Why buyers choose FHA
FHA loans are insured by the Federal Housing Administration. That insurance lets lenders be more flexible with credit and down payment than they could be otherwise.
- Low down payment. You can get into a home without saving for years.
- Flexible credit. FHA can work for buyers whose scores would not get great pricing on a conventional loan.
- Gift funds allowed. A family member can help with your down payment and closing costs.
- More room on debt-to-income. FHA can allow a higher DTI when the rest of the file is strong.
The tradeoff: mortgage insurance
FHA loans carry an upfront mortgage insurance premium (usually rolled into the loan) plus a monthly premium. That is the cost of the flexibility. Depending on your credit, a conventional loan can sometimes come out cheaper, so I run both side by side before you pick.
FHA loan limits
FHA sets a maximum loan amount by county, and the limit changes each year. Hillsborough, Pasco and the rest of Tampa Bay have their own limits. I will tell you exactly where you stand for the area you are shopping in.
How we get you to closing
- Quick review. We talk through income, credit, savings and what you want your payment to be.
- Pre-approval. You get a pre-approval letter your agent can put behind an offer.
- Lender shopping. I compare FHA pricing across my lender network instead of just one bank.
- Appraisal and approval. FHA appraisals also look at basic safety and condition. I will let you know what to watch for on older Florida homes.
- Close. You sign, you get keys, and I stay available after closing if questions come up.
Thinking about a refinance later?
If you buy FHA now and your credit and equity improve, refinancing to a conventional loan down the road can remove mortgage insurance. We can plan for that from day one.
Common questions
Is FHA only for first-time buyers?
No. Anyone who meets the guidelines and will live in the home as their primary residence can use FHA. It is just very popular with first-time buyers.
Can I use FHA on a duplex or fourplex?
Yes. FHA allows two to four unit properties as long as you live in one of the units. The rent from the other units can sometimes help you qualify.
Can my parents help with the down payment?
Yes. FHA allows gift funds from family and certain other sources. We just need to document the gift properly, which I will walk you through.
What credit score do I need for FHA?
It depends on the lender and the rest of your file. Lenders set their own minimums, and because I shop many lenders, I can often find a fit when a single bank says no.
All loans subject to credit approval, property eligibility, and underwriting guidelines. Not all borrowers will qualify. Program terms and availability can change without notice. This is not a commitment to lend.