Reviewed by David Ghazaryan, Mortgage Broker, NMLS 1486726 · iQRATE Mortgages, NMLS 1862492 · Licensed in Nevada, California, Texas and Florida · Last updated: November 10, 2026
Quick answer
A conventional loan is a mortgage that is not insured by FHA, VA or USDA. Most conventional loans follow Fannie Mae or Freddie Mac rules. In Broward County, the 2026 conforming limit for a one unit home is $832,750, set by the Federal Housing Finance Agency. Above that amount you need a jumbo loan. Private mortgage insurance (PMI) can be removed later, which FHA insurance usually can't. In Fort Lauderdale, three things shape a conventional file early: the condo building's inspection and reserve status, the flood zone and insurance quote, and the property tax at your address. iQRATE Mortgages (NMLS 1862492) is licensed in Florida. As a broker, we compare wholesale lenders, more than 100 on complex files.
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This page is about conventional loans for Fort Lauderdale homes and condos. For waterfront, jumbo, vacation rental and investor financing across the city, see our Fort Lauderdale mortgage broker page. Statewide rules are on our Florida mortgage broker page.
Fort Lauderdale conventional loans at a glance
| Item | What applies in Fort Lauderdale for 2026 |
|---|---|
| Conforming limit, one unit | $832,750 (Broward County, FHFA baseline) |
| Conforming limit, two to four units | $1,066,250, $1,288,800 and $1,601,750 (Fannie Mae) |
| FHA limit, one unit (for comparison) | $667,000 (Broward County, HUD) |
| Mortgage insurance | PMI when you borrow more than 80% of value; you can ask to cancel it at 80% of original value |
| Condo review | Lender checks the building's repairs, reserves and special assessments |
| Florida milestone inspection | Condo buildings three habitable stories or taller, by December 31 of the year they turn 30, then every 10 years |
| Property tax, City of Fort Lauderdale | 18.4464 mills in 2025 (Broward County Property Appraiser) |
| Florida taxes on the loan | Doc stamps on the note, $0.35 per $100; intangible tax, 0.2% of the loan |
| Who sets the rules | Fannie Mae and Freddie Mac, plus each lender's own overlays |
Figures come from the public sources linked on this page. They are not a quote or an offer.
What a conventional loan is, in plain terms
A conventional loan is the most common kind of home loan. No government agency insures it. Instead, most conventional loans are sold to Fannie Mae or Freddie Mac. That is why they are also called conforming loans. They must "conform" to those two companies' rules and loan limits.
Here is what that means for you:
- Loan size: up to the conforming limit for your county. In Broward, that is $832,750 for a single-family home or condo in 2026.
- Credit: your score affects both approval and the price of PMI. A higher score usually means cheaper PMI.
- Mortgage insurance: if you borrow more than 80% of the home's value, you pay PMI. Unlike most FHA loans, PMI can come off later.
- Property types: primary homes, second homes and investment properties. FHA only allows primary homes.
- Condos: the building must meet Fannie Mae or Freddie Mac project rules. This matters a lot in Fort Lauderdale.
Fannie Mae publishes its full rulebook, the Selling Guide. Lenders can add stricter rules of their own, called overlays. That is one reason shopping across lenders helps.
2026 loan limits in Broward County
The FHFA set the 2026 baseline conforming limit at $832,750 for a one unit home. That is $26,250 more than in 2025. FHFA raised it because average U.S. home prices rose 3.26% over the year to the third quarter of 2025. Broward County uses the baseline. It is not a high-cost area for conforming loans.
| Units | 2026 conforming limit (Broward) | 2026 FHA limit (Broward) |
|---|---|---|
| One unit | $832,750 | $667,000 |
| Two units | $1,066,250 | $853,900 |
| Three units | $1,288,800 | $1,032,150 |
| Four units | $1,601,750 | $1,282,700 |
Sources: FHFA 2026 county list, Fannie Mae loan limits and HUD's 2026 FHA limits file, which lists Broward under the Miami-Fort Lauderdale-West Palm Beach metro.
What this means here. The conforming limit sits well above Fort Lauderdale's median home value, so most single-family homes and condos fit. Canal and beachfront homes in Las Olas Isles, Harbor Beach and Rio Vista often sell above $832,750. Those loans move to jumbo financing. The conforming limit is also $165,750 higher than Broward's FHA limit. So a buyer whose loan is between $667,000 and $832,750 can't use FHA but can use conventional.
