Florida Conventional Loans 2026
Conventional mortgages offer Florida buyers the most flexibility—removable PMI, competitive rates, and easier condo approvals. With conforming limits up to $832,750 in most metro areas, conventional financing covers the majority of Florida homes.
The Big Advantage: PMI Goes Away
Unlike FHA's lifetime mortgage insurance, conventional PMI is temporary. Once you reach 20% equity—through payments or Florida's healthy appreciation—PMI is removed.
Request Removal at 80% LTV
Contact your servicer when your loan balance reaches 80% of original value or current appraised value.
Auto-Cancel at 78% LTV
By law, PMI automatically terminates when scheduled payments bring you to 78% LTV.
Florida Appreciation Advantage
Many Florida markets have seen 5-8% annual appreciation. A new appraisal can prove 80% LTV faster.
2026 Florida Conventional Loan Limits
Conforming loan limits vary by county. Loans exceeding these limits require jumbo financing.
| County / Metro Area | 2026 Limit | Classification |
|---|---|---|
Monroe (Florida Keys) | $990,150 | High-Cost |
Palm Beach | $832,750 | Baseline |
Collier (Naples) | $832,750 | Baseline |
Miami-Dade | $832,750 | Baseline |
Broward (Fort Lauderdale) | $832,750 | Baseline |
Orange (Orlando) | $832,750 | Baseline |
Hillsborough (Tampa) | $832,750 | Baseline |
Duval (Jacksonville) | $832,750 | Baseline |
Verified as of July 2026 (FHFA/HUD)
Florida Conventional Down Payment Options
3% Down
HomeReady and Home Possible programs for first-time buyers with income under area median limits.
5-10% Down
Standard conventional with moderate PMI. Popular choice for Florida buyers balancing cash reserves.
20%+ Down
No PMI ever. Best rates, lowest monthly payment. Ideal for buyers with substantial savings.
Calculate Your Florida Conventional Payment
Compare scenarios with different down payments and see how PMI affects your payment.
Reviewed by Emmett Clark
NMLS #233747 • 20+ Years Experience • Florida Conventional Specialist
"For Florida condo buyers, conventional is often the clear winner. More buildings are approved for conventional than FHA, and you avoid the lifetime MIP. I always run both scenarios for clients—sometimes FHA wins on rate, but conventional wins on long-term cost when you factor in PMI removal."
Florida Conventional Loan FAQs
What is the conventional loan limit in Florida for 2026?
Florida conventional conforming loan limits for 2026 are $832,750 in standard counties and up to $990,150 in Monroe County (Florida Keys). All other counties, including Miami-Dade, Broward, and Palm Beach, use the $832,750 baseline.
When can I remove PMI on a Florida conventional loan?
You can request PMI removal when your loan-to-value (LTV) reaches 80% through principal paydown or home appreciation. PMI automatically cancels at 78% LTV. Florida's strong appreciation makes early PMI removal common.
What credit score do I need for a conventional loan in Florida?
Most Florida conventional loans require a minimum 620 credit score for approval. For the best rates and lowest PMI, aim for 740+. Scores between 680-739 still get competitive rates with moderate PMI.
Is conventional or FHA better for Florida homebuyers?
Conventional is often better if you have 720+ credit and 5-10% down because PMI is removable. FHA works better for lower credit scores or 3.5% down. Florida's condo rules favor conventional since more condos are conventional-approved than FHA-approved.
Can I get a conventional loan on a Florida condo?
Yes! Conventional loans have more flexible condo requirements than FHA. The condo must meet basic Fannie Mae/Freddie Mac guidelines including adequate reserves and insurance, but many more Florida condos qualify for conventional versus FHA financing.
Explore Other Florida Loan Options
Get Your Conventional Loan Quote
Connect with Emmett directly. Quick response, personalized guidance for your Florida home purchase.
Why Contact Emmett?
- ✓ Local Florida market expertise
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From the blog & learning center
Conventional Loan Guides & Articles
What Is PMI and How Do I Get Rid of It?
Private mortgage insurance (PMI) is a monthly charge added to conventional loans when you put down less than 20%. On most conventional loans it cancels automatically once you reach 22% equity, and you can request removal at 20%.
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2026 Conforming Loan Limits by County: High-Cost Areas in the 18 States I Serve
The 2026 baseline conforming loan limit is $832,750, but 9 of the 18 states I'm licensed in have counties with higher limits — here's the exact figure for every above-baseline county.
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Down Payment Assistance Programs by State
Most states offer some form of down payment assistance, and many buyers qualify without realizing it.
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Down Payment Reality Check: How Much You Actually Need
You don't need 20% down to buy a house.
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How Much Down Payment Do You Need for a Conventional Loan?
The 20% rule is a myth. On a conventional loan you can put down as little as 3% as a first-time buyer or 5% otherwise, with 5% required on high-balance loans. Here is how to find your real down payment number.
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How to Buy a House With Little Money Saved
You can buy a home with very little saved by combining a low or zero down payment loan with down payment assistance and seller-paid or lender-paid closing costs.
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