A conventional loan is the most common mortgage in Florida — conforming financing backed by Fannie Mae or Freddie Mac, with better long-term costs than FHA for most borrowers who have credit in the 680+ range.
2026 Florida conventional loan limits
- Most counties: $832,750 one-unit conforming limit
- Monroe County (Key West and the Keys): high-cost limit above the baseline
- Above your county limit: jumbo financing
See your county's exact numbers on the Florida loan limits page.
Down payment by occupancy
- Primary residence: 3% down (first-time buyer) or 5% down
- Second home: 10% down
- Investment property: 15% down single-family, 25% down multi-unit
Florida-specific guidelines
Condo review. Florida has more condo inventory than any other state we lend in. Conventional financing requires a warrantable project: adequate reserves, no disqualifying litigation, acceptable investor concentration, and current milestone/structural integrity reporting. We pre-screen the project before you write an offer.
Insurance underwriting. Wind and flood coverage are escrowed and included in DTI. Coastal properties in Lee, Collier, Monroe, Pinellas, Bay, and Walton counties should be quoted for insurance the same week you go under contract.
Homestead and taxes. Your Florida homestead exemption and Save Our Homes cap affect the escrow figure we use. Newly purchased homes are usually reassessed, so we underwrite to the expected post-sale tax bill rather than the seller's.
Conventional vs. other programs
- Conventional vs. FHA — credit and mortgage insurance trade-offs
- Conventional vs. VA — for eligible veterans
- Conventional vs. jumbo — above the county limit
- Conventional vs. DSCR — for investment purchases
FAQs
What is the 2026 conventional loan limit in Florida?
Most Florida counties use the 2026 baseline conforming limit of $832,750 for a one-unit property. Monroe County (the Keys) is the state's high-cost exception with a higher one-unit limit. Anything above your county limit is a jumbo loan.
How much do I need to put down on a conventional loan in Florida?
3% down for qualifying first-time buyers, 5% down for repeat buyers on a primary residence, 10% down on a second home, and 15% down on a single-family investment property.
Can I use a conventional loan on a Florida condo?
Yes, but the condo project must be warrantable — Fannie Mae and Freddie Mac review reserves, owner-occupancy, litigation, and post-Surfside structural and milestone inspection reporting. Non-warrantable condos need a portfolio or non-QM loan instead.
When does PMI come off a conventional loan?
PMI cancels automatically at 78% LTV based on the original amortization schedule, and you can request removal at 80% LTV. Unlike FHA mortgage insurance, conventional PMI is not permanent.
Do Florida insurance costs affect conventional qualification?
Yes. Hazard, wind, and flood premiums are escrowed and counted in your debt-to-income ratio. In coastal counties insurance can add several hundred dollars per month, so we quote insurance early rather than at the end of underwriting.
Related: Conventional loan program · Conventional loans in Colorado · Florida mortgage hub · Florida loan limits