Tampa FHA Loan Rates, Closing Costs & Stats

TAMPA-ST. PETERSBURG-CLEARWATER, FL

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Tampa's 293 lenders originated 13,006 FHA loans during 2024. The total origination value was $4,140,290,000, with an average FHA loan value of $318,337.

    Tampa FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Tampa averaged 6.72% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

    Tampa's average FHA mortgage closing costs are $9,557.

    The average rate for the prior week (2025-07-11) was 6.62% and one month ago for the week of 2025-06-13, the average rate was 6.68%.

    The average rate one year ago was 6.74%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.46%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Tampa FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Tampa level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 1,796 6.25% $14,430
    DHI MORTGAGE COMPANY, LTD. 980 5.44% $9,852
    EAGLE HOME MORTGAGE, LLC 925 4.88% $11,663
    QUICKEN LOANS, LLC 793 6.21% $13,832
    FREEDOM MORTGAGE CORPORATION 402 6.25% $14,731
    LOANDEPOT.COM, LLC 269 5.89% $11,978
    CROSSCOUNTRY MORTGAGE, LLC 254 6.44% $14,180
    MID AMERICA MORTGAGE, INC. 243 6.90% $10,753
    PENNYMAC LOAN SERVICES, LLC 229 6.13% $12,750
    CARDINAL FINANCIAL 200 6.17% $16,171
    Residential Acceptance Corporation 198 7.06% $12,753
    NEWREZ LLC 190 6.38% $13,695
    BROKER SOLUTIONS, INC. 158 6.67% $13,638
    CMG MORTGAGE, INC. 155 5.77% $17,845
    EVERETT FINANCIAL, INC. 153 6.84% $13,439
    NVR Mortgage Finance, Inc. 149 6.00% $9,082
    Equity Prime Mortgage LLC 139 6.88% $15,059
    Paramount Residential Mortgage Group, Inc. 134 6.58% $15,391
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 133 6.66% $13,433
    MY MORTGAGE, INC. 127 6.72% $15,904
    GUARANTEED RATE, INC. 117 6.02% $15,592
    AMERITRUST MORTGAGE CORPORATION 116 6.66% $18,974
    FBC MORTGAGE, LLC 111 6.01% $14,324
    MOVEMENT MORTGAGE, LLC 98 6.49% $13,242
    M/I FINANCIAL, LLC 95 5.25% $21,951
    MATTAMY HOME FUNDING, LLC 94 5.68% $10,882
    Carrington Mortgage Services, LLC 90 6.38% $14,519
    KBHS HOME LOANS, LLC 90 5.67% $13,668
    EMBRACE HOME LOANS, INC. 89 6.50% $12,182
    AMERICAN FINANCIAL NETWORK, INC. 86 6.94% $15,298
    THE MORTGAGE FIRM, INC. 84 6.74% $11,852
    Century Mortgage Company DBA Century Lending Company 79 6.26% $13,792
    UNION HOME MORTGAGE CORP. 78 6.52% $13,942
    Plains Commerce Bank 73 6.52% $13,575
    VANDERBILT MORTGAGE AND FINANCE, INC. 69 5.27% $11,663
    Flagstar Bank, FSB 68 6.45% $12,801
    JMAC LENDING, INC. 65 6.16% $15,232
    GERSHMAN INVESTMENT CORP. 64 6.41% $12,930
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 63 6.50% $13,535
    HOMEOWNERS FINANCIAL GROUP USA, LLC 62 6.44% $13,792
    SUN WEST MORTGAGE COMPANY, INC. 58 6.15% $15,120
    HOMESIDE FINANCIAL, LLC 57 6.50% $13,597
    VAN DYK MORTGAGE CORPORATION 56 6.59% $10,203
    The Loan Store, Inc. 55 6.15% $14,842
    Cornerstone First Mortgage, Inc 50 6.67% $13,062
    Mr. Cooper ( Nationstar Mortgage ) 50 6.53% $15,710
    Waterstone Mortgage Corporation 48 6.73% $14,552
    NFM, INC. 48 6.66% $13,499
    HOME SOLUTION LENDERS INC. 48 5.69% $22,226
    MUTUAL OF OMAHA MORTGAGE, INC. 44 6.38% $16,656
    PULTE MORTGAGE LLC 42 4.80% $8,986
    PLAZA HOME MORTGAGE, INC. 41 6.85% $13,503
    LAKEVIEW LOAN SERVICING, LLC 41 6.34% $9,330
    NJ LENDERS CORP. 40 6.24% $14,244
    GUILD MORTGAGE COMPANY 39 6.33% $12,542
    FIRST COMMUNITY MORTGAGE, INC. 37 6.82% $13,062
    VILLAGE CAPITAL MORTGAGE 36 6.45% $9,318
