Tampa FL FHA Mortgage Lenders
100% Tampa, Florida FHA mortgage Options 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 · Egypt Lake-Leto, FL · Saint Petersburg FL · Pinellas Park, FL · Temple Terrace, FL · Lake Magdalene, FL · Safety Harbor, FL – Westchase FL
FHA mortgage Lenders Tampa, Florida – FHA home loan Tampa, Florida
4C FHA Mortgage Checklist
| 1. CASH | Min 580 credit score qualifies for 3.5% down with 100% Tampa Florida FHA mortgage options available. Or, 10% downpayment is required if your credit score is between 500 – 579. The seller can pay up to 6% of the closing cost this must be requested in your purchase contract. |
| 2. CREDIT | Minimum 500+ credit score – based on payment history, not credit score driven. |
| 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. |
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!
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.
- 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
Tampa FHA Florida Service Areas Include
Tampa FHA Mortgage Downpayment Assistance
The City of Tampa offers down payment assistance loans to income-eligible home buyers of property within the City limits of Tampa. The loan is in the second position behind primary financing from a mortgage lender and is typically known as a “silent second” because of the 0% rate and $0 monthly payment. The Deferred Payment Loan (DPL) can remain “silent” as long as the property continues to be the owner’s primary residence and owner-occupied. The program provides up to $40,000.00 to assist income-eligible first-time homebuyers to achieve the dream of homeownership.
Here are the basic highlights of the City-Wide “Dare to Own the Dream” Homeownership Program:
- Potential buyer must begin process with one of the three approved Housing Counseling agencies and MUST NOT be under contract before receiving a reservation number. The Counseling agency will provide education, complete application with client and collect documentation (See attached list of approved agencies).
- Potential buyer must utilize the services of a Loan Officer and Real Estate Agent (if applicable), who is reflected on the City’s current Approved Lender List and current Approved Realtor List.
- Up to $50,000.00 toward the purchase of the home: (Effective 11/15/24)
- 0-50% AMI Not Eligible
- 50.01%-80% AMI $50,000.00
- 80.01%-120% AMI $40,000.00
- 120.01%-140% AMI $30,000.00
- Fully forgivable after 20 years, assuming still owner occupied.
- Income calculated based on HOUSEHOLD income, not just the loan applicant.
- Household income must be at or below 140% Area Median Income (AMI).
- Debt/Back-end ratio cannot exceed 50%. No front ratio minimum/maximum. Mid-Credit Score of 600.
- Purchase price up to $450,000.00 (if you qualify for primary financing)
- Minimum of $2,000 investment from the borrower with at least $1,000 from borrower’s own verifiable funds. The additional $1,000 may include POC’s (appraisal, inspections, etc.)
- Loan types are flexible – Includes fixed and fully amortized products: FHA, VA and Conventional Affordable Housing Products allowed; ARM loans are not allowed.
- A full independent Home Inspection by the Buyer & a Pass HQS Inspection by the City are required before closing.
FEDERAL HUD AND STATE INCOME LIMITS as of 4/15/2024
The City of Tampa’s Housing and Community Development Division (HCD), through its Housing Counseling Agency partners, will provide Homebuyer Education classes (English and Spanish), Homebuyer Counseling services and down payment & closing cost assistance funds for qualified homebuyers. To participate, contact any of the following housing counseling agencies to begin the process:
PARTICIPATING HOUSING COUNSELING AGENCIES:
Housing & Education Alliance
9215 N. Florida Ave., Ste. 104
Tampa, FL 33612
(813) 932-HOME (4663)
Real Estate Education and
Community Housing, Inc.
(R.E.A.C.H)
4006 S. MacDill Ave.
Tampa, FL 33611
(813) 397-6208
Solita’s House, Inc.
1029 E. Hillsborough Ave.
Tampa, FL 33604
(813) 425-4847
Tampa Bay Neighborhood Housing Services
608 N. Garden Avenue
Clearwater, FL 33755
(727) 405-1313 option #3
