Tampa, St. Petersburg and Clearwater FHA Loans

If you are thinking about moving to Tampa, St. Petersburg or Clearwater, you should consider going through the FHA to obtain your new home loan. While conventional loans are more expensive than ever, FHA loans have made homeownership much more affordable, especially for first time buyers. The FHA does this by extending huge benefits to those who apply, and also by lowering the approval requirements. Here are a few different types of FHA loans, and the benefits of each.

FHA Loan

If you are looking to purchase a new home that has one to four-units on the property, a standard FHA loan is the ideal choice for you. With this loan, you will be able to qualify for up to 96.5% financing on the new property. This means you will only have to supply 3.5% for the down payment. Additionally, you will get to take advantage of low interest rates and won’t have to pay for costly private monthly mortgage insurance. The other benefits include easy approval standards, simple refinancing options and flexible repayment plans.

Energy Efficiency Mortgage

If you have a house that you would like to buy and make upgrades to, the Energy Efficiency Mortgage (EEM) is perfect for you. The EEM includes the cost of purchasing the house and any energy efficient upgrades you plan to complete. These upgrades can be anything from buying low-flush toilets to installing solar water heaters to weatherproofing the windows.

203(k) Mortgage

The 203(k) mortgage was designed to help people buy homes that need to be rehabilitated. With conventional mortgages, you would be required to take out three separate, high interest, low amortization loans. The 203(k), on the other hand, rolls the cost of acquiring the house, all repairs and the final projected value into one tidy loan. Be sure to check out the website for the US Department of Housing and Urban Development (HUD) to see a list of all properties that are eligible for a 203(k) mortgage.

Get Started Today

Getting pre-approved for a Florida FHA loan is incredibly easy. No matter what type of loan you plan to obtain, we can help you get pre-qualified today when you fill out our online form. Pre-approval is fast, free, secure and has no obligation.

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