    LOANPAL, LLC 35 5.67% $13,779
    Keystone Funding, Inc. 33 6.41% $14,047
    AMERISAVE MORTGAGE CORPORATION 33 6.11% $16,576
    OCMBC, INC. 33 6.97% $14,719
    JPMorgan Chase Bank 32 6.21% $9,095
    EMM LOANS LLC 30 6.31% $13,808
    PLANET HOME LENDING, LLC 29 6.49% $11,772
    MICHIGAN MUTUAL, INC. 29 6.32% $14,441
    TOP FLITE FINANCIAL, INC. 29 6.50% $14,877
    Ixonia Bank 29 6.80% $12,896
    GARDNER FINANCIAL SERVICES, LTD. 28 6.54% $13,694
    TOWNE MORTGAGE COMPANY 28 6.37% $16,318
    LEADERONE FINANCIAL CORPORATION 27 6.29% $10,536
    Lakeview Community Capital, LLC 27 6.34% $10,302
    AMERICAN FINANCIAL RESOURCES, INC. 26 6.67% $15,670
    Regions Bank 26 6.17% $12,730
    Synovus Bank 26 6.31% $12,596
    STOCKTON MORTGAGE CORPORATION 25 6.60% $12,622
    HOMEBRIDGE FINANCIAL SERVICES, INC. 25 6.02% $14,126
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 24 6.45% $12,667
    South Pacific Financial Corporation 23 4.86% $8,619
    TIDEWATER MORTGAGE SERVICES, INC. 23 6.72% $10,830
    Truist 23 6.30% $10,869
    ABSOLUTE HOME MORTGAGE CORPORATION 22 6.63% $13,801
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 22 5.89% $14,912
    SECURITYNATIONAL MORTGAGE COMPANY 21 6.52% $13,013
    T2 FINANCIAL LLC 21 6.52% $13,127
    South State Bank 20 6.24% $12,841
    ZILLOW HOME LOANS, LLC 20 6.04% $12,968
    GUARANTEED RATE AFFINITY, LLC 20 6.64% $13,788
    OPEN MORTGAGE, LLC 19 6.34% $13,367
    Sierra Pacific Mortgage Company, Inc. 19 6.41% $13,542
    POINT Mortgage 18 6.85% $14,729
    SUCCESS MORTGAGE PARTNERS, INC. 16 6.58% $13,778
    AMERICAN FINANCING CORPORATION 16 6.09% $15,538
    Mortgage Lenders Investment Trading Corporation 16 6.89% $11,709
    First Option Mortgage, LLC 15 6.50% $14,634
    AmeriHome Mortgage Company, LLC 15 6.30% $11,054
    Hancock Whitney Bank 14 6.19% $11,332
    Mortgage Research Center, LLC 14 6.69% $9,245
    MILEND, INC. 14 6.24% $18,567
    Hometown Equity Mortgage, LLC 14 6.10% $19,126
    NATIONS DIRECT MORTGAGE, LLC 14 6.70% $17,169
    GENEVA FINANCIAL, LLC 14 7.15% $14,678
    U.S. Bank 13 6.27% $9,469
    INSPIRE HOME LOANS INC. 12 5.57% $10,110
    NORWICH COMMERCIAL GROUP, INC. 12 6.46% $12,286
    Midwest Mortgage Associates Corporation 12 6.44% $9,274
    BAY EQUITY LLC 12 6.33% $11,546
    HOMEAMERICAN MORTGAGE CORPORATION 12 4.78% $8,271
    Nations Lending Corporation 12 6.69% $15,039
    ALKAN MORTGAGE CORPORATION 11 6.50% $14,260
    City Lending Inc. 11 7.34% $15,938
    Prosperity Home Mortgage, LLC 11 5.95% $17,719
    BancorpSouth 10 6.51% $10,115
    GEO-CORP, INC. 10 7.71% $18,621
    PREFERRED LENDING SERVICES, LLC 10 6.44% $11,731
    SFMC, LP 10 6.36% $13,762
    TJC Mortgage, Inc. 9 6.53% $15,456
    LEGEND LENDING CORPORATION 9 6.43% $17,983
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 9 6.25% $11,126
    AMERICAN PACIFIC MORTGAGE CORPORATION 9 6.28% $17,341
    PRIMARY RESIDENTIAL MORTGAGE, INC. 9 6.60% $15,107
    Loan Simple, Inc. 9 6.39% $12,756
    AMERICAN BANCSHARES MORTGAGE 8 7.00% $13,438
    ALLIED MORTGAGE GROUP, INC. 8 6.27% $10,468
    PHH Mortgage Corporation 8 5.84% $10,890
    NATIONWIDE MORTGAGE BANKERS, INC. 8 6.58% $16,183
    First Federal Bank 8 6.17% $10,816
    GTE Federal Credit Union 7 6.30% $10,777
    Bell Bank 7 5.98% $13,276
    EQUITY RESOURCES, INC. 7 6.75% $10,333
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 7 6.25% $14,385
    LADERA LENDING, INC. 7 6.54% $14,176
    PRIMELENDING, A PLAINSCAPITAL COMPANY 7 6.18% $12,392
    RELIANCE FIRST CAPITAL, LLC 7 6.43% $13,338
    UNITED MORTGAGE CORP 7 6.75% $14,651
