Federal Housing Administration – Tampa FHA Loans

Over the last several months there has been a real credit crunch in the weaker credit markets in Florida and across the country. Many of our Tampa borrowers who have credit issues are now turning to a Florida FHA home loan for home financing, whether they are looking to purchase a new house or refinance their current home.

FHA Loans in Florida are loans that are federally insured. The Federal Housing Administration has been insuring these mortgages since 1934. Florida FHA Loans are mortgage, which usually have a lower down-payment requirement and less stringent qualifications than conventional loans. That is what makes them ideal loans for the first time home buyer.

Because a Florida FHA Home Loan is federally insured, lenders are more willing to offer competitive rates. Part of the Florida FHA loan requirements is that you have a mortgage insurance solution. This is an additional cost at closing as well as part of your monthly Florida FHA Home Loan mortgage payment. The rest of your monthly payments will include interest rates, taxes, and homeownership fees. Costs can really add up, so having a financial plan in place before getting FHA Approved and saving up for a down payment will help keep you financially on-track.

Unlike most subprime loans, Florida FHA Loans do not have any pre-payment penalties. Florida FHA loans are insured by the government, but unlike other government programs, there are no income limits. Florida FHA loans have been updated with new higher loan limits up to $544,000 depending on the county; however, most metropolitan counties have a limit between $200,000 and $300,000. 2012 maximum loan amounts are effective: Calendar year 2012

Some of the key benefits of Florida FHA Loans are:

  • Low Down Payment: Generally, FHA requires as little as 3.5% down payment which is much less than conventional financing.
  • Easier Qualification Standards: Borrowers with less than perfect credit, higher debt to income ratios, and little to no money down are likely candidates for Florida FHA loans.
  • Competitive Rates: Florida FHA loans generally have competitively priced interest rates. Because these loans are Federally Insured, lenders offer competitive rates.

For more information about Tampa FHA loans contact Integrity Financial now!

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Integrity Financial Services of Tampa Bay Inc. DBA Integrity Financial Services (“Company”) is a Florida Licensed Mortgage Lender NMLS #327908. Integrity Financial Services is not affiliated with any government agency.