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

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.
Search all homes for sale here  or contact us for more information here.
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Written by Rae Catanese, Realtor

Licensed Realtor since 2002, Tampa Bay’s own Rae Catanese regularly gives expert advice and insider tips about the Tampa Bay real estate market via her blog, The Tampa Real Estate Insider. If you are thinking of buying or selling a home in the Tampa, St. Petersburg or Clearwater areas-then this blog is for you. I typically post articles once a week. To make sure you don’t miss my newest posts, you can subscribe here! Have a real estate question? Email me here!

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