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

Queenie Sidhu
Queenie Sidhu
02:04 15 Nov 19
A great experience. Steve and FSMG was very professional and helpful throughout the process. Providing the details and comfort to know my loan was on track for a smooth closing. I would recommend everyone that wants an easy and solid process of buying a home and getting financing to go with FSMG.
Hilary Slack
Hilary Slack
06:24 12 Nov 19
Very professional, fast, efficient and honest. Steve explained everything in detail and delivered as it was presented from the beginning.
Castro Sybil
Castro Sybil
01:54 23 Oct 19
Fast, knowledgeable, professional, and ability to get “impossible” things done. Excellent sense of urgency and able to push things through. Very articulate and always available to communicate. Very pleased.
Helena Rhynes
Helena Rhynes
01:23 22 Oct 19
We had an absolutely great experience with Steve during the whole process of purchasing our home and getting mortgage. Steve was very informative on different financial aspects and was always happy to share his knowledge, experience and expertise.
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.
albert pike
albert pike
01:37 18 Oct 19
Steve and his team were fantastic throughout the mortgage process. I highly recommend Florida State Mortgage Group.
Judy Brown
Judy Brown
01:00 17 Oct 19
Absolute miracle worker. Thank you Steve! Highly recommended, utmost professional.
Chris Dykes
Chris Dykes
00:55 14 Oct 19
It was a pleasant experience. I would be happy to refer clients when the occasion arises.
Jewel Orlando
Jewel Orlando
01:09 12 Oct 19
If your looking for a highly professional, easy to work with and lightning fast mortgage team, then Florida State Mortgage is for you. I wouldn\'t go anywhere else for my mortgage needs. Hugh B. Davie, Florida.
Diane Day
Diane Day
06:57 11 Oct 19
Steve was the best on the purchase of our new house!! I refinanced with him again twice because I knew he’d get the job done!! Thank you again for all your hard work over the years with us!! Highly recommend Steve!! Jason and Johany Williams. Weston,Fl
Michelle Vantine
Michelle Vantine
17:20 08 Jul 19
I worked with Betty to buy my first house here in South Florida and I could not be happier! She was amazing. She was always available to answer my questions and she was very patient. She was extremely knowledgeable, even getting me approved for a HUGE tax exemption I will receive annually . She always had all the paper work ready on time and explained everything in detail. I could not image a better agent. I'm SO glad we made the decision to work with her. Thanks Betty!
Jarrett Van Tine
Jarrett Van Tine
16:01 08 Jul 19
Betty did an amazing job originating our loan. She is knowledgeable, accessible, and eager to provide the best for her clients. I HIGHLY recommend her!
Jarrett Van Tine
Jarrett Van Tine
16:01 08 Jul 19
Betty did an amazing job originating our loan. She is knowledgeable, accessible, and eager to provide the best for her clients. I HIGHLY recommend her!
Sean Zamora
Sean Zamora
18:28 05 Feb 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.
Scott Yankton
Scott Yankton
17:42 04 Feb 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.
Jennifer Cane
Jennifer Cane
02:05 23 Aug 18
They actually made obtaining my home loan fun and enjoyable on my part. The process was painless at all I expected it to be. They explained the process well to new buyers (like us) and at the same time keep me in the loop the entire time during the process. They really helped the process go smoothly. Got immediately a perfect home in an easiest and hassle-free way, Thank you so much!
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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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