First Time Home Buyer

Tampa

First Time Home Buyer Tampa Benefits:

  • Starting at 3% Down Payment
  • FICO Starting at 550
  • 21 Day Closing
  • Real Estate Agents Welcome!
  • Prequalify in just 15 minutes
  • APPLY NOW!

    The First time home buyer Tampa has it easier than ever to purchase their dream home.  Tampa First Time Home Buyer Programs exist to assist those wishing to purchase in the state of Florida and offer many benefits.

    Tampa First Time Home Buyer Tampa Programs

    FHA Loan – Only 3.5% Down
    FICO Score As low as 580 and up
    FICO 550 would be 10% Down
    Seller can contribute up to 6% for closing costs.
    Gift Funds Allowed
    Low fees and closing costs
    Fast Closing- As Fast as 15 Days!
    HomeReady Program 3% Down

    Additional Tampa first time home buyer programs

    Qualify Here for current programs that are approved and backed by the federal government. that make purchasing your first home much less costly. First Time Home Buyer program Tampa help Tampa’s residence achieve the American Dream.

    VA Loans

    This is the best program for those currently serving and those that have served in our military armed forces. For first time home buyers that have served a VA loan is the best choice. 

     A Zero Down VA home loan. You can send your DD214 or Certificate of Eligibility and click here to fill out an application for your first time home buyer VA Loan.  To look up VA loan limits in Maryland Click below. 

    ADDITIONAL LOAN TYPES

    * Jumbo Loan
    * Home Loans for business owners Non QM Loans
    * Statement Only Loans -No W2s or Tax Returns
    * Loans-No W2s or Tax Returns
    * Foreign National Loans

    Best First Time Home Buyer Rates in Tampa. Qualify Here!



    Tampa First Time Home Buyer Programs Administered By Government Agencies like the Federal Housing Administration (FHA) VA Loans from the Veterans association , Freddie Mac and Fannie Mae offer low down payment and Zero Down loans that provide excellent options today with some of the lowest rates in years. 

    Reverse Mortgages in Tampa

    Reverse mortgages are a specialized type of home loan available to homeowners aged 62 and older. These loans allow homeowners to convert a portion of their home equity into cash, either through a lump sum payment, monthly installments, or a line of credit.

    Unlike traditional mortgages, reverse mortgages do not require monthly mortgage payments. Instead, the loan is repaid when the homeowner sells the home, moves out of the property, or passes away. The loan is typically repaid through the sale of the home, with any remaining equity goingto the homeowner or their heirs.

    Reverse mortgages can be a useful financial tool for retirees who want to tap into their home equity to supplement their income in
    retirement.

    Construction Loans Tampa

    Construction loans are specialized loans that provide financing for the construction of a new home or major renovations to an existing home. These loans typically have a shorter term and higher interest rates compared to traditional mortgages. 

    Construction loans are suitable for borrowers who want to build their dream home or undertake significant renovations but may not have the funds to finance the project upfront.

    Jumbo Mortgages

    Jumbo mortgages are similar to high-balance loans in that they exceed the conforming loan limits set by Fannie Mae and Freddie Mac. However, jumbo mortgages do not conform to the guidelines established by these government-sponsored enterprises.

    Jumbo loans are typically used to finance luxury homes or properties in high-cost areas. Due to the larger loan amount, jumbo mortgages often require a higher credit score and a larger down payment, usually at least 20% of the home’s purchase price.

    First Time Home Buyer Tampa Florida FHA Loan

    The best mortgage rates and First Time Home Buyer Loans in Tampa as well as the rest of the US  is the FHA Home Loan. The FHA,  Federal Housing Administration offers down payments for first time home buyers as low as 3.5% for those with credit scores of 580 or higher. 

    Home Ready Fannie Mae offers a 3% down first time home buyer program as well. Due to the Covid19 Virus the minimum FICO score is currently a FICO of 620. The FHA insures your lender for scores even as low as 500 but does requires a higher down payment. You can check current credit score and down payment requirements by calling 800-826-5077.

    The FHA loan program does require Mortgage insurance as part of their loan for the life of the loan. To eliminate the insurance requirement you may want to refinance once your equity reaches 20% or more.

    Tampa Florida is a great place to live.  One of the best places for first time home buyers and families alike is Lakewood Ranch, Downtown Tampa, Clearwater, St. Pete and New Tampa are just a few of the fast growing areas for families in Tampa. Washington DC.

    HomeReady Mortgage Low down payment HomeReady® Home Loan 

    HomeReady Mortgage confidently serves today’s low-income credit worthy home borrowers.

    The HomeReady® loan is a low down payment home loan program that for offer 3% down. Credit scores however are higher than FHA with starting requirements for a FICO at 620  vs 580. 

