Conventional Loans in Florida
3–5% down, 620+ credit, and guidelines applied as written — shopped across 200+ wholesale lenders by Jacksonville Mortgage Broker Douglas Wilkerson.
What is a conventional loan?
A conventional loan is a home loan that is not insured or guaranteed by a government agency. Instead, it follows the guidelines of Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy most conventional mortgages from lenders and set the standards those loans must meet. Because no government agency stands behind the loan, the lender's own underwriting — and the guidelines it follows — decide whether a borrower qualifies.
That distinction matters. With a government-backed loan, the agency sets many of the rules. With a conventional loan, the rules come from Fannie Mae or Freddie Mac, and a broker can compare how different wholesale lenders apply them. At Freeman Douglas Corporation, Mortgage Broker Douglas Wilkerson shops each conventional scenario across more than 200 wholesale lenders and applies the guidelines as written, so one lender's extra overlay is never the final word.
Who it's for: down payments, credit, and PMI
Conventional loans fit buyers with steady income, a credit score of 620 or higher, and a down payment saved up — typically 3 to 5 percent for a primary residence, though buyers with more to put down often choose 10 or 20 percent. They also fit move-up buyers and buyers with a home to sell, because conventional guidelines treat condos, single-family homes, and many multi-unit properties in a straightforward way, and because a conventional loan can be the right tool for a second home or an investment property when the down payment and reserves are there.
Private mortgage insurance, or PMI, is the part of conventional loans that surprises buyers most. When the down payment is less than 20 percent, the lender usually requires PMI, which protects the lender — not the borrower — if the loan defaults. The good news is that conventional PMI is not permanent: a borrower can generally ask to cancel it once the loan balance reaches 80 percent of the home's value, and it must terminate automatically once the balance reaches 78 percent of the original value, as long as the borrower is current. Paying 20 percent down avoids PMI from the start, which is one reason some buyers wait or bring more cash to closing.
How it works: personally priced, then shopped
It starts with a conversation, not a form. Douglas talks through the purchase, the down payment, the credit picture, and the monthly payment the buyer is comfortable with — then prices the scenario personally instead of handing over an automated quote. Because he works as a broker, that pricing is checked across more than 200 wholesale lenders, so the recommendation reflects what lenders will actually do with the file, not what one bank's rate sheet says.
From there, the steps are familiar: pre-approval under the guidelines as written, an offer with a credible financing story, appraisal and underwriting, and a closing that stays on schedule because the file was priced and documented correctly from the start. Buyers hear directly from Douglas along the way — answered phones, straight answers, and no handoffs to a call center. The 2026 conforming limit of $832,750 frames the line between a conventional loan and a jumbo loan; anything above that limit needs jumbo financing, which is a different conversation.
Conventional vs. other loan types
Conventional is not always the answer, and a straight broker says so. Veterans with full entitlement usually come out ahead with a VA loan at 0 percent down and no monthly mortgage insurance. Buyers with lower credit scores or smaller down payments often fit FHA at 3.5 percent down. USDA can be the right call at 0 percent down in eligible areas around Jacksonville, Clay, and Nassau counties. And when the price climbs above the $832,750 conforming limit, jumbo financing takes over. The point of shopping more than 200 lenders is that the recommendation follows the borrower's situation — not the other way around.
Investors get a different version of the same conversation: conventional investor financing typically needs 15 to 25 percent down, and DSCR loans qualify on the property's rental income instead of the borrower's personal income. Renovation buyers can roll repairs into the purchase with an FHA 203(k) or a HomeStyle loan. Whatever the program, the process is the same — guidelines applied as written, pricing checked across lenders, and a broker who answers the phone.
Conventional loans in Northeast Florida
Northeast Florida is a good fit for conventional financing. Jacksonville's range of prices means many purchases fall under the $832,750 conforming limit, and conventional loans work across single-family homes, townhomes, and condos — including beach-area condos, where a broker checks project eligibility before an offer goes in. New construction is common in St. Johns County and around Nocatee, and conventional financing can cover a completed new home the same way it covers a resale.
What buyers should watch locally is the total monthly picture, not just the rate: homeowners insurance, flood insurance where it applies, and HOA dues all sit inside the payment, and Douglas walks through those numbers before a buyer commits. He is based in Jacksonville Beach at 1548 The Greens Way, Suite 4, and he answers his own phone at (904) 517-4049 — so a question about a specific neighborhood, condo project, or new community gets a local answer, not a script.
