Licensed Mortgage Loan Officer · NMLS #2103600 · Nationwide
Conventional Loans in Tampa, FL — Competitive Rates for Qualified Buyers
If you have solid credit and steady income, a conventional loan is often the most cost-effective path to homeownership in Tampa Bay. Vanessa Schlitt helps buyers across South Tampa, Brandon, and Carrollwood secure competitive conventional financing with down payments as low as 3%.
What Is a Conventional Loan
The Standard for Well-Qualified Buyers
Conventional loans are not insured or guaranteed by a government agency, which means lenders can offer competitive rates to borrowers with strong credit and stable income. They work for primary residences, second homes, and investment properties, and with as little as 3% down for qualifying first-time buyers, they're often more flexible than people assume.
For Tampa-area buyers with good credit who don't need the flexibility of a Non-QM program, a conventional loan is usually the most straightforward and lowest-cost option available.
Qualifying
What You'll Typically Need
- Credit score of 620 or higher (higher scores unlock better pricing)
- Stable, verifiable W-2 or self-employment income
- Reasonable debt-to-income ratio
- Down payment funds (as low as 3% on qualifying programs)
- Two years of employment and residence history
Common Questions
Conventional Loan FAQ
How much down payment do I need for a conventional loan?
Down payments as low as 3% are available for qualifying first-time and repeat buyers on a conventional loan, though 5-20% is common depending on the program and loan amount.
What credit score do I need for a conventional loan?
Most conventional programs look for a credit score of 620 or higher, though better rates are typically available at higher scores.
Do conventional loans require mortgage insurance?
Private mortgage insurance (PMI) is typically required when your down payment is below 20%, but it can usually be removed once you reach sufficient equity.
Can I use a conventional loan for a second home or investment property in Tampa?
Yes. Conventional loans can finance primary residences, second homes, and investment properties, though down payment and rate requirements differ by occupancy type.