.

  • Higher loan amounts
  • Competitive rates available
  • Ideal for luxury properties

Conventional Loan Requirements in Florida

To qualify for a conventional loan in Lake Mary or anywhere in Florida, borrowers typically need:

  • Credit Score: Minimum 620, though 740+ gets the best rates
  • Down Payment: Typically 3-20% depending on loan type and credit profile
  • Debt-to-Income Ratio: Generally 43% or lower, though exceptions exist
  • Employment History: Stable income for at least 2 years preferred

Why Choose Edge Home Loans for Conventional Loans in Lake Mary?

As a licensed mortgage broker based in Lake Mary, FL, we have access to multiple lenders and can find you the best conventional loan rates available. Our local expertise in the Central Florida market means we understand the unique needs of homebuyers in Lake Mary, Sanford, Longwood, and surrounding communities.

Frequently Asked Questions About Conventional Loans

The minimum down payment for a conventional loan is typically 3% for first-time homebuyers and 5% for repeat buyers. However, down payment requirements can vary based on credit score, loan amount, and property type. Jumbo loans typically require 10-20% down.

Most lenders require a minimum credit score of 620 for conventional loans, though you'll get the best rates with a score of 740 or higher. Some lenders may accept scores as low as 620, but you may pay higher interest rates or need a larger down payment.

Private Mortgage Insurance (PMI) is required when you put down less than 20% on a conventional loan. PMI can typically be removed once you reach 20% equity in your home, either through payments or appreciation. You can request PMI removal when you reach 20% equity, and it must be automatically removed at 22% equity.

A fixed-rate mortgage has the same interest rate for the entire loan term, providing predictable monthly payments. An adjustable-rate mortgage (ARM) starts with a lower rate for an initial period (typically 5, 7, or 10 years), then adjusts periodically based on market conditions. ARMs have rate caps to protect borrowers from large increases.

Yes, conventional loans are available for investment properties in Florida. However, you'll typically need a higher down payment (15-25%), a higher credit score (680+), and proof of reserves. Investment property loans also have slightly higher interest rates than primary residence loans.

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Ready to Get Your Conventional Loan?

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