    Home Mortgage Alliance Corp 6 6.83% $15,795
    TOTAL MORTGAGE SERVICES, LLC 6 6.40% $15,010
    GSF Mortgage Corporation 6 6.02% $13,936
    INTELLILOAN, INC. 6 6.21% $6,164
    BETTER MORTGAGE CORPORATION 6 5.92% $11,319
    LOANFLIGHT LENDING, LLC 6 6.42% $13,003
    VERITAS FUNDING, LLC 6 6.35% $14,217
    NBKC BANK 6 6.04% $10,805
    DG PINNACLE FUNDING LLC 6 6.83% $13,939
    CALCON MUTUAL MORTGAGE LLC 5 5.83% $16,159
    CHURCHILL MORTGAGE CORPORATION 5 6.60% $14,838
    ENVOY MORTGAGE, LTD 5 6.85% $12,277
    Acre Mortgage and Financial Inc 5 6.07% $16,417
    NETWORK CAPITAL FUNDING CORPORATION 5 5.88% $16,320
    American Mortgage & Equity Consultants, Inc. 5 6.88% $14,791
    AmRes Corporation 5 7.00% $19,741
    Northpointe Bank 5 6.30% $10,998
    SWBC MORTGAGE CORPORATION 5 6.95% $8,409
    FIRST COLONY MORTGAGE CORPORATION 4 6.09% $13,898
    ENDEAVOR CAPITAL, LLC. 4 6.31% $13,573
    NEW FED MORTGAGE, CORP. 4 6.41% $12,588
    Bank of England 4 6.03% $17,409
    Bank of America 4 6.28% $13,128
    OCEANSIDE MORTGAGE COMPANY 4 6.03% $6,196
    Victorian Finance, LLC 4 6.50% $12,947
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 7.13% $19,821
    Wells Fargo Bank 4 6.03% $11,992
    HOMESPIRE MORTGAGE CORPORATION 4 6.34% $11,821
    M&T Bank 4 6.56% $9,390
    FIRST MORTGAGE COMPANY, INC. 4 6.37% $11,697
    NP, Inc. 3 6.04% $17,655
    Performance Financial, Inc. 3 7.63% $10,170
    MORTGAGE EQUITY PARTNERS LLC 3 6.54% $13,594
    ACHIEVA CREDIT UNION 3 6.50% $9,386
    Wolfe Financial, Inc 3 7.08% $17,115
    1ST FINANCIAL, INC. 3 6.46% $14,285
    AHL FUNDING 3 7.17% $16,292
    The Federal Savings Bank 3 7.08% $19,186
    SOUTHPOINT FINANCIAL SERVICES, INC. 3 6.88% $6,736
    RUOFF MORTGAGE COMPANY, INC. 3 6.50% $9,951
    First Heritage Mortgage, LLC 3 6.42% $11,216
    LAND HOME FINANCIAL SERVICES, INC. 3 7.29% $17,823
    LIBERTY HOME MORTGAGE CORPORATION 3 6.75% $17,249
    Barrington Bank & Trust Company, N.A. 3 6.42% $11,789
    BELEM SERVICING LLC 3 6.42% $14,913
    Raymond James Bank 3 6.50% $9,424
    Willamette Valley Bank 2 7.00% $14,805
    Mortgage Assurance Inc. 2 6.44% $13,235
    City National Bank of Florida 2 5.63% $16,476
    DAS Acquisition Company, LLC 2 6.75% $17,617
    ONY GLO, INC. 2 6.63% $11,622
    AFFORDABLE MORTGAGE ADVISORS, LLC. 2 7.19% $11,549
    Advisors Mortgage Group, L.L.C. 2 6.81% $11,220
    Magnolia Bank 2 6.31% $16,897
    Presidential Bank, FSB 2 6.94% $9,041
    PENTAGON FEDERAL CREDIT UNION 2 5.88% $15,943
    MEMBER FIRST MORTGAGE, LLC 2 6.44% $11,935
    VYSTAR 2 7.06% $8,781
    CANOPY MORTGAGE, LLC 2 6.37% $13,692
    PREMIER LENDING, INC. 2 6.06% $17,893
    First Horizon Bank 2 6.13% $16,187
    Fifth Third Bank 2 6.25% $10,013
    ROYAL UNITED MORTGAGE LLC 2 6.75% $10,750
    SeaTrust Mortgage Company 2 6.44% $23,753
    BECKAM FUNDING CORP. 2 7.00% $17,672
    FIRST HOME MORTGAGE CORPORATION 2 6.75% $14,615
    HOMESTEAD FUNDING CORP. 2 6.06% $7,789
    MORTGAGEONE, INC. 2 6.00% $10,953
    FAIRWAY FUNDING GROUP, INC. 2 6.06% $12,472
    AXIA FINANCIAL, LLC 2 7.25% $20,711
    Strong Home Mortgage, LLC 2 5.94% $12,024
    FIRST EQUITY MORTGAGE BANKERS, INC. 2 6.69% $12,817
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 6.50% $15,914
    GVC MORTGAGE, INC. 2 6.88% $15,045
    ARC HOME LLC 2 6.19% $17,468
    Capital City Home Loans, LLC 2 6.69% $9,048
    Texana Bank 2 6.25% $16,024
    LOANLEADERS OF AMERICA, INC. 2 6.56% $14,341
    MLB RESIDENTIAL LENDING, LLC 2 6.75% $12,209
    THE MORTGAGE LINK, INC. 2 6.87% $18,952
    Ameris Bank 2 5.69% $11,544