The Fort Lauderdale housing picture
The Census Bureau's American Community Survey (2020 to 2024) gives a steady view of the city. These are not current sale prices. They are survey medians.
| Census measure, City of Fort Lauderdale | Value |
|---|---|
| Population estimate, July 1, 2025 | 188,677 |
| Owner-occupied housing rate | 54.1% |
| Median value of owner-occupied homes | $486,700 |
| Median monthly owner costs with a mortgage | $2,679 |
| Median gross rent | $1,854 |
| Persons per household | 2.25 |
| Bachelor's degree or higher, age 25+ | 40.8% |
Source: U.S. Census Bureau QuickFacts.
About half of Fort Lauderdale homes are owner-occupied. That matters for condos, because lenders look at how many units in a building are rentals. Small households also mean many one- and two-bedroom condos, especially along the beach and downtown.
Neighborhoods and ZIPs we lend in: Las Olas and Rio Vista (33301, 33316), Victoria Park (33301, 33304), Coral Ridge and Imperial Point (33308), Harbor Beach (33316), Flagler Village (33301, 33311), Riverland (33312), Galt Ocean Mile (33308), and nearby Wilton Manors (33305).
Buying a condo with a conventional loan in Fort Lauderdale
Condos are where Fort Lauderdale conventional loans most often get stuck. The lender approves you, and it also reviews the building. Fannie Mae calls this a project review.
What makes a condo building ineligible
Fannie Mae's ineligible projects rules list several problems. The big ones for older Broward buildings are:
- Critical repairs. These are repairs that "significantly impact the safety, soundness, structural integrity or habitability" of the building. Fannie's examples include mold and water intrusion, advanced deterioration, and any unfunded repairs costing more than $10,000 per unit that should be done within the next 12 months.
- Failed inspections. A building that failed a state, county or other mandatory structural safety inspection is on the list. In Florida, that includes the milestone inspection below.
- Special assessments. The lender asks about current and planned assessments, and what they are for. Repairs funded through a special assessment are treated differently from unfunded ones.
A building can pass once repairs are done or properly funded. That is why timing matters.
Florida's milestone inspection and reserve study
After the 2021 Surfside collapse, Florida passed new condo safety rules. Two of them affect your loan:
- Milestone inspection. Under Florida Statutes §553.899, a condo building three habitable stories or taller must have a milestone inspection by December 31 of the year it turns 30, and every 10 years after. A local building official can require it at 25 years instead.
- Structural integrity reserve study (SIRS). Under Florida Statutes §718.112, associations that existed on or before July 1, 2022 had to complete a SIRS by December 31, 2025, for each building three stories or higher.
How this plays out. Galt Ocean Mile and the beach have many towers built decades ago. Some passed their inspections and funded reserves. Others found repairs and raised assessments. When we review a Fort Lauderdale condo, we ask for the milestone inspection report, the SIRS, the current budget and any assessment notice before you're far into the contract.
What to ask the association before you offer
- Has the building completed its milestone inspection? Did it find repairs?
- Has the SIRS been done? Are reserves being funded at the level it recommends?
- Is there a current or planned special assessment? How much per unit, and for what?
- Is there pending litigation against the association or the developer?
- How many units are rented? Are short-term rentals allowed?
- Does the master insurance policy cover the full replacement cost?
If a building doesn't meet Fannie Mae or Freddie Mac rules, it's called non-warrantable. A conventional loan won't work. Some portfolio and non-QM lenders still finance these units, usually with more money down. We can check that path too.
A David video on why condo buildings decide your loan
In this short video, David explains that a building's approval status chooses the loans you can use. The same logic applies along the Fort Lauderdale beach. Read the companion guide: choosing your Miami or Florida condo loan, FHA vs conventional.
Private mortgage insurance: how it works and how it ends
If your loan is more than 80% of the home's value, the lender requires PMI. PMI protects the lender, not you. But it lets you buy with less cash.
The good news is that PMI ends. The Consumer Financial Protection Bureau explains the federal rules:
| When | What happens to PMI |
|---|---|
| Balance scheduled to reach 80% of original value | You can ask your servicer, in writing, to cancel it |
| Extra payments bring the balance to 80% sooner | You can ask to cancel early |
| Balance scheduled to reach 78% of original value | Servicer must cancel it automatically, if you're current |
| Halfway through the loan term | PMI must end the month after the midpoint |
You also need a good payment history. The servicer may ask for proof that the home hasn't lost value.
Why this matters in Fort Lauderdale. FHA's annual mortgage insurance usually stays for the life of the loan unless you put more down at the start. PMI on a conventional loan comes off on the schedule above. Over several years, that can make conventional cheaper for buyers with good credit. We price both on the same home so you can compare.
