St Pete Florida FHA Mortgage Lenders
Florida FHA mortgage Lenders make the possibility of owning a St Pete, Florida home exciting because FHA takes a common-sense review for approvals rather than a credit-score-driven approach. St Pete, Florida FHA downpayment assistance is easier because the FHA mortgage approves borrowers with acceptable payment histories instead of a credit score-driven approach.
St Pete Florida FHA Mortgage Topics:
FHA-Mortgage-Lenders-Hollywood Florida
St Pete Florida FHA Mortgage Service Areas
Clearwater FL :: Largo FL – Safety Harbor FL – Dunedin FL – Palm Harbor – Seminole FL – Oldsmar FL : Pinellas Park, FL – East Lake FL –Tarpon Springs FL – Saint Pete Beach, Tampa FL, Holiday FL –Citrus Park FL – Gulfport FL – St Pete FL – Elfers, FL – Largo FL
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3.5% FHA Mortgage Minimum down payment
The Federal government insures private Florida FHA mortgage lenders against loss, which provides homebuyers with the opportunity to purchase with minimal cost. The FHA mortgage has a minimum 3.5% down payment that can come from a gift, grant, or FHA-approved lender. FHA also allows the Florida home seller to pay up to 6% of all the closing costs.
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Payment History For FHA
Prequalifying for a Florida FHA home loan is rather easy if you pay your bills on time. Because it’s the FHA that insures your home loan, the creditors and lending institutions make it feasible for anybody to qualify when they meet the basic requirements. The primary components of qualifying are the history of credit, earnings, and employment history.
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Debt-to-Income Ratio
FHA mortgage lenders’ standard max debt-to-income ratio is 31/43 if your credit score is under 580. Some lenders will go up to 47/57 with excellent credit and reserves.
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Collateral FHA Requirements
FHA mortgage will work for Single-family homes, multi-family 2-4 units, townhomes, villas, FHA-approved condos, manufactured, modular homes, and FHA-approved condos. The home must be available, habitable, and meet FHA/HUD minimum property standards.
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Pre-Approval Process For FHA Mortgages
APPLY NOW on the top right of this page. The FHA mortgage loan originator will call you to verify the accuracy of your mortgage application. The general loan documents needed to review your application include ID, W2, paystubs, and bank statements. If you’re self-employed or own a rental property, we need 2 years’ tax returns, business and personal returns.
FHA Mortgages Are More Affordable:
- 3.5% Down with 100% Financing options available.
- Seller Paid Closing costs up to 6%.
- Gifts from family or Grants OK!
- No reserves are required.
- FHA-regulated closing costs.
FHA Mortgages Are Flexable:
- Higher debt ratios up to 56.9%
- Less than two years on the same job is OK!
- Self-employed OK!
FHA Mortgage Credit / Downpayment:
- FHA minimum 580 score = 3.5% down or 96.5% financing.
- FHA minimum 500+ credit score = 10% Down
- FHA purchase 12 months after a Chapter 13 Bankruptcy
- FHA purchases 24 months after a Chapter 7 Bankruptcy.
- FHA purchase 3 years after a Foreclosure.
- No Credit Score Approvals using alternate trade lines.
- FHA Cashout Refinance Up To 80% loan-to-value!
4C FHA Mortgage Lenders Checklist
| 1. CASH | A minimum credit score of 580 qualifies you for a 3.5% down payment with 100% FHA mortgage options available in St Pete, Florida. If your credit score is between 500 and 579, a down payment of 10% is required. Additionally, the seller can cover up to 6% of the closing costs, but this must be requested in your purchase contract. |
| 2. CREDIT | A minimum credit score of 500 is required, which will be determined based on payment history rather than solely on the credit score itself. |
| 3. CAPACITY | debt-to-income: Standard 31/43 – Max DTI 46.9-56.9% with AUS approval |
| 4. COLLATERAL | Single-family homes, multi-family 2-4 units, townhomes, villas, FHA-approved condos, manufactured, modular homes. |
FHA Mortgage Key Points
- Easy to Qualify – The FHA Mortgage is the easiest and most affordable mortgage to qualify for.
- Manual Underwrite – FHA is manually underwritten and approved based on payment history.
- Credit Flexibility – Judgments and collections accounts don’t completely disqualify you.
- Non-first-time buyers – You don’t have to be a first-time buyerbut it must be your primary home.
- Bad credit– You could qualify with a 500+ credit score with 10% down and a 580+ with 3.5% down.
- Approved Property – single-family homes, 1-4 unit multifamily, Townhomes, Villas, and manufactured homes. Note: In St Pete, Florida, very few condos qualify for an FHA mortgage. Search St Pete, Florida, FHA-approved condos.
St Pete Florida Locations Include:
Gulfport, FL Pinellas Park, FL Saint Pete Beach, FL Seminole, FL Largo, FL Safety Harbor, FL Tampa, FL Clearwater, FL Palmetto, FL Oldsmar, FL Bradenton, FL Dunedin, FL Egypt Lake-Leto, FL South Bradenton, FL Citrus Park, FL, St Pete, Florida
St Petersburg FL Down Payment Assistance Program
ATTENTION: Assistance to purchase a St Pete Florida home within the SSCRA is open for new applications. Purchase Assistance is available for SSCRA and citywide. St Pete Florida assistance is only available for 80% AMI or below.
Overview
The City of St. Petersburg offers financial assistance to first-time homebuyers purchasing a new or existing single-family residential housing unit, condominium, townhome, or cooperative apartment located within the City’s municipal boundaries.
St Petersburg, FL 2025 Income Limits
SHIP Effective: April 1, 2025 / NSP: May 1, 2024/ HOME: Effective June 1, 2024
| Household Size |
30% AMI (SHIP) | 30% AMI (HOME) | 50% AMI (HOME/SHIP) | 60% AMI (HOME) | 80% AMI |
100% AMI | 120% AMI (SHIP/TIF) |
120% AMI (NSP) | 140% AMI (SHIP/TIF) |
150% AMI (WFH) |
| 1 | $21,950 | $21,950 | $36,500 | $43,900 | $58,450 | $73,000 | $87,600 | $87,600 | $102,200 | $109,500 |
| 2 | $25,050 | $25,050 | $41,700 | $50,100 | $66,800 | $83,400 | $100,080 | $100,080 | $116,760 | $125,100 |
| 3 | $28,200 | $28,200 | $46,950 | $56,400 | $75,150 | $93,900 | $112,680 | $112,680 | $131,460 | $140,850 |
| 4 | $32,150 | $32,150 | $52,150 | $64,300 | $83,450 | $98,400 | $125,160 | $125,160 | $146,020 | $156,450 |
| 5 | $37,650 | $37,650 | $56,350 | $75,300 | $90,150 | $112,700 | $135,240 | $135,240 | $157,780 | $169,050 |
| 6 | $43,150 | $43,150 | $60,500 | $86,300 | $96,850 | $121,000 | $145,200 | $145,200 | $169,400 | $181,500 |
| 7 | $48,650 | $48,650 | $64,700 | $97,300 | $103,500 | $129,400 | $155,280 | $155,280 | $181,160 | $194,100 |
