The most versatile mortgage option — available with as little as 3% down, PMI cancels when you reach 20% equity, and no upfront mortgage insurance fee.
3%
Min Down
80% LTV
PMI Cancels
$766,550
Max Loan
Written by Renzo Johnson, Licensed MLO · NMLS #PENDING · Last updated: February 2026
Key Features
- Down payment as low as 3% (HomeReady/Home Possible)
- PMI cancels automatically at 78% LTV (or by request at 80%)
- No upfront mortgage insurance premium
- Conforming limit: $766,550 in most FL counties (2026)
- 15, 20, 25, and 30-year terms available
- Fixed and adjustable rate options
- Seller concessions: 3% (with <10% down) to 9% (with 25%+ down)
- Available for primary, second home, and investment properties
Who Is This For?
- Buyers with 5-20% down payment
- Borrowers with credit scores 680+ (best rates)
- Buyers who want PMI to cancel (unlike FHA MIP which is permanent)
- Second home and investment property buyers
- Buyers above USDA/FHA limits who don’t need VA
Florida-Specific Considerations
- Florida conforming loan limit is $766,550 in most counties (2026)
- Higher limits in Monroe County (Florida Keys)
- PMI cancellation saves $100-300/month compared to permanent FHA MIP
- Florida documentary stamp tax: $0.70 per $100 on the deed
- Can combine with Florida Hometown Heroes for DPA
- Ideal for Florida condo purchases (fewer restrictions than FHA)
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