First-time buyer and lower-income conventional programs
Fannie Mae and Freddie Mac each have a program for buyers with lower incomes:
- Fannie Mae HomeReady. A low-down-payment conventional loan for qualifying incomes. Fannie's HomeReady page links an area median income lookup tool. You can check the income limit for a specific address.
- Freddie Mac Home Possible. Freddie says qualifying income is limited to 80% of area median income. There is no geographic limit on loan amounts. MI on one unit homes can be canceled once the balance drops below 80% of appraised value and other criteria are met.
Florida and Broward help you can combine with conventional:
- Florida Hometown Heroes. For first-time, income-qualified buyers in eligible workforce jobs. It is a deferred second mortgage of $10,000 to $35,000, due when you sell, refinance or move out. It is not forgivable. See Florida Housing, Hometown Heroes.
- FL Assist. Up to $10,000 for eligible buyers through Florida Housing's homebuyer programs, when funded.
- Broward County SHIP purchase assistance. County funds of up to about $80,000 for income-qualified buyers, under the 2025–2028 local housing plan, when funded. See Florida Housing's current local housing plans.
Each program has its own income, price and credit rules. Some only pair with certain loans. Ask us before you write an offer so the contract leaves time for the program's review.
A real conventional file from David's history
In fall 2018 a buyer with a mid-700s credit score bought a $210k condo using Fannie Mae's HomeReady program, with a loan of about $205k. The approval accepted a 47% back-end debt ratio.
That loan closed while David was the loan officer at a prior company, before iQRATE. It is not presented as a Fort Lauderdale closing. It shows two things that still hold: HomeReady can work on a condo when the building qualifies, and a strong credit score gives an underwriter room on the debt ratio.
In summer 2019 two separate conventional purchases, a roughly $190k condo and a $305k attached home, ran past their original rate-lock dates. In both files the lock was extended by about 10 days, the debt ratios were re-checked, and both loans funded.
These also closed at a prior company, before iQRATE, and are not Fort Lauderdale closings. The lesson for Broward condos is simple. Association documents, inspections and insurance can take longer than you expect. Plan your lock and contract dates around them.
Flood zones, seawalls and insurance
Fort Lauderdale has more than its share of water. Record rainfall in April 2023 flooded large parts of the city. Canal homes bring seawall and elevation questions. These affect your loan in three ways.
- Flood insurance. If the home is in a FEMA high-risk flood zone, the lender will require flood insurance. Check the FEMA Flood Map Service Center for the address. Many buyers outside those zones buy it anyway.
- Elevation certificate. For canal and low-lying homes, ask the seller for one. It can change the flood premium a lot.
- Seawall condition. Ask for its age and any repair history. A failing seawall can be costly and can affect insurance and resale.
Insurance is part of your monthly payment and your cash to close. Lenders collect the first year's premium plus escrow months. On a Fort Lauderdale home, homeowners, wind and flood coverage together can be the biggest prepaid line. We ask for quotes early, before the inspection period ends.
For condos, the association's master policy covers the building. You usually need an HO-6 policy for your unit's interior. The lender checks both.
Property taxes and the homestead exemption
Property taxes go into your escrow. In Broward, the rate is set in mills. One mill is $1 for every $1,000 of taxable value.
| 2025 millage, City of Fort Lauderdale | Mills |
|---|---|
| Broward County operating | 5.6658 |
| School Board (operating and debt) | 6.4845 |
| Children's Services Council | 0.4500 |
| North Broward Hospital District | 1.2391 |
| South Florida Water Management District | 0.2301 |
| Florida Inland Navigation District | 0.0270 |
| City of Fort Lauderdale (operating and debt) | 4.3499 |
| Total, most city addresses | 18.4464 |
| Hillsboro Inlet area | 18.5714 |
| Downtown Development Authority area | 19.4143 |
Source: Broward County Property Appraiser, 2025 final millage rates.
Simple math. At 18.4464 mills, each $10,000 of taxable value costs about $184 a year. On a home at the Census median value of $486,700, with no exemptions, that is about $8,978 a year. This is an example only. Your bill depends on your assessed value and exemptions.
Homestead exemption. If the home is your permanent residence, Florida's homestead exemption can cut taxable value by as much as $50,000. It also brings the Save Our Homes cap on yearly assessment increases. See the Florida Department of Revenue. The cap does not move with the home. When you buy, the assessment resets to market value. That is why your new bill can be much higher than the seller's. You may be able to "port" part of your old homestead's savings to a new Florida homestead.
Lenders use the right number. We estimate escrow on your expected new assessment, not the seller's capped bill. That keeps your debt ratio honest and avoids a surprise escrow shortage in year two.
