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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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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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Andressa Della
Andressa D.
18:32 25 Apr 21
Muito obrigada David pelo excelente serviço pra ajudar meu pais em sua nova casa de férias, terei imenso prazer em recomendar ao parentes e amigos
Jesus Hinojosa
Jesus H.
17:21 22 Apr 21
Claudia is one of the best loan officers in south Florida. I've had the privilege of working with her for over a year now and have been blown away by her professionalism and attention to detail. ... She's one of the best brokers in south Florida and shes consistently providing the best experience for her clients. If you want the best mortgage experience make sure to call Claudia!read more
tammy ryan
tammy R.
15:29 16 Apr 21
Claudia saved the day! Our sale was about to bust with another lender. She took it over and got it closed for us in record time! She worked very hard on our behalf. She is amazing!
Kaysser Kayyali
Kaysser K.
13:12 26 Mar 21
After reaching out to my personal bank and feeling like they were ignoring me, I reached out to LBM and spoke to Claudia.The difference was night and day.Not only did she guide me through every... step, she was always available, and went above and beyond to help my wife and I secure a mortgage to buy our first home.Rest assured that she will keep you on track, and keep your best interests in every decision you make during the home buying process.read more
Cathy Rincon
Cathy R.
23:44 23 Mar 21
I had the best experience buying my first home. The closing took less than 20 days ,and expectations were surpass since the beginning . They have a team extremely professional and organized ,... Claudia guided me step by step on the whole real estate and mortgage process. I am extremely satisfied and very happy with the results . I am sure I will enjoy my new home with my son . 🙏☀️🤩🏡🏡🏡🏡🏡🔑🔑🔑🔑🪑🪑👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻read more
Christopher Buckingham
Christopher B.
17:22 28 Feb 21
After a disaster of an experience with a major internet-driven mortgage company, I called Lending Bankers and spoke with David, who was refreshingly knowledgeable. I decided to work with himDavid... was able to tell me what he thought they could do, what would be required, how long it would take, and he and Gabriel were highly professional and responsive throughout the process.In the end, they delivered on exactly what they said they would, we closed quickly, and secured a rate that was better than what I had been quoted elsewhere. David got me out of a bind and delivered a great result.I am grateful and can't thank them enough. I would highly recommend Lending Bankers to anyone who wants to work with people who are trustworthy and competent.read more
Javier Lozada
Javier L.
14:18 11 Feb 21
As a self employed person, it’s not easy and straightforward to obtain a home mortgage but after being referred to Claudia at Lending Bankers, I found the right professional that guided me through... the process to find a suitable lender that would work with individuals with my employment profile. She and her team give you the facts and appropriate options to consider and therefore I felt at ease knowing I had an expert guiding me through the process. My family and I know have a dream home thanks to Lending Bankers. I highly recommend!read more
Alessandro Russo
Alessandro R.
20:50 06 Feb 21
As foreign national I’ve tried with another broker but after almost a year without getting nothing I’ve met Claudia Castano of Lending Bankers Mortgage and in 30 days I’ve got the cash out of my... property. She took care of everything. Very professional, efficient and quick. I highly recommend Claudia to anybody needs a mortgage.read more
Kasta Y Rodriguez-Varela
Kasta Y R.
03:01 05 Feb 21
Our law office, as Closing Agent, has handled several transactions for Claudia Castaño’s clients and all her clients have been extremely satisfied with her professional service and guidance. Her... extensive knowledge of the mortgage process and her constant communication throughout the transaction make her clients have a satisfying experience when refinancing or buying a property. We deal with several mortgage brokers in our office and Claudia is at the top of the list of the very best. We highly recommend her for all your mortgage needs.read more
Jorge del Castillo
Jorge del C.
20:21 11 Jan 21
It was great to have the opportunity of working with Claudia from the team, great experience, fast and sharp.
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