The current Fannie Mae guideline for conventional home mortgage loan is at just over $424,100 for a single-family home in Central Florida and can vary in other areas. Thirty-Year Fixed Rate Mortgage. The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change.
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A conventional mortgage loan is a home loan that is not backed directly by the federal government such as the FHA and VA loans. However, conforming conventional mortgage loans follow the terms and conditions set by the government sponsored enterprises (GSEs): Freddie Mac and Fannie Mae. When buying a home in Florida or refinancing your existing mortgage, a conventional mortgage should definitey be an option.
This mortgage is a good way to avoid the standard 20% down payment, which is required by most private banks. Since most North Carolina real estate is quite affordable adjustable rate mortgages and interest-only loans are not common. Most buyers prefer a fixed-rate for the duration of the loan rather than having a looming risk of a rising rate & thus increasing monthly payments.
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When you refinance from FHA to conventional you may be able to: eliminate mortgage insurance One of the key benefits of refinancing to switch from a FHA loan to a conventional mortgage is to eliminate your monthly mortgage insurance. As long as your new loan is for 80% or less than the appraised value of your home, you will not have to pay PMI.
CONVENTIONAL MORTGAGE DOWN PAYMENT AND PMI. Florida Mortgage applicants whose down payment is less than 20 percent must pay for private mortgage insurance. pmi insures the Flroida mortgage lender for the amount of loan to value above 80 percent. For example, a $100,000 Florida home with a $90,000 mortgage has a 90 percent LTV.