Tampa FL FHA Mortgage Lenders

Tampa FL FHA Mortgage Lenders 

Florida FHA mortgage Lenders make the possibility of owning a home in Tampa, Florida, exciting because FHA mortgage approvals are based on a common-sense review. Tampa, Florida FHA mortgage lenders for refinancing or purchasing a home make it easy because the FHA mortgage approves borrowers with acceptable payment histories instead of a credit score-driven approach. FHA offers what some call bad credit approvals because FHA goes down to a 500+ credit score with 10% down, or a 580+ credit score with 3.5% down. We serve every city and county in Florida. Tampa, FL · Clearwtater FL · Egypt Lake-Leto, FL · Saint Petersburg, FL · Pinellas Park, FL · Temple Terrace, FL · Lake Magdalene, FL · Safety Harbor, FL

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.

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 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!

Key Points

• Easy to Qualify – The FHA Mortgage is the easiest and most affordable mortgage to qualify.
• 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 Tampa, Florida, very few condos qualify for an FHA mortgage. Search Tampa , Florida FHA-approved condos

4C FHA Mortgage Checklist 

Common FHA Mortgage Questions And Answers 
Q. How quickly can I get approved for an FHA mortgage?
We have sent out pre-approvals the same day an application was received.
Q. What’s the minimum credit score for an FHA mortgage?
The minimum credit is a 500+ with an acceptable payment history that includes a minimum of 30-day late payments in the last 12 months.
Q. Can I qualify for an FHA mortgage with no credit?
You can use alternate trade lines to qualify for an FHA mortgage that include proof of payments for rent, cellphone, water, and car insurance are examples. 
Q. Can I qualify for an FHA loan with student loans in default? Tampa , Florida FHA mortgage lenders use CAIVRS, or the Credit Alert Verification Reporting System, created by the U.S. Department of Housing and Urban Development. This system reports any delinquencies, defaults, federal liens, and foreclosures that relate to federal loan programs. If you are flagged on this reporting system as having student loans in default, you will not be approved for an FHA mortgage or any other type of government-backed mortgage. 

Reasons FHA Mortgages Are Easier:

• 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!

Tampa FHA Florida Service Areas Include