Standard Mortgage Myth: You Don’t Need 20%

Many buyers still believe a Conventional mortgage requires 20% down. It doesn’t. In fact, first-time homebuyers may qualify for as little as 3% down with competitive terms and flexible options.

Conventional Loan Benefits for First-Time Buyers

• 3% down payment for eligible first-time buyers. See our Conventional Loans page.

• No upfront PMI (there’s no FHA-style upfront mortgage insurance premium). Learn about PMI basics.

• PMI can be removed once your loan-to-value (LTV) hits 80%—or structure the loan to avoid PMI with certain strategies.

• Fewer property restrictions compared to some government programs.

• Flexible appraisals on many property types (case-by-case).

• Often faster closings when documentation is complete. Try our Loan Checklist.

Want to estimate payments? Use our Mortgage Calculators.

Trade-Offs to Consider

• Rates may be higher than FHA for certain credit profiles. Compare options on our FHA Loans page.

• Debt-to-Income (DTI) caps are generally tighter than FHA. We’ll run scenarios and optimize your file.

Rate & PMI Discounts for Moderate Income

You may qualify for reduced interest rates and lower PMI through Fannie Mae HomeReady® or Freddie Mac Home Possible®. These programs help qualified borrowers stretch their buying power. Start with our First-Time Homebuyer hub and check local options on Down Payment Assistance (including Florida’s Hometown Heroes).

Next Steps

• Talk with Abel about your budget and timeline: Schedule an Appointment.

• Prefer to start now? Apply Online: Secure Application.

• Questions? Call 786-622-2224 or visit our Contact page.