As little as 3–5% down, cancellable PMI, and strong rates for buyers with solid credit. The most flexible option for primary homes, second homes, and investment properties across Southwest Florida.
Many first-time buyers qualify with just 3% down; 5% is common more broadly.
Unlike FHA, conventional PMI drops off around 20% equity — real monthly savings.
The primary path to financing SW Florida vacation homes and rentals.
Conforming limit is $832,750 in 2026 — covers most SW Florida price points.
In 2026 the baseline conforming loan limit rose to $832,750 for a one-unit home, which applies across Lee County, Collier County, and nearly all of Florida. Anything above that is a jumbo loan. If you're weighing a smaller down payment or lower credit, compare against an FHA loan — Mike will run both.
For 2026, the conforming (conventional) loan limit for a single-family home is $832,750 in Lee County, Collier County, and virtually all of Florida. Loans above that amount are considered jumbo. The limit is higher for 2–4 unit properties.
Conventional loans allow as little as 3% down for many first-time buyers and 5% down more broadly. If you put down less than 20%, you'll pay private mortgage insurance (PMI) — but unlike FHA's MIP, conventional PMI can be cancelled once you reach about 20% equity, which can save you meaningfully over time.
If you have a credit score around 680 or higher and can put down at least 5%, a conventional loan often beats FHA because you can drop PMI later and may get a better rate. If your score is lower or your down payment is very small, FHA may be more forgiving. Because Mike is a broker, he can price both at once and show you the actual monthly difference.
Yes. Conventional financing is the primary path for second homes and investment properties in places like Cape Coral, Fort Myers Beach, and Naples. Down payments are typically 10% for a second home and 15–25% for an investment property. Mike can also compare this against DSCR loans for investors.
Yes, but the condo project has to pass lender review — and in Florida that increasingly means reviewing the association's reserves and any structural (SIRS) findings. Mike vets the project early so a warrantability problem doesn't surprise you at underwriting.
Most conventional programs look for a minimum score around 620, but the best rates and PMI pricing show up at 720–740+. Mike can show you exactly how much your rate and payment improve at each credit tier, which sometimes makes a short credit-improvement plan worth it before you buy.
Get pre-approved and compare conventional vs. FHA side by side for your SW Florida purchase.