    Borrowers with credit scores of 580 or more can potentially receive better rates.  

    Cash for down payment can come from multiple sources including grants, gifts and community seconds with no minimum requirement to use your personal funds.

    The HomeReady® mortgage program requires you to take a quick class about home ownership. You can check  the education requirements for this program HERE.

    Tampa First Time Home Buyer Qualifying Questions Below!  We understand that the normally the home buying process may be complex.
    We are here to help home buyers find the best loan programs and assistance that may be available.
    Complete a few questions below to get started.

    READY TO QUALIFY FOR YOUR FIRST TIME HOME BUYER 3.5% DOWN HOME LOAN. THE TIME COULDN’T BE BETTER!  CLICK BELOW TO QUALIFY!

    Q&A FHA Loan Tampa For First Time Home Buyers

    FHA Loan Q&A Everything You Wanted To Know about FHA Loan

    A Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan. If your bankrupcy was discharged 2 years ago you may be eligible today for an FHA loan program. If you bankruptcy was discharged less than two years ago and you have extenuating circumstances you might still be eligible to qualify.  You can find out more by applying here!.   Same rule applies for borrower with chapter 13 bankruptcy.

    A chapter 13 has some different requirements as a chapter 13 bankruptcy may still qualify if the  lender is willing to do a manual underwriting and the borrower has a satisfactory history of payments under their Ch 13 pla.

    Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan Florida. If your bankrupcy was discharged 2 years ago you may be eligible today for an FHA loan program. If you bankruptcy was discharged less than two years ago and you have extenuating circumstances you might still be eligible to qualify.  You can find out more by applying here!.   Same rule applies for borrower with chapter 13 bankruptcy.

    A chapter 13 has some different requirements as a chapter 13 bankruptcy may still qualify if the  lender is willing to do a manual underwriting and the borrower has a satisfactory history of payments under their Ch 13 plan.

    Charge-off accounts are not included in borrowers’ debt.

     

    For non-medical collection accounts when the cumulative outstanding balance is greater than $2,000 borrower may either pay-off the balance or, for the purpose of debt-to-income ratio (DTI), provide proof of a payment plan. If neither are an option, the lender must use 5% of the outstanding balance and include it in the borrower’s DTI calculation.

     
     
     

    Delinquent child support must be paid current or in a payment plan.

     
     
     
     

    Borrowers with delinquent tax debt are ineligible unless currently in payment plan.

     
     
     
     
     

    Borrowers with delinquent tax debt are ineligible unless currently in repayment plan. Repayment plan tax liens are not required to be paid in full if documentation is provided indicating the borrower is in a valid payment plan.

    The following is required:

    1. The borrower must have made a minimum of 3 months of scheduled payments and documentation of the payments is required.
    2. The payment must be included in the DTI / Debt to income calculation.
    3. The borrower cannot prepay the payments to meet the 3-month payment requirement NOTE: Borrowers with delinquent taxes may or may not have a tax lien. Borrowers currently in a repayment plan, and the IRS has not filed a tax lien, are not required to meet the minimum 3-month payment requirement. The payment to the IRS will be included in the DTI calculation.

    Foreclosure waiting period is measured from the date of title transfer. Three (3) years must have elapsed from the time title transferred. If the foreclosed loan was an FHA loan, the 3-year waiting period is based on the date the FHA claim was paid (e.g. foreclosure 11/12/14, FHA claim dates was 7/12/15, the 3-year waiting period ends 7/13/18).

    Borrowers with foreclosure/Deed in Lieu within 3 years of case number assignment that was due to documented extenuating circumstances may be eligible if the borrower has re-established good credit since the foreclosure. A downgrade to manual underwriting is required. If the foreclosure was included in the bankruptcy, the foreclosure waiting period still applies. HUD treats the foreclosure and Bankruptcy  independently, not as a single event.

    The three-year waiting period from date of title transfer still applies unless they were current at the time on short sale. Speak to your loan officer for specifics. 

     

    The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets.  Typically, the DTI cannot exceed 45% of the borrower’s gross income.  However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt. 

     

    Borrowers with student loans that are in deferment or not fully amortized will be required to calculate 1% of the outstanding balance as minimum monthly payment that will be added in their debt-to-income ratio (DTI) calculation.

    The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets.  Typically, the DTI cannot exceed 45% of the borrower’s gross income.  However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt. 

     

    Tampa Florida poised for growth

    Tampa Florida has a work force that is ranked among the best in the nation.  Boasting the#1 public school system in the US.. Additionally, world-class academic and research institutions and a very high end competitive business environment.  Tampa and Hillborough county are an ideal place for companies to grow and thrive.

    First Time Home Buyer Low Down Payment Programs!

     

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