Tarpon Springs Florida FHA Mortgage Lenders
Florida FHA mortgage Lenders make the possibility of owning a Tarpon Springs Florida home exciting because FHA takes a common-sense review for approvals rather than a credit-score-driven approach. Tarpon Springs Florida FHA mortgage lenders for refinancing or purchasing a home are 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
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 Tarpon Springs 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. |
Tarpon Springs FL FHA Mortgage Service Areas
Holiday FL ::East Lake, FL Palm Harbor FL :: Elfers, FL New Port Richey, FL Dunedin, FL Oldsmar, FL Jasmine Estates, FL Safety Harbor, FL Citrus Park, FL Clearwater, FL Bayonet Point, FL Largo, FL Lutz, FL Lake Magdalene, FL, Dunedin FL, Ozona FL, Crystal Beach FL, Dunedin, FL Tarpon Springs, FL East Lake, FL Oldsmar, FL Safety Harbor, FL Holiday, FL Clearwater 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 your mortgage application accuracy. 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!
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 buyer, but 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 Tarpon Springs Florida, very few condos qualify for an FHA mortgage. Search Tarpon Springs Florida, FHA-approved condos.
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 are the most common FHA mortgage disqualifications?
The primary factors that could disqualify you from getting an FHA mortgage loan include a high debt-to-income ratio, poor payment history, or a seller not willing to pay closing costs if you don’t have the funds.
Q. What Are Common Red Flags for an FHA mortgage?
Major structural issues that are common FHA red flags include cracked or crumbling foundations, deteriorating roofs, and water damage. Other red flags that appraisers look for include: Termite damage. Dampness. Large cracks. Stains that indicate evidence of a leak. Roof damage.Missing handrails. Cracked windows. Loose or exposed electrical wiring. Peeling or chipping paint. Lack of access to the home from the street. Poor ventilation in attics and crawl spaces.
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 loan with student loans in default?
Tarpon Springs 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.
Q. What are the downsides of an FHA loan?
FHA mortgage loans offer the lowest down payment and credit score requirements, but come with some downsides that include higher FHA mortgage insurance premiums (MIP) for the life of the loan, which can increase overall costs of the mortgage. In addition Florida homes must meet stricter FHA standards, limiting choices and potentially requiring repairs before closing. FHA loans also have loan limits that may not be sufficient in high-cost areas.
Tarpon Springs FL FHA Mortgage Lenders serving all of Florida
This is a list of smaller local towns that we service around Tarpon Springs FL If you need an FHA mortgage lender near Tarpon Springs Florida, you have come to the right place. We are dedicated to making your FHA mortgage a win! We enjoy Tarpon Springs Florida, as a loan officer and bringing homeownership dreams to life. We will answer your questions in simple terms, help you through each step in home financing, and do everything in our power to help you go from getting pre-approved to relaxing at your Tarpon Springs FL home.
Related FHA Mortgage Pages
Tarpon Springs, Florida Locations Include:
Serving all Tarpon Springs FL including: Dunedin FL, Ozona FL, Crystal Beach FL, Dunedin, FL Tarpon Springs, FL East Lake, FL Oldsmar, FL Safety Harbor, FL Holiday, FL Clearwater FL Elfers, FL Largo, FL New Port Richey, FL Citrus Park, FL Jasmine Estates, FL Seminole, FL Pinellas Park, FL Egypt Lake-Leto, FL
Tarpn Springs Florida FHA Mortgage Lenders
Housing Finance Authority First-Time Homebuyer Program
Effective May 5, 2025
The Housing Finance Authority of Pinellas County First-Time Homebuyer Program could be your key to achieving the American dream. If you have never owned a home, have not owned a home in the past three years or are a veteran, you may qualify for this program.
The current interest rate on FHA, VA, and RD is 6.50%. Freddie Mac HFA Advantage Conventional is 7.0%.
Down payment and closing cost assistance is available with a Home Key Plus 2nd Mortgage. Get started by taking the Homebuyer Education class. Then, contact a lender from the Approved Lender List to assist you in making your dreams come true.
The minimum FICO Score for all loans is 660.
The home must serve as the primary residence for the duration of the loan.
Visit our frequently asked questions page to find additional information for first time homebuyers.
Home Buyer Classes / Lenders
- Homebuyer ClassesLearn about the process of buying a home, how to avoid costly mistakes, the importance of maintaining your home, and more. Attending the Homebuyer Education class is a requirement for this program. Classes are offered in all three counties.
- Approved LendersPlease choose a lender from the Approved Lender list and contact them. Let them you have the certificate from your Homebuyer Education class and are ready to be pre-approved for a mortgage. The lender will pre-approve you and give you letter to take to your realtor.
Home Key Plus 2nd Mortgage Down Payment Assistance
This down payment and closing cost assistance program is a deferred, non-amortizing. 0% interest, second mortgage that is repayable when borrowers sell or refinance the property, satisfy the first mortgage, rent or no longer occupy the property as a primary residence.
Pinellas County assistance is $12,000.
