The two most popular mortgages compared — down payment, credit, mortgage insurance, and limits — so you can choose the right loan for your Florida home.
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FHA and conventional loans are the two most common ways to buy a home in Florida. FHA is government-insured with easier qualifying; conventional is not government-backed and rewards stronger credit. Here's how they compare.
| Feature | FHA Loan | Conventional Loan |
|---|---|---|
| Minimum down payment | 3.5% (580+ score) | 3%–5% |
| Minimum credit score | 580 (500 with 10% down) | Typically ~620 |
| Mortgage insurance | MIP: 1.75% upfront + ~0.55%/yr, often for the life of the loan | PMI; cancellable around 20% equity |
| 2026 FL loan limit (1-unit) | $541,287 and up by county | $832,750 and up by county |
| Best for | Lower credit or smaller down payment | Strong credit; avoiding long-term mortgage insurance |
If your credit is in the 580–660 range or your savings are limited, FHA is often easier to qualify for and cheaper upfront. If you have strong credit (700+) and can put down more, conventional may cost less over time because you can drop PMI at 20% equity. Many Florida buyers start with FHA and later refinance to conventional once they build equity.
Get a free comparison of FHA and conventional options for your Florida purchase.
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