Tampa Real Estate Insider Blog » FHA loan limits

FHA Loan Limits-Tampa, St. Petersburg, Clearwater, Fl

Rae Catanese — Tue, 20 Dec 2011 01:12:34 +0000

Back in August FHA announced they were reducing mortgage limits which would have been a detriment to our real estate market here in Tampa.

I’m happy to provide you with current FHA loan requirements which fortunately did not change. Please check with your loan officer for details on how to qualify for an FHA mortgage, which currently is the best option for most home buyers with little money down. Or you can send us a message if you’d like to be contacted to get pre-qualified.

COUNTY FHA LOAN MAXIMUM PURCHASE PRICE

HILLSBOROUGH COUNTY $ 292,500

PINELLAS COUNTY $ 292,500

PASCO COUNTY $ 292,500

POLK COUNTY $ 271,050

What are the eligibility requirements to obtain an FHA loan?

The borrower must meet standard FHA credit qualifications.
The borrower is eligible for approximately 96.5% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
Eligible properties are one-to-four unit structures.

What is the minimum credit score for FHA financing?

Minimum credit score requirements for FHA home loans depend on which FHA loan product the applicant needs. Generally speaking, to get maximum financing on typical new home purchases, applicants should have a credit score of 580 or better. Those with credit scores between 500 and 579 are, according the the FHA guidelines, “limited to 90 percent LTV”.Applicants who have a minimum decision credit score of less than 500 are not eligible for FHA mortgages. Those with credit scores of 500 or better are eligible for 100% FHA loan financing with no down payment required when using the FHA 203(h), Mortgage Insurance for Disaster Victims.

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Tampa Real Estate Investing: 10 Reasons Buying In Florida Is A No-Brainer! (thetamparealestateinsider.com)

New Lower Minimum Loan Scores Allowed for FHA Financing

Rae Catanese — Fri, 18 Feb 2011 18:44:00 +0000

Image via Wikipedia

Wells Fargo has rolled out their new guidelines for FHA financing.

The positive news is that anyone who needs a mortgage and has a 600 or less credit score may qualify for FHA financing based on the below criteria.

Unfortunately, if you have gone through a short sale process and still have a credit score above 500, you will not qualify to purchase a new home for 3 years from the time of the short sale.

Credit Policy Enhancement: Lower Minimum Loan Scores Allowed for
FHA Purchase Transactions

The following Credit Policy enhancement is being made by Wells Fargo Home Mortgage for FHA Purchase transactions.

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Need to get pre-qualified? Send us a message here

NEW FHA loan limits for Tampa, St. Petersburg Area!

Rae Catanese — Fri, 27 Feb 2009 21:09:57 +0000

GREAT NEWS!!!!

We are now able to use last year’s maximum loan limits on FHA which in Hillsborough, Pasco & Pinellas is $292,500

(much better than the &$271,050 we were rolled back to).

Don’t forget about the 8,000 tax credit for home buyers. This is not just first time home buyers, it is for anyone who hasn’t owned a home for the past 3 years. This program will expire at the end of 2009.

If you are looking for a Real Estate Agent in the Tampa Bay area, please give us a call:

813 784 7744 ask for Rae. Or email: realtyrae@yahoo.com