What are Conventional Loans and Conforming Loans?

By definition, a Conventional Loan is any mortgage that’s not guaranteed or insured by the federal government. Florida conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore Florida conventional loan limits are the same thing as Florida conforming loan limits.

Florida Conventional Loan Limits

What is the maximum amount that I can borrow?

Conventional loan limits in Florida are determined by:

  • Florida Conventional Loan LimitsMaximum LTV Ratio:  The maximum financing loan-to-value ratio for conventional mortgages is 80% – 97% of the appraised value of the home or its selling price, whichever is lower. Learn how to calculate loan-to-value.
  • Maximum Loan Amount: Conventional loan limits in Florida are set at the floor amount of $424,100 across nearly the entire state. Metro areas in FL with a conforming limit of $424,100 include Miami, Fort Lauderdale, Orlando, Tampa, Jacksonville, West Palm Beach, Destin, Tallahassee, Kissimmee, Jacksonville, Palm Bay, The Villages, Clearwater, Tallahassee, Port Charlotte, Fort Lauderdale, Palm Coast, Ocala, Bradenton, Orlando, Avon Park, Pompano Beach, Miami, Fort Myers, St. Petersburg, Panama City, Lakeland, Key West, Vero Beach, Melbourne, Port St. Lucie, Leesburg, Sarasota, St. Augustine, Key Biscayne, Pensacola, Tampa, West Palm Beach, Daytona Beach, Cape Coral and Gainesville. Areas with higher maximum loan limits include Key West and Naples.

Search all Conventional Loan Limits in Florida:

County Name
Area
1-Unit
2-Unit
3-Unit
4-Unit
ALACHUAGAINESVILLE, FL$424,100$543,000$656,350$815,650
BAKERJACKSONVILLE, FL$424,100$543,000$656,350$815,650
BAYPANAMA CITY, FL$424,100$543,000$656,350$815,650
BRADFORDNON-METRO$424,100$543,000$656,350$815,650
BREVARDPALM BAY-MELBOURNE-TITUSVILLE, FL$424,100$543,000$656,350$815,650
BROWARDMIAMI-FORT LAUDERDALE-WEST PALM BEACH, FL$424,100$543,000$656,350$815,650
CALHOUNNON-METRO$424,100$543,000$656,350$815,650
CHARLOTTEPUNTA GORDA, FL$424,100$543,000$656,350$815,650
CITRUSHOMOSASSA SPRINGS, FL$424,100$543,000$656,350$815,650
CLAYJACKSONVILLE, FL$424,100$543,000$656,350$815,650
COLLIERNAPLES-IMMOKALEE-MARCO ISLAND, FL$450,800$577,100$697,600$866,950
COLUMBIALAKE CITY, FL$424,100$543,000$656,350$815,650
DE SOTOARCADIA, FL$424,100$543,000$656,350$815,650
DIXIENON-METRO$424,100$543,000$656,350$815,650
DUVALJACKSONVILLE, FL$424,100$543,000$656,350$815,650
ESCAMBIAPENSACOLA-FERRY PASS-BRENT, FL$424,100$543,000$656,350$815,650
FLAGLERDELTONA-DAYTONA BEACH-ORMOND BEACH, FL$424,100$543,000$656,350$815,650
FRANKLINNON-METRO$424,100$543,000$656,350$815,650
GADSDENTALLAHASSEE, FL$424,100$543,000$656,350$815,650
GILCHRISTGAINESVILLE, FL$424,100$543,000$656,350$815,650
GLADESNON-METRO$424,100$543,000$656,350$815,650
GULFPANAMA CITY, FL$424,100$543,000$656,350$815,650
HAMILTONNON-METRO$424,100$543,000$656,350$815,650
HARDEEWAUCHULA, FL$424,100$543,000$656,350$815,650
HENDRYCLEWISTON, FL$424,100$543,000$656,350$815,650
HERNANDOTAMPA-ST. PETERSBURG-CLEARWATER, FL$424,100$543,000$656,350$815,650
HIGHLANDSSEBRING, FL$424,100$543,000$656,350$815,650
HILLSBOROUGHTAMPA-ST. PETERSBURG-CLEARWATER, FL$424,100$543,000$656,350$815,650
HOLMESNON-METRO$424,100$543,000$656,350$815,650
INDIAN RIVERSEBASTIAN-VERO BEACH, FL$424,100$543,000$656,350$815,650
JACKSONNON-METRO$424,100$543,000$656,350$815,650
JEFFERSONTALLAHASSEE, FL$424,100$543,000$656,350$815,650
LAFAYETTENON-METRO$424,100$543,000$656,350$815,650
LAKEORLANDO-KISSIMMEE-SANFORD, FL$424,100$543,000$656,350$815,650
LEECAPE CORAL-FORT MYERS, FL$424,100$543,000$656,350$815,650
LEONTALLAHASSEE, FL$424,100$543,000$656,350$815,650
LEVYNON-METRO$424,100$543,000$656,350$815,650
LIBERTYNON-METRO$424,100$543,000$656,350$815,650
MADISONNON-METRO$424,100$543,000$656,350$815,650
MANATEENORTH PORT-SARASOTA-BRADENTON, FL$424,100$543,000$656,350$815,650
MARIONOCALA, FL$424,100$543,000$656,350$815,650
MARTINPORT ST. LUCIE, FL$424,100$543,000$656,350$815,650
MIAMI-DADEMIAMI-FORT LAUDERDALE-WEST PALM BEACH, FL$424,100$543,000$656,350$815,650
MONROEKEY WEST, FL$529,000$677,200$818,600$1,017,300
NASSAUJACKSONVILLE, FL$424,100$543,000$656,350$815,650
OKALOOSACRESTVIEW-FORT WALTON BEACH-DESTIN, FL$424,100$543,000$656,350$815,650
OKEECHOBEEOKEECHOBEE, FL$424,100$543,000$656,350$815,650
ORANGEORLANDO-KISSIMMEE-SANFORD, FL$424,100$543,000$656,350$815,650
OSCEOLAORLANDO-KISSIMMEE-SANFORD, FL$424,100$543,000$656,350$815,650
PALM BEACHMIAMI-FORT LAUDERDALE-WEST PALM BEACH, FL$424,100$543,000$656,350$815,650
PASCOTAMPA-ST. PETERSBURG-CLEARWATER, FL$424,100$543,000$656,350$815,650
PINELLASTAMPA-ST. PETERSBURG-CLEARWATER, FL$424,100$543,000$656,350$815,650
POLKLAKELAND-WINTER HAVEN, FL$424,100$543,000$656,350$815,650
PUTNAMPALATKA, FL$424,100$543,000$656,350$815,650
SANTA ROSAPENSACOLA-FERRY PASS-BRENT, FL$424,100$543,000$656,350$815,650
SARASOTANORTH PORT-SARASOTA-BRADENTON, FL$424,100$543,000$656,350$815,650
SEMINOLEORLANDO-KISSIMMEE-SANFORD, FL$424,100$543,000$656,350$815,650
ST. JOHNSJACKSONVILLE, FL$424,100$543,000$656,350$815,650
ST. LUCIEPORT ST. LUCIE, FL$424,100$543,000$656,350$815,650
SUMTERTHE VILLAGES, FL$424,100$543,000$656,350$815,650
SUWANNEENON-METRO$424,100$543,000$656,350$815,650
TAYLORNON-METRO$424,100$543,000$656,350$815,650
UNIONNON-METRO$424,100$543,000$656,350$815,650
VOLUSIADELTONA-DAYTONA BEACH-ORMOND BEACH, FL$424,100$543,000$656,350$815,650
WAKULLATALLAHASSEE, FL$424,100$543,000$656,350$815,650
WALTONCRESTVIEW-FORT WALTON BEACH-DESTIN, FL$424,100$543,000$656,350$815,650
WASHINGTONNON-METRO$424,100$543,000$656,350$815,650

