Loan Comparisons for Tampa Bay First-Time Buyers
Not sure which loan type saves you the most? These side-by-side comparisons break down down payment, insurance costs, credit requirements, and 30-year totals so you can pick the cheapest path to homeownership.
Choose a Comparison
FHA vs Conventional
The most common matchup for first-time buyers. FHA has lower credit requirements; conventional PMI drops off at 20% equity. Which saves more over 30 years?
Conventional wins at 700+ credit. FHA wins at 580-660.
FHA vs VA
For veterans and military families, VA beats FHA on nearly every metric: $0 down, no PMI, and no loan limit. The only edge FHA holds is a higher DTI cap.
VA wins for nearly every eligible veteran.
VA vs USDA
Both offer true zero-down financing. VA has no income limit and no geographic restriction. USDA has a lower upfront fee but charges annual insurance.
VA wins overall. USDA wins for non-veterans in eligible areas.
Quick Reference: All Loan Types at a Glance
| Feature | FHA | Conventional | VA | USDA |
|---|---|---|---|---|
| Down Payment | 3.5% | 3% | $0 | $0 |
| Min Credit | 580 | 620 | 580-620 | 640 |
| Monthly Insurance | Life of loan | Drops at 20% | None | 0.35%/yr |
| Income Limit | None | None* | None | 115% AMI |
| Location Limit | None | None | None | Rural only |
| DPA Compatible | Yes | Yes | Yes | Yes |
*HomeReady/Home Possible have 80% AMI income limits. Standard conventional has no income limit.
Related Resources
Eligibility Checker
2-minute check — see which programs fit your situation.
Affordability Calculator
Find out how much home you can comfortably afford.
Closing Cost Estimator
Estimate your closing costs for any loan type.
Buying Process Timeline
8 steps from eligibility check to closing day.
Home Buyer Glossary
40+ mortgage terms defined in plain English.
All Resources
Every guide, tool, and resource in one place.
Still not sure which loan type is cheapest for you?
Barrett runs the numbers for your specific credit, income, and purchase price — free, no credit pull.
2-Min Eligibility Check — No Credit PullOr call Barrett directly: (813) 733-7907