Here are some quick updates on how the mortgage industry will change your ability to buy a home in the Tampa Real Estate market. It’s not as bad as most people think! Although it can be confusing since things are changing every day!
Here are the changes for FHA loans: Compliments of Katie Hughes, Prospect Mortgage
FHA is requiring 3.5% down on all property types-Primary residence only
Max loan amount for FHA $270,050- Only 580 minimum credit score
Condos must be FHA approved, which I can tell you which ones are approved for FHA financing
Here are the changes to Conventional Loans
Conventional loans are requiring 10%down on all primary residences
20% down if it is a condo
20% down if it is an investment property
620 minimum credit score for a primary residence
Maximum loan amount $417,0000
Join us as we uncover what has changed and what is new in the Mortgage Lending Industry.
Mortgage, will guide us through the latest changes as our real estate market continues to evolve.
The Tampa Real Estate Insider Investing Group