    BOND STREET MORTGAGE, LLC 2 6.25% $20,112
    ML Mortgage Corp. 2 6.50% $15,061
    J. VIRGIL, INC. 1 7.88% $14,434
    WesBanco 1 6.50% $13,356
    LAKE MICHIGAN CREDIT UNION 1 6.00% $13,586
    HARTFORD FUNDING, LTD. 1 6.25% $15,661
    LENOX FINANCIAL MORTGAGE CORPORATION 1 6.75% $8,178
    Granite Community Bank 1 5.75% $15,314
    Franklin Loan Corporation 1 7.13% $12,594
    Firstrust Savings Bank 1 6.75% $8,684
    MASON MCDUFFIE MORTGAGE CORPORATION 1 6.75% $14,957
    MEGASTAR FINANCIAL CORP. 1 6.13% $14,639
    MEMBERS 1ST FEDERAL CREDIT UNION 1 6.63% $9,359
    METROPLEX MORTGAGE SERVICES, INC. 1 6.13% $16,547
    Mid-Continent Funding, Inc. 1 6.25% $14,813
    MILLENIUM HOME MORTGAGE, LLC 1 6.75% $19,193
    MLD MORTGAGE INC. 1 6.25% $12,770
    FIRSTBANK PUERTO RICO 1 6.25% $13,580
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.63% $14,215
    FIDELITY DIRECT MORTGAGE, LLC 1 6.75% $22,452
    FAMILY FINANCE MORTGAGE, LLC 1 6.63% $15,223
    MYCUMORTGAGE, LLC 1 6.63% $17,171
    NATIONS RELIABLE LENDING, LLC 1 6.38% $21,700
    Encompass Lending Group, LP 1 6.25% $10,340
    NBH Bank 1 6.50% $4,205
    NEW DAY FINANCIAL, LLC 1 7.25% $3,998
    DIRECT MORTGAGE LOANS, LLC 1 6.63% $9,214
    NEXERA HOLDING LLC 1 5.63% $8,005
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.63% $16,691
    North American Savings Bank, F.S.B. 1 5.25% $18,044
    NORTHPOINT MORTGAGE, INC. 1 6.75% $10,036
    Northwest Bank 1 6.25% $11,753
    DELMAR FINANCIAL COMPANY 1 6.25% $12,939
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 7.25% $6,912
    DATA MORTGAGE, INC. 1 6.13% $13,608
    OAKTREE FUNDING CORP. 1 6.63% $12,610
    ON Q FINANCIAL, INC. 1 6.63% $14,117
    Commerce Home Mortgage, Inc. 1 5.38% $24,318
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.50% $8,385
    PANORAMA MORTGAGE GROUP, LLC 1 6.50% $15,194
    CITYWIDE HOME LOANS, LLC 1 6.25% $19,178
    PARK SQUARE HOME MORTGAGE, LLC 1 4.99% $10,335
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.25% $18,816
    Pinnacle Bank 1 6.25% $14,530
    Citibank 1 5.13% $9,796
    PLUS RELOCATION MORTGAGE, LLC 1 6.75% $10,442
    PNC Bank 1 5.13% $15,420
    CAPITAL CENTER, L.L.C. 1 5.88% $7,065
    POLARIS HOME FUNDING CORP. 1 6.75% $21,566
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.25% $10,047
    BM Real Estate Services, Inc. 1 6.63% $15,437
    READY MORTGAGE LENDERS, LLC 1 7.25% $11,704
    Bethpage Federal Credit Union 1 6.38% $4,025
    Republic Bank & Trust Company 1 5.50% $9,244
    RESIDENTIAL BANCORP 1 6.75% $15,625
    RESIDENTIAL HOME MORTGAGE CORPORATION 1 6.63% $10,117
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.00% $12,674
    SIRVA MORTGAGE, INC. 1 6.63% $11,594
    SOUTHWEST FUNDING, LP 1 6.13% $5,651
    STAUNTON FINANCIAL, INC. 1 6.99% $10,684
    Atlantic Coast Mortgage, LLC 1 6.99% $11,518
    Arvest Bank 1 6.00% $10,470
    TD Bank 1 7.00% $6,357
    THE EQUITABLE MORTGAGE CORPORATION 1 6.63% $13,253
    The Huntington National Bank 1 6.63% $8,698
    Arbor Bank 1 5.50% $12,858
    The Union Bank Company 1 5.25% $13,524
    American Mortgage Bank, LLC 1 6.75% $13,302
    AMERICAN FEDERAL MORTGAGE CORPORATION 1 6.50% $10,788
    TruHome Solutions, LLC 1 6.50% $9,771
    ALTITUDE FINANCIAL CORPORATION 1 7.13% $13,395
    UNION CAPITAL MORTGAGE CORPORATION 1 5.75% $14,733
    Alcova Mortgage LLC 1 6.63% $7,268
    1ST SIGNATURE LENDING, LLC 1 6.75% $21,841
    US MORTGAGE CORPORATION 1 6.25% $21,279
    A&D Mortgage LLC 1 7.25% $13,485
    V.I.P. MORTGAGE, INC. 1 6.25% $11,636
    HOMEXPRESS MORTGAGE CORP. 1 6.63% $16,621

