The most popular mortgage in America — and probably the right one for you.
Apply for a Conventional Loans →Conventional loans are mortgages not backed by a government agency. They follow Fannie Mae and Freddie Mac guidelines, offer some of the most competitive rates available, and are the most flexible loan type for buyers with solid credit. About 65% of all U.S. mortgages are conventional loans — for good reason.
First-time buyers can put as little as 3% down. Repeat buyers can put down 5% with no PMI penalty.
Unlike FHA, conventional loans never charge an upfront MIP. You save thousands at closing.
Once you reach 20% equity (through payments OR appreciation), PMI drops off automatically — no refinance required.
Primary residences, second homes, AND investment properties all qualify for conventional financing.
Choose 10, 15, 20, or 30-year terms. Pick fixed or adjustable rates. Customize to your goals.
2024 conforming limit is $766,550 (higher in high-cost Florida counties like Miami-Dade and Palm Beach).
Conventional loans are best for buyers with credit scores of 680+ who want the lowest total cost of borrowing, plan to put down at least 5%, and want flexibility on property type. If you have a strong credit history, conventional is almost always the cheapest option long-term.
Every situation is unique. The fastest way to know if this is the right loan for you is to talk to a licensed Divito Lending advisor — we will look at your full picture and recommend the loan type that actually fits.
Most lenders require 620+, but the best rates go to borrowers with 740+ scores. Below 700, you may pay slightly higher PMI rates and a small rate adjustment.
Typically 0.3%–1.5% of the loan amount per year, depending on your down payment and credit score. The good news: it cancels automatically once you reach 20% equity.
Yes. Conventional loans allow up to 10 financed properties per borrower. Investment properties require 15–25% down and typically have rates 0.5–0.75% higher than primary residences.
$766,550 for most counties. Higher-cost areas like Miami-Dade, Monroe, and Collier counties have limits up to $929,200. Above these limits, you need a jumbo loan.
Get pre-approved in minutes with no credit pull, or schedule a no-pressure conversation with a licensed Florida mortgage advisor.