Traditional Loan
Among the favored options in home financing is the traditional conforming loan. This mortgage option offers flexibility, with opportunities for reasonable down payments and competitive interest rates tailored to homebuyers with strong borrower profiles.
Understanding Traditional Loans
A traditional mortgage is essentially a loan not backed by a government entity. Typically, when individuals refer to traditional mortgages, they refer to conforming loans, which adhere to the loan limits set by Fannie Mae and Freddie Mac.
If you are moving, rental of current home, or selling
To use the rental income, you need a fully executed lease agreement verifying the first payment will start on or before the first payment on the client's new mortgage. Our team will order a 1007 rent schedule in process to confirm the amount of rent they are collecting is common for the area. We will apply a 25% vacancy factor to the amount received.
The client will not need to start at their employer or receive a first paycheck. They would need an employment offer letter fully executed by the new employer.
Is Purchasing a Home Possible with a Conventional Conforming Loan in Martin County?
For 2024, the baseline conforming loan limit stands at $766,550, reflecting a $40,350 increase from the previous year. In Alaska and Hawaii, where the limits are higher, the threshold for a single-unit property is $1,149,825.
Explore specific loan amounts per county by clicking here.
Eligibility for a Conventional Mortgage in FL
To satisfy the requirements for a conventional mortgage in FL, you must undergo an evaluation focusing on:
- Your credit score
- Your income
- Your debt-to-income (DTI) ratio
- Your capacity to make a down payment
- Your employment status and history
Purchase a Home with a Conventional Loan Today
Contact us for a consultation, and we'll assist you in determining if a conforming loan suits your needs or if a jumbo loan might be necessary. We're committed to addressing all your inquiries about conventional loans and guiding you through the application procedure.

Explore Your Options
At PPS we're committed to assisting and guiding you through every step of the process.
- 772-528-3856
- dan@ppslender.com
- Fill Out Contact Form
Can I use gift money from relatives to help with my downpayment?
Yes, you can
Can I have a non-occupying co-borrower to help with qualification for the loan?
Yes, you can. They would need to qualify for the loan by having good credit and documented income and assets.