Conventional financing is the workhorse of home lending in Orlando — fixed and adjustable rate options, competitive pricing for strong-credit borrowers, and as little as 3% down for qualified first-time buyers.
A conventional loan is a mortgage not backed by a government agency like the FHA or VA. It's the most common loan type nationwide, typically requiring stronger credit and a larger down payment than FHA, but rewarding qualified borrowers with lower ongoing costs — private mortgage insurance (PMI) drops off automatically once you reach 20% equity, unlike FHA's mortgage insurance premium.
Whether you're buying in Lake Nona, Winter Park, College Park, Baldwin Park, Dr. Phillips, Winter Garden, or a new-construction community further out, conventional financing works for primary residences, second homes, and investment properties alike. It's usually the first program we compare against FHA or other options once we know your credit profile and down payment.
Areas commonly served: Lake Nona, Winter Park, College Park, Baldwin Park, Dr. Phillips, Windermere, Winter Garden, Downtown Orlando. Down payment, rate, and documentation requirements vary by program and borrower — talk to a loan officer for current terms on your scenario.
Most conventional programs look for a credit score of 620 or higher, though the strongest pricing typically goes to borrowers with scores well above that. A loan officer can tell you exactly where you stand.
Conventional loans allow as little as 3% down for qualified first-time buyers, with 5% and 10% down options common as well. 20% down avoids private mortgage insurance (PMI) but isn't required.
Yes. Conventional financing is available for second homes and investment properties, typically with a larger down payment requirement than an owner-occupied purchase.
Conventional loans generally require stronger credit and reward you with PMI that cancels at 20% equity. FHA allows lower credit scores and 3.5% down, but carries mortgage insurance for the life of the loan in most cases.
No obligation, no hard credit pull required for an initial conversation.
Talk to a Loan OfficerIcon Mortgage Group, powered by Mpire Financial Group LLC · NMLS# 2108504. Equal Housing Lender. This is not a commitment to lend. All loans subject to credit approval. Programs and terms vary by state and property.