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Conventional Loans

The most common type of prime loan you can use to purchase a property is called a conventional loan. Conventional loans conform to the maximum loan limits established by Fannie Mae and Freddie Mac. Unlike certain other types of loans such as FHA loans, they are not backed up by government funds.

Typically, the timeframe for paying off a conventional loan will range anywhere from 10-30 years. Down payments may be as low as 3% or as high as 20%. Fees and terms governing conventional loans depend on a number of different factors, including your credit score, borrower profile, the property you are purchasing, the down payment you provide, and the lender you select.

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What is the Maximum Loan Limit for Miami-Dade County?

Conforming loan limits throughout the US have been raised for 2018. As of this year, the conventional loan limit for Miami-Dade county is $453,100. This is for single-unit properties, and is the same loan limit which applies to most counties across the country. If you need a larger loan, you may need to apply for a jumbo loan.

Basic Qualifications for a Miami Conventional Loan

Borrowers who want to be approved for a conventional loan in Miami will need to meet the following requirements:

  • You must be purchasing a qualifying property, as stipulated above.
    Conventional loans are for properties worth $453,100 or less.
  • You should have a solid credit score. The higher your score is, the better.
    A higher score typically will qualify you for better rates, terms, and fees.
  • You need enough to cover your down payment.
    Making a higher down payment can sometimes free you from the requirement to purchase private mortgage insurance. There are however some great opportunities available for favorable loan terms even with a lower down payment. Through our wide network of lenders, we can help you find a competitive loan even if you cannot afford a high down payment.
  • Your income-to-debt ratio is important as well.
    Ideally, your debts should comprise less than 50% of your total income. There are some exceptions, however. If your assets are worth enough to offset any perceived shortcomings in your income-to-debt ratio, you should still qualify for a conventional loan.
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Conventional

Applying for a Conventional Loan in Miami-Dade County

With so many factors impacting the interest rates, fees and terms of conventional loans, you want to make sure that you are getting an affordable loan which is going to meet your needs.

Lending Bankers Mortgage has established relationships with more than 130 lenders in the Miami area. This allows us to connect you with a diverse selection of conventional loans. That way you can choose the rates and terms which are right for you. If you are ready to get started, please give us a call at (786) 220-1100.