Florida conforming limits can change anytime. Check back often to ensure accuracy.

What factors determine if i’m eligible for a Conventional Loan in Florida?

Conventional conforming loans follow the terms and conditions set forth by government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. To be eligible for a Conforming Loan in Florida, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. A FICO credit score of 620 or above is generally required to obtain a conventional loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

How much money will I need for the down payment and closing costs?

Conventional home loans require the home buyer to invest between 3% and 20% of the sales price towards the down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicant must invest at least $3,000 – $20,000 to meet conventional mortgage down payment requirements, depending on the program.

Minimum Florida Conventional Loan Down Payment:

Residence UsageFixed-Rate Mortgage (FRM)Adjustable-Rate Mortgage (ARM)
1 Unit Primary3% Down Payment10% Down Payment
2 Units Primary15% Down Payment25% Down Payment
3 Units Primary25% Down Payment35% Down Payment
4 Units Primary25% Down Payment35% Down Payment
1 Unit Second Home10% Down Payment20% Down Payment
1 Unit Investment15% Down Payment25% Down Payment
2 Units Investment25% Down Payment35% Down Payment
3 Units Investment25% Down Payment35% Down Payment
4 Units Investment25% Down Payment35% Down Payment

What property types are allowed for Conventional Conforming Mortgages?

Florida Conventional Loan RequirementsConventional mortgage guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can be used to finance primary residences, second homes and investment property.

Learn more about conventional mortgages.

What types of mortgage and refinance programs do Conventional Loans offer in Florida?

There are several varieties of standard home purchase, first-time home buyer and conventional refinance loans available in Florida:

  • Conventional Purchase Loans – Conventional loans offer a variety of programs for applicants with good credit ratings to buy a home. Both 3% down mortgage and 5% down mortgage options are available, however 20% down is the minimum amount required to avoid private mortgage insurance.
  • Conventional Rate/Term Refinance: Conventional Rate/Term refinancing loans are for borrowers who currently have an FHA, VA, USDA or conventional fixed rate mortgage or ARM loan and wish to refinance into a conventional mortgage with a lower interest rate. If you’re a homeowners considering a stable, conventional fixed-rate mortgage, this program may also eliminate your mortgage insurance if you have at 20% equity in your home.  If not, Conventional 97% loan programs may also work for you.
  • Cash-Out Refinance: A Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

What factors determine if I am eligible for a Conventional Refinance Loan?

To meet conventional refinance mortgage requirements in Florida, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.

Conventional Loan Requirements

More Florida Mortgage Limits

You may also want to visit these additional home loan resources before deciding on a mortgage program:

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