Conventional Loans
Florence, Kentucky
Competitive conventional mortgage rates for Florence homebuyers. Financing up to $832,750 with cancelable PMI and flexible down payment options.
Florence Conventional Loan Benefits
3% Down Payment
First-time buyers can start with just 3% down
PMI Removal
Cancel PMI at 80% LTV unlike FHA's lifetime MIP
Competitive Rates
Access to 240+ wholesale lenders for best pricing
Flexible Terms
15, 20, 25, and 30-year fixed rate options
Conventional vs FHA for Florence Buyers
Conventional
- PMI cancels at 80% LTV
- Lower rates with 740+ credit
- No upfront mortgage insurance
- Better for future investments
FHA
- 580 credit score accepted
- Higher DTI ratios allowed
- Gift funds for entire down payment
- More lenient on recent credit issues
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Florence Conventional Loan FAQs
What is the minimum down payment for a conventional loan in Florence?
Conventional loans in Florence start at 3% down for first-time buyers. Standard options include 5%, 10%, and the traditional 20% to avoid PMI entirely. Our 240+ wholesale lenders offer competitive PMI rates for lower down payments.
How does conventional compare to FHA for Florence homes?
Conventional loans offer cancelable PMI (vs. lifetime MIP on FHA), potentially lower overall costs with good credit, and more flexibility for investment properties later. FHA is better for credit scores under 680 or higher debt ratios.
What credit score do I need for the best conventional rates in Florence?
Minimum is 620, but 740+ gets you the best rates. Between 680-739, rates are still competitive. Our wholesale network often finds better pricing than retail banks for borrowers in the 660-700 range.
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Why Contact Emmett?
- ✓ Local Florence market expertise
- ✓ Access to 240+ wholesale lenders
- ✓ Same-day pre-qualification available
- ✓ No obligation, free consultation