Conventional Loans in Miami, Florida

What Is a Conventional Loan?

A conventional loan is a mortgage that is not insured by a government agency like the FHA or VA. It is the most common way families across Miami-Dade finance a home, from a starter condo in Kendall to a single-family home in Coral Gables or Westchester. Because the loan follows guidelines set by Fannie Mae and Freddie Mac, lenders can offer competitive rates and a wide range of terms — most commonly the 30-year fixed, but also 20- and 15-year terms and adjustable-rate options.

As a Miami-based loan officer, Jeniffer Guevara López shops your scenario across programs and explains exactly how your rate, monthly payment, and cash-to-close compare — in plain English or Spanish, whichever you prefer.

Why Miami Buyers Choose Conventional Financing

• Lower long-term cost. Unlike FHA loans, private mortgage insurance (PMI) on a conventional loan can be removed once you build 20% equity — a big deal in a market like Miami where values have appreciated steadily.
• Down payments as low as 3%. Qualified first-time buyers don't need the mythical 20% down. Many of Jeniffer's clients in Hialeah, Doral, and Cutler Bay close with 3–5% down.
• Condo-friendly options. Miami is a condo town. Conventional financing is often the smoothest path for warrantable condos from Brickell to Aventura.
• Flexibility for second homes and investment properties. Conventional programs allow financing for vacation homes and rentals, which FHA does not.

What You'll Need to Qualify

Every file is different, but conventional approval in Florida generally looks at three things: credit (typically 620 or higher, with the best pricing above 740), debt-to-income ratio (usually up to 45–50% depending on the file), and assets for the down payment and closing costs. Gift funds from family are allowed, and Jeniffer will walk you through documenting them correctly so underwriting goes smoothly.

Homes priced above the conforming loan limit for Miami-Dade County need a jumbo loan instead — Jeniffer handles those too and will tell you immediately which side of the line your target home falls on.

The Process, Step by Step

It starts with a free conversation about your goals and a soft look at your numbers. From there, Jeniffer issues a pre-approval letter you can shop with — usually within a day of receiving your documents. Once you're under contract, she coordinates the appraisal, keeps underwriting moving, and stays in touch with your realtor and title company through closing day. Most of her purchase files close in about three to four weeks.

Serving All of Miami and South Florida

From the office on Ponce de León Boulevard in Coral Gables, Jeniffer works with buyers throughout Miami, Hialeah, Kendall, Doral, Homestead, and up into Broward County and Fort Lauderdale — and she's licensed to lend anywhere in Florida. If you're not sure whether conventional, FHA, or another program fits you best, request a free quote and she'll lay the options side by side.