Tampa Florida FHA Loans
For more than a century, Federal Housing Authority (FHA) loans have offered essential support to Floridians in unique financial circumstances aiming for homeownership. These loans provide a critical pathway for those who may face challenges obtaining conventional financing.
As a key part of HUD, FHA loans are backed by the federal government, delivering several notable advantages, including:
- Reduced down payment demands
- Decreased closing costs
- Simplified qualification criteria

FHA Loans
If you have a credit score of 580 or above, you may be eligible for an FHA loan that covers 96.5% of the property’s value. However, if your credit score falls between 500 and 579, you can still qualify for an FHA loan, but you’ll need to make a 10% down payment.
FHA loans offer flexibility and can be utilized for various purposes such as buying a home, refinancing, or even renovating properties with 1 to 4 units. In some cases, borrowers may only need to pay a down payment of 3.5% of the home’s purchase price.
Qualifying for FHA Loans:
First-time Homebuyers – FHA loans make homeownership more accessible for individuals with low income, bad credit, or limited credit history. Supported by the Federal Government, these loans are more readily offered to those considered higher-risk, potentially leading to higher interest rates and PMI compared to other loan types. Discover your qualification for extra support by taking our quiz.
Seniors – Individuals 62 years or older, who fully own their homes or have minimal remaining mortgage, might be eligible for the FHA’s reverse mortgage program, the Home Equity Conversion Mortgage (HECM). This program allows seniors to transform a portion of their home equity into cash for living expenses while retaining ownership.
Home Improvement – Seniors who qualify may access the HECM program to finance home improvements that enhance livability and energy efficiency.
Purchasing Fixer-uppers – Buyers looking to purchase and renovate homes can take advantage of the FHA’s 203(k) Improvement Loan, which includes repair costs in the overall loan amount.
Mobile Home Residents – Individuals living in mobile or factory-built homes are eligible for FHA loans, regardless of whether they own the land or live in a mobile home park.
Unsure if an FHA loan is the best fit for you? No need to fret! The experienced team at Tampa Mortgage Company is here to help. With their expertise in FHA lending programs, they can offer you the guidance you require. Don’t hesitate to contact them today if you have any queries or apprehensions.