Conventional Loans in Fort Lauderdale
with as Little as 3% Down

Buying and owning a home is a dream everyone’s dreams of. However, we often need some assistance to be able to afford a home that meets all our your requirements. Conventional loans are one way you can materialize that dream home and make it a reality.

Florida State Mortgage Group, Inc. provides conventional loans. We understand that owning your a home does not happen for many people in the US. Conventional loans offered by mortgage lenders in Fort Lauderdale can turn that around.

Our goal is to make sure everyone has a chance to make their dreams come true. We are qualified and vetted to offer conventional loans in Fort Lauderdale when commercial banks fail to do so.

Being Florida natives, we are fully aware of the market and its trends along with the issues that locals face when it comes to financing. We aim to make right these issues and find effective solutions.

What are Conventional Loans?

To make it simple, conventional loans in Fort Lauderdale are those that are or not backed by government agencies, such as the Federal Housing Administration (FHA) and VA. However, they are in compliance with strict eligibility guidelines set by Fannie Mae and Freddie Mac.

Both of these stock-holding companies purchase loans from lending institutions and resell to the investment community. Each year, they reevaluate and redefine restrictions.

Typically, conventional loans have better rates and terms compared to other forms of loans. Also, down payments can be as low as 3% or as high as approximately 20% and the time-frame for paying off the loan may be between 10 to 30 years.

Am I Qualified for a Conventional Loan?

The terms and fee of securing a conventional loan depend on various factors. The borrower’s profile, credit score, the property in question, the down payment, and the lender all impact eligibility.

To get approved for a conventional loan in Fort Lauderdale, you need to meet the following requirements:

A solid score on a good-excellent scale. The better the credit score, the better the chances you have of qualifying for better rates, fees, and terms.

The property you’re buying should be qualified and meet the limits set by Freddie Mac and Fannie Mae.

You need sufficient funds to cover a down payment. By working with leading lenders, we offer conventional loans that can help you find a loan with a down payment as little as 3%.

What are Fixed Rate Conventional Loans?

Fixed rate loans are a type of conventional loans. They are fully amortized loans that have a fixed interest rate. This means that the rate will not rise or fall over the term your mortgage lasts.

Understandably, these are the most commonly applied for. They offer borrowers more security as the mortgage payments won’t change over time. These loans amortize over a period of 15, 20 or 30 years.

Adjustable Rate Loans

Compared to Fixed Rate Loans, these loans initially offer lower interest rates. They are more suited to the needs of borrowers who accept the probability of fluctuating interest rates. In most cases, this is to take advantage of a low interest rate at the beginning.

Unlike fixed rate conventional loans, these are set for 5- to 7-year terms. These are based on 30- year amortized loans.

Single- Family
Home and Condos

$484,350

(Monroe County $529,000)

2 Units

$620,200

(Monroe County $677,200)

3 Units

$749,650

(Monroe County $818,600)

4 Units

$931,600

(Monroe County $1,017,300)

Furthermore, self-employed borrowers need to provide 1 year’s income to qualify for a conforming loan. First-time home buyers are eligible to receive a Florida Mortgage Credit Certificate (MCC).

What Our Clients Are Saying

Lana Mihova
Lana Mihova
16:22 13 Feb 20
Stephen McWilliam was an amazing person to deal with. Our deal was pretty complicated on all aspects and he was so professional, he got it done !!! Thank you so much for all the hard work you put into this deal!!!
Brian Mosher
Brian Mosher
15:02 13 Jan 20
Steve did a wonderful job securing a mortgage for me based on the parameters I gave and seeing everything through to completion. No hiccups for me along the way in a process that can be very painful if not managed well.
Shannon Dameron
Shannon Dameron
01:34 12 Jan 20
Steve and the team at Florida State Mortgage Group are exceptional. I was looking for a townhouse for my family when Steve and his team were referred to me. Florida State Mortgage Group showed me I could easily afford a single family home. Steve handled everything from providing a list of homes, securing the home loan, insurance options and closing. I’ve referred Florida State Mortgage Group to friends and family. Each person has experienced the same level of knowledge and quality of service. 5 STARS
Florida Guy
Florida Guy
19:08 11 Jan 20
I was very pleased with Steve and the ease of the process. No hiccups or surprises. Highly recommended for mortgage services.
Peter Brines
Peter Brines
02:27 07 Dec 19
It was a real pleasure working with Steve. Extremely knowledgeable and professional. Would recommend this company all day long.
Olga Alderson
Olga Alderson
01:02 05 Dec 19
Steve McWilliam was a tremendous help in securing my mortgage a few years ago. He\'s also been a great source of knowledge in the time since. I highly recommend him as someone you can trust.
elizabeth mcbride
elizabeth mcbride
01:16 21 Oct 19
The smartest, most helpful and insightful mortgage loan person I’ve ever used. On our first attempt to buy he saved us from disaster. On our second attempt he was finished and ready to close before everyone else! Our loan was a VA so we expected it to take extra time...nope. For our next loan we won’t use anyone else.

Florida State Mortgage Group, Inc. specializes in all forms of conventional loans in Fort Lauderdale and other Florida locations.

Give us a call today at(954) 359-3000 to find out what options are available to you, or click the button below to get started.

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