Florida closing costs that apply to conventional loans
- Doc stamps on the note: $0.35 per $100 of the loan, paid by the buyer. See the Florida Department of Revenue. On a $400,000 loan, that is $1,400.
- Intangible tax: 0.2% of the loan, or $800 on a $400,000 loan.
- Doc stamps on the deed: $0.70 per $100 of the price, customarily paid by the seller in Broward.
- Title insurance, appraisal and condo documents: third-party costs that vary by property.
Closing costs are what it costs you to get the loan: origination, discount points, appraisal, and escrow and title. Cash to close also includes your prepaids (first-year homeowners insurance, daily interest to month-end, and an escrow deposit for your own future property taxes and insurance) plus your down payment. Prepaids aren't a cost of the loan; they're your own bills paid ahead. In Fort Lauderdale, insurance prepaids are often the largest number. Every line is itemized on your Loan Estimate, and our Bare Bones guarantee means we add no fees of our own. Compare states on our closing costs by state page.
Conventional loans for Fort Lauderdale second homes and rentals
Conventional loans also cover second homes and investment property. FHA does not.
- Second homes. Many buyers keep a Fort Lauderdale condo for winters. The home must be one you use yourself, not a full-time rental.
- Investment property. You can buy a rental with a conventional loan. Lenders can count rental income under Fannie Mae's rental income rules.
- More than one financed property. Fannie Mae limits how many financed homes one borrower can have. See its multiple financed properties rules.
- Vacation rentals. Fort Lauderdale requires an annual vacation rental registration. Florida requires a DBPR license for whole-home rentals under 30 days. Many condo associations ban or limit short-term rentals. Check both before you buy.
In summer 2019 an investor with a mid-700s credit score bought two homes, priced at $235k and $270k, within weeks of each other. Each was financed with a full-doc conventional loan at 80% LTV.
That file closed while David was the loan officer at a prior company, before iQRATE. It is not a Fort Lauderdale closing. It shows that a strong-credit investor can use conventional financing on more than one home in a short time.
David's own view on investor financing, in his words:
One thing being a real estate investor has taught me is that getting a loan approved and making a good investment are two different things. I've seen investors spend weeks negotiating a purchase price and then barely examine the financing terms. They focus on the interest rate. I look at the entire transaction: cash invested, monthly carrying costs, reserves, prepayment penalties, and the exit strategy.
If the numbers work better without personal income, a DSCR loan qualifies on rent instead. See also conventional vs DSCR for a Florida rental.
Self-employed buyers and conventional loans
Fort Lauderdale has many business owners, boat-industry workers and commission earners. Conventional loans can work for them, with tax returns.
In 2017 a self-employed buyer purchased two homes in the same new-home neighborhood using Freddie Mac guidelines that, with strong files, can accept one year of self-employment tax returns instead of two.
That file closed at a prior company, before iQRATE, and is not a Fort Lauderdale closing. If your tax returns show less income than you really earn, a bank statement loan may fit better.
Conventional vs FHA in Fort Lauderdale
| Question | Conventional | FHA |
|---|---|---|
| 2026 Broward one unit limit | $832,750 | $667,000 |
| Mortgage insurance | PMI, can be canceled | Usually for the life of the loan |
| Second homes and rentals | Allowed | Primary home only |
| Condo approval | Fannie Mae or Freddie Mac project rules | Building must be FHA approved, or single-unit approval |
| Credit | Higher scores price better | More forgiving of lower scores |
| Best fit | Good credit, condo or second home, plan to remove PMI | Lower score, higher debt ratio, recent credit event |
Many Fort Lauderdale condo buildings are not FHA approved. In those buildings, conventional is often the main option. For the FHA side, see our FHA loans guide.
How we handle a Fort Lauderdale conventional loan
- Pre-approval. We run your file through automated underwriting and check lender overlays.
- Property check. For a condo, we request the association's documents early. For a house, we check the flood zone and insurance.
- Lender match. We compare wholesale lenders for your file. Condo-friendly lenders differ a lot.
- Appraisal and review. The appraiser values the home. The lender reviews the condo project, if any.
- Clear to close. You sign with a local Florida title company.
What to have ready:
- Two years of W-2s or tax returns, recent pay stubs and two months of bank statements.
- A gift letter if family is helping. Fannie Mae has rules for personal gifts.
- For a condo: the association's contact, budget, inspection report and any assessment notice.
- For a canal home: the seawall history and an elevation certificate, if the seller has one.
Written guarantees that apply in Fort Lauderdale
Terms for each are on its own page; see all iQRATE guarantees.
