If your credit is solid and your income is steady, a conventional loan is usually the cheapest way to buy a home over the long run — mainly because the mortgage insurance comes off once you build equity. I shop over 100 lenders to find the one pricing your file best.
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Conventional Benefits
Conventional loans are not government-insured, so lenders look harder at credit and income. In exchange, the long-run cost is generally lower.
This is the big one. Once you reach 20% equity, private mortgage insurance can be removed. On most FHA loans, mortgage insurance never goes away.
Several conventional programs allow 3% down for qualified buyers, which is barely more than FHA while avoiding permanent mortgage insurance.
Conventional pricing rewards a strong score. If yours is in good shape, this is where that shows up in the payment.
Conventional limits run above FHA limits in Tampa Bay, which matters in South Tampa, Westchase and Carrollwood.
Conventional financing covers second homes and rentals. FHA and VA are for primary residences only.
Appraisal standards are less rigid than FHA, which opens up older homes and some condos that FHA will not touch.
Eligibility
Generally yes, if these describe you. If they do not quite, call me — the honest answer is sometimes FHA, and I will tell you so.
A score of roughly 620 is the usual floor, though stronger scores unlock meaningfully better pricing
W-2s, tax returns, or for self-employed borrowers, a solid two-year picture
Whether from savings, a gift, or proceeds from a home you are selling
Conventional is tighter on debt-to-income than FHA, which is where many files turn
Primary residence, second home, or investment property — conventional covers all three
If you are buying rentals and would rather qualify on the rent than your tax returns, look at DSCR loans instead
The Process
Direct access to your loan officer at every stage. That is the whole model here.
I review credit, income and assets, compare conventional against FHA on real numbers, and issue your pre-approval.
Make offers with a pre-approval behind them. I am reachable when you need figures on a specific property.
I order the appraisal and manage underwriting. I pay for the appraisal up to $600.
I attend every closing. Transparency on the final numbers is the point.
That comparison is usually worth a few hundred dollars a month. It takes one short call to run it.
Raymond J Rivera JR · NMLS #2639249 · Land O Lakes, FL · Hoot Home Loans LLC NMLS #2532931