    The top Tampa FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 1,796 FHA loans originated. Their average total fees are $14,430, which is $4,577 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Tampa FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION ($8,271), South Pacific Financial Corporation ($8,619), PULTE MORTGAGE LLC ($8,986), NVR Mortgage Finance, Inc. ($9,082) and JPMorgan Chase Bank ($9,095).

    The lowest rate Tampa FHA lenders (with over 10 loans originated) are HOMEAMERICAN MORTGAGE CORPORATION (4.78%), PULTE MORTGAGE LLC (4.80%), South Pacific Financial Corporation (4.86%), EAGLE HOME MORTGAGE, LLC (4.88%) and M/I FINANCIAL, LLC (5.25%).

    Tampa FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    TAMPA-ST. PETERSBURG-CLEARWATER, FL HERNANDO 2022 $420,680 $538,650 $651,050 $809,150
    TAMPA-ST. PETERSBURG-CLEARWATER, FL HILLSBOROUGH 2022 $420,680 $538,650 $651,050 $809,150
    TAMPA-ST. PETERSBURG-CLEARWATER, FL PASCO 2022 $420,680 $538,650 $651,050 $809,150
    TAMPA-ST. PETERSBURG-CLEARWATER, FL PINELLAS 2022 $420,680 $538,650 $651,050 $809,150
    TAMPA-ST. PETERSBURG-CLEARWATER, FL HERNANDO 2023 $472,030 $604,400 $730,525 $907,900
    TAMPA-ST. PETERSBURG-CLEARWATER, FL HILLSBOROUGH 2023 $472,030 $604,400 $730,525 $907,900
    TAMPA-ST. PETERSBURG-CLEARWATER, FL PASCO 2023 $472,030 $604,400 $730,525 $907,900
    TAMPA-ST. PETERSBURG-CLEARWATER, FL PINELLAS 2023 $472,030 $604,400 $730,525 $907,900

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).