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.

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.

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.

Jp Lem
Jp L.
19:20 19 Oct 21
Fantastic to work with. Very professional and knowledgeable.
Frida MLR
Frida M.
15:00 19 Oct 21
Kind, fast, reliable and they know all the ways so that your loan is the best and most successful, Thank you David and Gabriel, for this easy and friendly closing, everyone happyFrida
José Manuel Herrerías
José Manuel H.
16:24 14 Oct 21
Excellent service from Lending Bankers. David and Gabriel were great. Very responsive, took the time to explain every detail of the Loan and helped us to choose the best option. Definitely I... recommend them.read more
Alon Ben-David
Alon B.
12:12 16 Sep 21
Working with Claudia was the most comfortable, smooth and pleasant experience, for the third time.She is professional, detailed, caring and available when ever you and/ or your project needs here... attention.read more
ARMET ING
ARMET I.
20:20 13 Sep 21
David and Gabriel did a very good job, during the purchase of my properties, providing me with support during the purchase process. Thank you so much. FAUSTO
Karol Laakso
Karol L.
00:23 11 Sep 21
Good and easy to deal with David and Gabriel, excellent service, professional and efficient. Always maintained contact through calls or text message. I knew every detail what was occurring with my... clients loan and the process. Thank youread more
Orna Ben-David
Orna B.
15:18 10 Sep 21
Maria Lopez-Pulido
Maria L.
16:33 08 Sep 21
The Lending Bankers team saved my clients transaction. We reached out in a moment of crisis due to errors made by another bank and helped my clients get a great loan in record time. They were... responsive and walked my clients through the entire process.read more
Alfredo Ronco
Alfredo R.
23:19 31 Aug 21
Nos atendieron David y Gabriel, y ambos demostraron profesionalismo, respeto, cercanía y comprensión. Nos consiguieron una excelente tasa y un buen crédito. La operación fue muy accidentada por... culpa del vendedor y un Broker que nunca se preocupó por nosotros. Sin embargo David y Gabriel siempre se pusieron a nuestra disposición para allanar los caminos. Solo agradecerles!! Los recomiendo 100%.read more
William Maguire
William M.
15:52 25 Aug 21
5 stars. Responsive and professional!!!
English English Portuguese Portuguese Spanish Spanish
Chat with live agent
Need Help?
Hello, how can we help you?