Tampa FL FHA Mortgage Lenders

Tampa FL FHA Mortgage Lenders 

FHA loans are a popular choice for many first-time home buyers in Florida. The primary reason for this FHA requires a limited down payment and allows generous seller-paid costs.  Tampa, Florida FHA mortgage lenders provide several benefits, keeping in mind the challenges many who are considering purchasing their first home.

Hot Topics: Tampa Florida No Tax Return FHA Mortgage Lenders

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 Flexible:

• Higher debt ratios up to 56.9%
• Less than two years on the same job is OK! 
• Self-employed OK!

FHA Mortgages Are Easier On Credit:

• 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!

FHA Mortgage Property Types Include:

• Single-family home – Florida FHA Mortgage Lenders
• Townhouse- Florida FHA Mortgage lenders 
• Manufactured home – Florida FHA Mortgage Lenders  
• Multi-Family – Florida FHA Mortgage Lenders 
• Villa – Florida FHA mortgage Lenders 

No Tax Return Tampa Florida FHA Mortgage Lenders 

To qualify for FHA without tax returns, you must be a W2 employee, and your commission and bonus income must be less than 25% of your total income, and you should NOT own any rental properties. And, your earnest money deposit should not come from your side business account, otherwise, the lender will request tax returns. If your bonus or overtime exceeds 25% of your total income or if you own investment properties, you will be required to submit tax returns. Florida FHA mortgage lenders make homeownership exciting because, as a W2 employee, you do NOT need to provide your tax returns to qualify for an FHA mortgage. For FHA, self-employed mortgage lenders require 2 years’ tax returns, business and personal. Read more about no tax return Florida FHA mortgage lenders.

What is an FHA Mortgage Loan?

FHA  stands for the Federal Housing Administration. The FHA does not make loans directly instead, the FHA insures private mortgage lenders against loss. The FHA is governed by the U.S. Department of Housing and Urban Development (HUD), and FHA mortgages are backed and guaranteed by the U.S. government. This means that if a borrower stops making their mortgage payments, the government helps Miami Gardens, Florida, FHA mortgage lenders recover losses. The FHA mortgage insurance encourages lenders to make loans to first-time home buyers, borrowers with bad credit, or no credit score, and to manually underwrite FHA loans. Overall, the FHA mortgage insurance makes FHA mortgage loans the easiest of all loan programs to qualify for. Keep in mind that the FHA loan is only for primary residences and is not intended to be used for second homes or investment properties.

4C FHA Mortgage Checklist 

Click here for FHA Mortgage Questions And Answers 

FHA Mortgage Questions And Answers

The FHA (Federal Housing Administration) questions and answers are subject to annual FHA mortgage adjustments and market conditions. However, we have compiled a comprehensive list of common and crucial FHA mortgage questions and their answers, incorporating the latest known information for. This covers the frequent inquiries from Florida homebuyers and those looking to FHA mortgage refinances. Click hear to read FHA mortgage questions and answers.

Tampa FHA Florida Service Areas Include