WELCOME TO 1st florida mortgage - Florida Conventional Loans
Fixed & Adjustable Rate
Fixed & Adjustable Rate
Florida fixed rate and conventional rate home loans – Low Rates. Low Fees. Fast Closings.
Conventional Fixed Rate
A conventional loan is a home loan backed by Fannie Mae and Freddie Mac, and underwritten to either of the federal government GSE’s, and are underwritten to the guidelines of these government entities Fannie Mae and Freddie Mac.
Conventional fixed rate loans are amortized mortgages which means the initial payments of your 30-year fixed rate loan will be going towards paying off mostly interest. The further into your loan payments the more interest will be paid down and you will begin to pay off more principal. Once you pay off majority of the interest, the later years of your home loan will be dedicated to your principal balance and you’ll see your interest balance decrease dramatically.
Fixed rate loans are the standard loan for conventional loans in Florida. This loan type offers a consistent or “fixed” payment throughout the life of your home loan. The standard fixed rate terms are generally: 10, 15, 20, 25 or 30 years. By choosing a shorter fixed rate option, you can realize a substantial savings over the life of your loan.
*30, 25, 20, 15 and 10 Year Fixed
* Primary, 2nd Home, or Investment
* Single, Condo, or Multi-family
* $647,250 Loan Max
* High Balance – 95% Loan to Value
* 97% Loan to Value
* Mortgage Insurance Options
* Lower Rate & Better Terms
* Manufactured Housing OK (with restrictions)
Conventional ARM Loans
Adjustable rate mortgages (ARMS) are a great loan product during higher rate environments or for home buyers who plan to sell or refinance their home between 3 and 7 years. Adjustable rate mortgages (ARMS) are fixed for periods of 5-10 years. After that period, your interest rate will either go up, or down depending on market conditions and mortgage rates at that time.
Fixed-rate loan or an ARM loan?
ARM loans will have lower rates and ultimately lower monthly payments than fixed-rate loans, but interest rates could go up or down once the initial rate term has expires. So while ARM’s provide lower rates, conventional fixed rate loans provide security in knowing your mortgage payment won’t ever go up.
5-year ARM loans
5/1 ARMS will typically provide the lowest possible rates and monthly payments during the initial rate period. ARM’s are preferred by borrowers that tend to sell the home in 3-5 years or planning on refinancing at the end of the rate period.
10-year ARM loans
10 Year Arms are popular because they provide lower rates as well as provide for more long term security in locking in a 10 year rate.
Florida Conventional Loan Limits (2022)
As of June, 2022 the max loan amount allowed for a Conventional Conforming Loan limits in Florida is $647,200. However, in high cost areas, there are Conventional Super Conforming Limits currently up to $729,750. To check loan limits in your area, please give us a call and one of our licensed Florida loan officers will be more than happy to assist and answer any questions you may have.