Conventional Loan Requirements in Florida

Credit, down payment, income, and property rules for a conventional loan in Florida. Licensed FL mortgage broker NMLS# 1859012.

By Onias Derilus, Mortgage Capital · NMLS# 1859012 · Last Updated: June 2026

Conventional loan requirements in Florida set a slightly higher bar than government programs, but they reward you with flexibility and PMI that cancels. The core checks are a solid credit score, a down payment as low as 3%, a manageable debt load, and a property that meets standard guidelines.

Credit and Down Payment Rules

Conventional loans typically require a 620 minimum credit score, though pricing improves sharply as your score climbs. First-time buyers can put down as little as 3%, and repeat buyers as little as 5%.

Any down payment under 20% adds private mortgage insurance, but conventional PMI cancels once you reach 20 to 22% equity. That makes a low-down conventional loan a strong long-term play for buyers with good credit.

Income and Debt-to-Income Rules

Lenders confirm stable, documented income, usually two years in the same line of work. Self-employed borrowers provide two years of tax returns.

Debt-to-income is the key affordability test. Conventional loans generally allow a DTI up to 45%, and sometimes higher with strong compensating factors like reserves or a high credit score.

Conventional Property Requirements

Conventional loans are the most flexible on property type. They cover primary residences, second homes, and investment properties, along with single-family homes, condos, and multi-unit buildings.

The home must pass a standard appraisal that confirms value and condition. Conventional appraisals are generally less strict than FHA or VA, which can make offers more competitive in a hot Florida market.

Conventional Loan Requirements — FAQ