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Seven specifics inside the guide — written for Florida, not generic national averages.
Monthly principal, interest, taxes, insurance — plus the 5-year total outlay on each loan type. Apples to apples.
Exactly when conventional PMI drops off the bill — and what FHA's lifetime MIP costs instead.
The 1.75% upfront MIP isn't hidden in fine print — the guide spells it out so the comparison is honest.
Four down-payment tiers so you see how PMI, rate, and payment shift as you put more or less down.
The comparison runs on a soft credit estimate. Your FICO is untouched until you formally apply.
Hometown Heroes, FL Assist, HFA Preferred — how the main down-payment-assistance programs work and who they're for in Florida.
A licensed FL loan officer is here if you have questions about the guide. No call-center handoffs.
The questions FL buyers ask before choosing between FHA and Conventional.
FHA accepts credit scores as low as 580 with 3.5% down (and 500–579 with 10% down). Conventional generally requires 620 minimum, but the best rates kick in at 700+. If your score is under 680, FHA usually offers a lower monthly payment — even with mortgage insurance.
MIP (Mortgage Insurance Premium) is FHA's mortgage insurance — both an upfront 1.75% fee and an annual premium. PMI (Private Mortgage Insurance) is what conventional loans carry when you put less than 20% down. The big difference: PMI drops off automatically at 78% loan-to-value, MIP usually stays for the life of the loan.
Generally once your credit is 720+ and you can put 10%+ down. At that point, conventional rates and lower mortgage insurance usually beat FHA on total cost — even though FHA's headline rate may look lower. The free guide explains how to find that breakeven.
FHA: 3.5% minimum with credit 580+. Conventional: 3% minimum (Conventional 97), 5% standard, 20% to avoid PMI. Florida down-payment-assistance programs can cover most or all of either minimum.
Conventional 97 is a Fannie Mae / Freddie Mac product allowing just 3% down on a conventional loan — designed for first-time buyers. It requires PMI (which falls off automatically at 78% LTV) and usually a 620+ credit score. For many buyers it beats FHA on total cost long-term.
Yes. A common strategy: use FHA to buy with 3.5% down, then refinance to conventional once you have 20% equity to permanently drop mortgage insurance. The guide explains when this path makes sense.
Mostly yes. Florida Housing's flagship programs (Hometown Heroes, FL Assist, HFA Preferred / HFA Advantage) pair with both FHA and conventional loans. Specific eligibility depends on your county, occupation, and income — the guide explains how each program's rules work.
Conventional usually closes a few days faster on average because FHA requires an FHA-specific appraisal with extra property condition checks. In a competitive Florida market, that 5–7 day difference can matter on a seller's choice of offer.