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.

Kevin Forrest
Kevin F.
16:41 30 Jul 21
ARMET ING
ARMET I.
23:09 15 Jul 21
David and Ricardo did a very good job, during the purchase of my properties, providing me with support during the purchase process. Thank you so much.
Jessica Michels
Jessica M.
01:24 15 Jul 21
Claudia helped us all the way thru the process on buying our home. We couldn’t have chosen a better professional for this job. She was always available and responding to our questions without any... delayed. I will recommend Claudia as a excellent mortgage broker.read more
Ana Paula Hensel
Ana Paula H.
19:47 22 Jun 21
David is an extremely competent and committed person, he conducted the entire process with great competence. Helped a lot in all situations, with a lot of patience and promptness.
Sergio Garin
Sergio G.
18:50 22 Jun 21
Realmente muy contento con todo el asesoramiento, de David C, que me entrego durante todo el proceso ,Disponibilidad las 24 hrs del día . Es la segunda Hipoteca que tomamos y lo volvimos a elegir... por la confianza y eficiencia que ha demostrado amplios conocimientos profesionales y gentileza en todo momento para resolver las dudas que se me presentaban, a cualquier hora del dia . Recomiendo de todas maneras su asesoramiento para comprar una tercera propiedad. fueron tiempos muy dificiles en la pandemia , porque tuvimos que cerrar en Paris y Chile, porque mi hijo se encontraba en diferentes lugares logrando los objetivos en un 100 porcientoread more
Rodolfo Villafuerte
Rodolfo V.
14:46 22 Jun 21
We had great advised and conditions with our condo mortgage. The mortgage has approved with a high percentage of financing rate.
Landon Scott
Landon S.
15:35 21 Jun 21
David Comisso is the lender you want to work with, he's very knowledgeable and is a master at compiling a file. No matter how complicated the case, David makes it happen.
Angel Bracho
Angel B.
01:41 19 Jun 21
Excellent service provided by David C. My client was able to close within 30 days. Looking forward to work with him for my next transaction.
Francisco Raddatz
Francisco R.
21:12 18 Jun 21
Thanks David and team for all the support to get my mortgage in the US. I was able to do everything remotelly and quickly. I always counted with a transparent profesional guidance that made me feel... confident all time.read more
Lia Souza
Lia S.
00:11 17 Jun 21
Claudia just helped me buy my first property in Miami without delays.She made the whole process really easy, and walked me through everything.She was always available to answer my questions.... Everything was easy and very professional.I recommend lending bankers mortgage and Claudia to anyone wanting to purchase a property here.read more
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