A conventional loans does not have a funding fee and has optional mortgage insurance in most cases. Mortgage companies in FL do offer options with 5% down with no mortgage insurance but the interest rate is usually slightly increased but the bottom line to actually having mortgage insurance will be less. Conventional is typically fixed for 30 years all along the way. As a Florida mortgage broker there are terms we can offered such as 15,20,25 as well if you are looking to pay down the mortgage faster. As a local mortgage broker we can provide all options here.
An ARM will adjust and many blame this for the previous cause of the real estate crash. Proceed with caution but up front you will have likely a bit of a lower rate that will adjust at some point in the future. This adjustment could cause problems that are unforeseeable to you. A fixed mortgage will not adjust on you during the fixed time period.
Fixed rates are the most popular option for conventional. Normal loans will be 720 or above for these options as all others is suggested to go the FHA route. We have the ability to close in 10-15 days if needed by normally we are operating around 21 days to close.
Our minimum credit score allowable on Conventional Loans is a 620, with scores generally most ranging from 680 to 800. Please note that our “No PMI (private mortgage insurance)” products are geared towards borrowers with a credit score of 740 and above.
Please consult the use of a Loan Calculator or Mortgage Calculator or call us at 904.513.800 for help with that and for more information about mortgage rates. We will discuss interest rates over the phone and can work with a mortgage payment calculator if you don't have one.