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Lending Bankers Mortgage
Lending Bankers Mortgage
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D. Lange
D. Lange
18:40 30 Sep 20
The process with Claudia was simply a pleasure. She was always on top of everything and I cannot thank her more regarding my case which had his own complexity. I would go with Lending Bankers again and highly recommend the company.read more
Jimmy Hurtado
Jimmy Hurtado
18:35 20 Jul 20
I am highly satisfied with the great help of Lending Bankers Mortgage, specially thank you Claudia for assisted us during all the process until to the approval. Definitely It was an amazing experience. I recommend it!read more
Monica Soto
Monica Soto
18:29 20 Jul 20
Awesome experience! Lending Bankers Mortgage helped me during all process for my mortgage. They got for us an excellent loan rate and the approval was ready in 20 days! Claudia is very professional and she was our great advisor. Thank you for to do our dream a reality today! We are extremely happy and proud to have our first home in U.Sread more
reyna Patricia Molina
reyna Patricia Molina
18:17 20 Jul 20
It was a pleasure working with Claudia Castano she made this my fastest closing yet! She has ample knowledge of the mortgage process and always finds a solution for any issues encountered in the process. I will use her services exclusively from now on as she proved herself to be trustworthy and to go beyond expectations.read more
Juan Luna
Juan Luna
23:10 19 Jun 20
Excellent service, they helped and assisted us during the entire process. Our dream is a reality now, we are happy homeowners. We got an excellent loan rate and the process went fast and smooth. Claudia is a great professional and very knowledgeable. 100% satisfied. Definitely recommend it.read more
Selim Akdogan
Selim Akdogan
07:55 18 Jun 20
They worked very professionally and I was very satisfied with their service. Even during this pandemic and us beeing in another country, they were always very available and things went very smoothly. We got the mortgage loan and closed from far during the pandemic.I can definitely recommend this team.read more
Miguel Otaola
Miguel Otaola
19:09 14 Jun 20
I needed to refinance my mortgage as my balloon payment was expiring. Claudia offered me several options based on my financial and personal situation. She guided me step by step until we got it done. I was able to obtain a great rate and a very affordable payment. Very professional, knowledgeable and excellent service.read more
Lucy
Lucy
19:55 18 May 20
Just amazing people, professionals, honest, trustworthy. I would recommend to friends and family. Extremely happy with the service and the outcome. Mr. David it’s an amazing professional and an even better human being. If I could give 10 Stars I would!!!read more
Lucy
Lucy
11:42 16 May 20
Just amazing people, professionals, honest, trustworthy they go to work and they get it done, I can testify to that. I would recommend to friends and family. Extremely happy with the service and the outcome. Mr. David it’s an amazing professional and an even better human being. If I could give 10 Stars I would!!!read more
Ana Salermo
Ana Salermo
22:57 28 Apr 20
As a real estate agent working closely with a good mortgage broker is key for the success of my business. The team at Lending Bankers is highly knowledgeable and they are always able to find a mortgage that fits my client's needs. More important they take the time to educate me and my clients in all aspects related to the mortgage. If you are a realtor looking for a great lender in the Miami / Fort Lauderdale area this is your team. Even during these difficult times they are giving solutions and closing loans.read more
Eugene Pabon
Eugene Pabon
20:07 12 Mar 20
Claudia was able to get me a private loan on my short-term rental when the banks would not touch the financially sound property. She was a great help!
OV Properties
OV Properties
20:12 04 Nov 19
We had the best experience working with Lending Bankers Mortgage and received the best attention possible from Mr. David. He handled everything smooth and helped us on a hard to get loan. We couldn't be more satisfied by the ability and help from the team.read more
OV Properties
OV Properties
20:12 04 Nov 19
We had the best experience working with Lending Bankers Mortgage and received the best attention possible from Mr. David. He handled everything smooth and helped us on a hard to get loan. We couldn't be more satisfied by the ability and help from the team.read more
Ernesto Osuna
Ernesto Osuna
23:47 22 Oct 19
I am very grateful and satisfied for all the work done by Kelly and Gustavo in approving the loan for my home. Excellent attention, very quick answers and always attentive to clarify your doubts
Clara Sellier
Clara Sellier
18:06 06 Oct 19
My clients experience could not have been better. David and his team far exceeded our expectations. They locked in at the lowest rate possible and when rates dropped again, they repeated the whole process and found my clients an even lower rate. The buying process for Foreign National, Investors , Debt Consolidation and financial solutions is exceptional, easy and the team is simply the best! Lendingbankers is a leader in facilitating options to help reach your financing goals.read more
harel bitton
harel bitton
20:09 11 Sep 19
Exceptional service !! Super reliable ,fast , honest brokers I ever dealt with over my 10 years as an agent . Literally this guys Finance EVERYTHING!
soraya McCollum
soraya McCollum
19:43 11 Sep 19
It was a great experience working with Lending Bankers . Mr David was great through all the process always available , very committed to provide us what we needed. Very high recommended!!
Lizzy Spaccarotella
Lizzy Spaccarotella
22:12 13 Aug 19
I had the best experience working with Claudia Castano, she was the loan officer and our office acted as the closing agent on a transaction. We really work as a team, she made the process easy and we closed the transaction on time as she promised. The buyer was super happy. We look forward to work with Claudia again!read more
Erika Spaccarotella
Erika Spaccarotella
23:34 12 Aug 19
I finally got my dream home thanks to Claudia Castano from Lending Bankers. I thought I’ll never get a loan but she helped me with the all process, THANK YOU CLAUDIA for all ur help! You are the best!read more
Merlin Friesen
Merlin Friesen
01:44 26 May 19
We had a great experience working with Gustavo and Lending Bankers. They provided a good no pressure approach and were very focused on providing what we wanted.Highly recommended !
Avisha Kassir
Avisha Kassir
15:41 04 Apr 19
Alex helped me purchase my first investment multifamily in Miami and very thankful for the awesome service I received! Super easy to work with, efficient and helped every step of the way and even came to closing which was awesome!! Highly recommend Alex! Can't wait to purchase my next 2 unit!!read more
Fiorella Mazzei
Fiorella Mazzei
16:37 16 Mar 19
Mr David of Lending Bankers Mortgage helped me to get a loan. He was such a professional advisor, always available to answer my questions and always clear and patient. I am not an US citizen and I was worry about the loan, but thanks to him and his staff everything was fine. Thank you Lending Bankers!read more
Fiorella Mazzei
Fiorella Mazzei
16:37 16 Mar 19
Mr David of Lending Bankers Mortgage helped me to get a loan. He was such a professional advisor, always available to answer my questions and always clear and patient. I am not an US citizen and I was worry about the loan, but thanks to him and his staff everything was fine. Thank you Lending Bankers!read more
sanja
sanja
18:35 21 Feb 19
I dont have words to discribe our amazing experience with Gustavo, that is part of this company. So professional, so responsive, so full with knowledge and always there when we needed. I can not be thankful enough to Gustavo for everything he did and for the smoothest closing ever. Thank you Gustavo for everything. You are the best read more
Aldo Enderica
Aldo Enderica
15:47 04 Jan 19
Amazing team! Had a great experience working with them on a hard to place loan. They never let their foot off the pedal and kept going until the end and as a result had an extremely smooth closing.
Christian Stanbury
Christian Stanbury
20:48 11 Oct 18
Alexander helped me purchase my first home. He worked with me every step of the way, and he even drove 70 miles north to my closing 6 hours before Hurricane Matthew hit South Florida. Can’t thank him enough for being such a great Loan Officer person and individual.read more
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