A conventional loan isn't backed by a government agency. If it's at or under the 2026 conforming limit of $832,750 and meets Fannie Mae / Freddie Mac guidelines, it's “conforming.” Put down under 20% and you'll pay PMI — which cancels once you reach 20% equity.
Home insurance costs and condo-assessment rules weigh on affordability, and parts of Miami-Dade push into high-cost (jumbo) territory. Because local prices often top the 2026 conforming limit of $832,750, many Miami buyers using this route also look at jumbo financing. Note that Miami's higher insurance costs add meaningfully to the monthly payment here.
How much down for a conventional loan?
As little as 3% for qualifying first-time buyers, though more down lowers your rate and removes PMI sooner.
When does PMI go away?
You can request cancellation at 80% loan-to-value; it terminates automatically at 78%.
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