- Rate Match: lock with us, and within 3 calendar days show a competitor's locked Loan Estimate for identical terms. We match it or pay you $1,000 after you close with them.
- Bare Bones Closing Costs: no processing, admin, doc-prep, lock or broker fees of our own; third-party fees at cost.
- 17-Day Closing Commitment: our goal for eligible conventional, FHA and VA purchases is 17 calendar days from initial disclosures. Most of our loans close in under 30 days.
- $5,000 Seller Guarantee and All Costs Covered: if a purchase backed by our verified approval fails solely because of our error, we pay the seller $5,000, and we reimburse you up to $1,000 of costs plus forfeited earnest money up to $5,000.
Fort Lauderdale conventional loan FAQ
What is the 2026 conforming loan limit in Fort Lauderdale?
$832,750 for a one unit home in Broward County. For two to four units, it is $1,066,250, $1,288,800 and $1,601,750. Above these amounts you need a jumbo loan.
Is Broward County a high-cost area for conventional loans?
No. Broward uses FHFA's 2026 baseline of $832,750. Its FHA limit is higher than the FHA floor, at $667,000.
Can I get a conventional loan on an older beach condo?
Often, yes, if the building passes the lender's project review. Lenders look for critical repairs, unfunded repairs and special assessments. Florida's milestone inspection and reserve study reports help show where the building stands.
What is a milestone inspection?
A structural inspection Florida requires for condo buildings three habitable stories or taller. It is due by December 31 of the year the building turns 30, then every 10 years. A local official can require it at 25 years.
When can I remove PMI?
You can ask your servicer in writing once your balance is scheduled to reach 80% of the original value. It must end automatically at 78%, if you're current on payments.
Is a conventional loan better than FHA in Fort Lauderdale?
It depends on your credit, your cash and the property. Conventional is often better with good credit, for condos that aren't FHA approved, and for second homes. FHA can be better with a lower score. We price both.
Do I need flood insurance for a Fort Lauderdale home?
The lender requires it if the home is in a FEMA high-risk flood zone. Check the FEMA flood map for the address. Many buyers outside those zones buy it anyway.
What property tax rate should I expect in Fort Lauderdale?
18.4464 mills in 2025 for most City of Fort Lauderdale addresses, or about $18.45 per $1,000 of taxable value. The homestead exemption can lower taxable value by as much as $50,000 for a permanent residence.
Can I use Florida Hometown Heroes with a conventional loan?
Hometown Heroes is a Florida Housing program for first-time, income-qualified buyers in eligible jobs. It provides a deferred second mortgage of $10,000 to $35,000. Program lenders confirm which first mortgages it pairs with.
Can I buy a Fort Lauderdale vacation rental with a conventional loan?
Yes, as an investment property, if you meet the lender's rules. You also need the city's vacation rental registration and a state DBPR license, and the condo association must allow it.
How fast can a conventional loan close in Fort Lauderdale?
Most of our loans close in under 30 days. For eligible full-documentation conventional purchases, our goal is 17 calendar days from signing initial disclosures. Condo document delays are the most common hold-up.
Sources
- FHFA, Conforming Loan Limit Values for 2026
- FHFA, 2026 conforming loan limits by county
- Fannie Mae, loan limits
- HUD, 2026 FHA forward mortgage limits file
- Fannie Mae Selling Guide B4-2.1-03, ineligible projects
- Florida Statutes §553.899, milestone inspections
- Florida Statutes §718.112, condominium bylaws and reserve studies
- CFPB, when can I remove PMI
- Freddie Mac, Home Possible
- Fannie Mae, HomeReady
- U.S. Census Bureau, QuickFacts
- Broward County Property Appraiser, 2025 final millage rates
- Florida Department of Revenue, property tax exemptions
- Florida Department of Revenue, documentary stamp tax
- Florida Housing, Hometown Heroes
- FEMA Flood Map Service Center
Talk to a broker about a Fort Lauderdale conventional loan
Apply Now · or call (702) 766-3744 · Schedule a Free Consultation
iQRATE Mortgages · NMLS 1862492 · 6360 S Rainbow Blvd Ste 101, Las Vegas, NV 89118 · Licensed in Nevada, California, Texas and Florida. David Ghazaryan, Mortgage Broker, NMLS 1486726. Verify us on NMLS Consumer Access. Equal Housing Opportunity. This is not a commitment to lend. Programs, rates and terms vary by lender, change without notice, and are subject to credit, property and underwriting approval. Local facts on this page come from the public sources above and are not legal or tax advice.
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