LOAN PROGRAMS · CONVENTIONAL
Conventional loans.The everyday mortgage.
A conventional loan is a mortgage that is not insured by a government agency. Most follow Fannie Mae and Freddie Mac guidelines. They suit buyers with steady income and good credit, for primary homes, second homes and investment properties.
By Abdallah H. Fragomeno, Mortgage Advisor, NMLS ID 366447 (opens in a new tab) · PREMIER Financial Group of Florida, LLC, NMLS ID 1318440 · Updated
Have questions? No problem.
Conventional loans in Miami: the short answer
- What it is
- A mortgage that is not government-insured, usually following Fannie Mae and Freddie Mac rules.
- Loan limit in 2026
- The official limit is $832,750 for a one-unit home in Miami-Dade. Some of our lending partners currently allow conventional loans up to $845,000. Above that is a jumbo loan.
- Credit
- No fixed minimum score on loans approved through Fannie Mae's automated underwriting; manually underwritten loans still have a minimum. Stronger credit usually means better pricing.
- Mortgage insurance
- Required with a smaller down payment, and it can be removed as you build equity.
Who itfits best.
Steady income
W-2 employees and self-employed borrowers with two years of tax returns.
Good credit
Stronger credit usually means better pricing.
Any occupancy
Primary homes, second homes and investment properties.
How itworks.
Fixed or adjustable
Choose a fixed rate for a steady payment, or an adjustable rate that can change after an initial period.
Mortgage insurance
With a smaller down payment, private mortgage insurance usually applies. It can be removed later as you build equity.
Loan limits
Conventional loans have a conforming loan limit set each year. Above it, you are in jumbo territory.
Condos
The building must meet lender guidelines. We review the condo early in the process.
Good to know.Before you decide.
Credit matters
Price adjustments for credit score and down payment can change your cost. We compare lenders to find the best fit.
Removing mortgage insurance
You can usually ask to remove private mortgage insurance once you reach enough equity, and it ends automatically at a set point.
Questions,answered.
What is the difference between conventional and FHA?
FHA loans are insured by the Federal Housing Administration and have more flexible credit guidelines, with mortgage insurance that often lasts longer. Conventional loans can cost less for borrowers with stronger credit. We compare both for you.
Can I buy a condo with a conventional loan?
Yes, if the building meets the lender's guidelines. Reserves, insurance and pending assessments all matter in Miami.
Can I use a conventional loan for an investment property?
Yes. Investment properties have different requirements and pricing than a primary home.
What is the conforming loan limit in Miami for 2026?
For a one-unit home in Miami-Dade, the 2026 conforming loan limit is $832,750, set by the Federal Housing Finance Agency (opens in a new tab). Some of our wholesale lending partners currently allow conventional loans up to $845,000 for a one-unit home, ahead of the next official limit; availability varies by lender and can change. Limits are higher for two- to four-unit properties. Loans above the limit are jumbo loans.
What credit score do I need for a conventional loan in Florida?
There is no fixed minimum for loans approved through Fannie Mae's automated underwriting since November 2025, though manually underwritten loans still have a minimum and many lenders set their own floor. A higher score usually means better pricing, so it pays to compare lenders.
How do I remove private mortgage insurance (PMI)?
Under federal law, you can ask to cancel PMI once your loan balance reaches 80% of the home's original value, and it ends automatically at 78% if you are current on payments. An appraisal showing a higher value may let you remove it sooner, depending on the lender.
Can I use gift money for a conventional loan?
Yes, from family and certain other donors, with a signed gift letter and a record of the transfer. Rules differ for investment properties.
Can I buy a two- to four-unit property with a conventional loan?
Yes, as a primary home or an investment. Requirements are stricter than for a single-family home.
OTHER LOAN PROGRAMS
YOUR MORTGAGE ADVISOR
Nice to meet you.I'm Abdallah.
Your trusted Miami mortgage advisor. I'm here to make your home financing simple and stress-free.
Abdallah H. Fragomeno · Mortgage Advisor · NMLS ID 366447
Prefer the office? Team line: 888.718.4440
Texting is optional. Message and data rates may apply. Reply STOP to opt out or HELP for help. Privacy policy.
Ready, set,pre-approved.
Apply online, then send the documents on my checklist. I'll take it from there.