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CONVENTIONAL FLORIDA MORTGAGE LENDERS

Florida mortgage lenders make conventional loans to qualified Florida loan applicants. Conventional home loans usually have a lower loan-to-value (LTV) ratio.In other words, conventional Florida home loans require a larger down payment compared with an FHA or VA  or USDA government back and insurned loans. Florida mortgage lenders typically require a 20% down payment for a conventional home loan. Or they will require some type of mortgage insurance (MI) for the difference to protect the lender for up to 20% equity due to potential loss from the borrower. PMI insures that portion of the mortgage that exceeds the 80% of the home value. Conventional loans are available for up to 95, 90, 85 % loan to vallue (LTV) if the Florida loan applicant aggrees to purchase PMI. Interest rates for conventional mortgage reflect market conditions and typically have a slightly better interest rate than goverment back and insurned mortgages. Fixed rate conventional Florida mortgage typically contain a due-on-sale clause, meaning that they are not assumable by anyone willing to take over the mortgage payments.

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Mainly Florida home loans from both Fannie Mae and Freddie Mac have a maximum loan limit of 417,000. This loan limit is reviewed annually and, if needed, changed to reflect changes in the national average price for single family Florida homes. The current Florida loan limit of 417,000 applies to all conventional Florida mortgages delivered after January 1, 2006.

Florida home loans which are larger than the current limits set by Fannie Mae and Freddie Mac 417,000 are called jumbo loans. Because jumbo loans are not funded by these government sponsored entities and funded by private investment companies they usually carry a higher interest rate and have additional underwriting requirements.

A strategy to lower your overall interest rate payments if your purchase or refinance a Florida home with a balance that is above $417,000 is to use a combination of both first and second Florida conventional mortgage loans. This strategy is referred to as an 80/10/10, 80/15/5 or 80/20. Every situation is different, but it is one more options can be effective in keeping mortgage interest payments to a minimum.


Conventional Florida Home Loan Government Resources

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