An FHA loan lets you buy a home in Tampa with a down payment as low as 3.5 percent if your credit score is 580 or higher. If your score is between 500 and 579, the minimum down payment is generally 10 percent. FHA loans are backed by the Federal Housing Administration, which makes them a popular choice for first time buyers and anyone with a smaller down payment or a credit history that is still being rebuilt.

How much do you need to put down with an FHA loan?

Here is what the minimum down payment looks like at a few Tampa price points with a credit score of 580 or higher:

Home price	3.5 percent down
$300,000	$10,500
$350,000	$12,250
$400,000	$14,000

You will also need money for closing costs. FHA rules allow gift funds from family for the down payment, which helps many first time buyers.

What does FHA mortgage insurance cost?

FHA loans require mortgage insurance. There is an upfront premium, commonly 1.75 percent of the loan amount, which is usually rolled into the loan. There is also an annual premium paid monthly. For many borrowers who put down less than 10 percent, that monthly premium stays for the life of the loan unless they later refinance. Ask your lender for a side by side comparison with a conventional loan so you can see the real monthly cost.

What are the credit and income rules?

FHA guidelines set the floor, but lenders can add their own stricter rules, called overlays. That is why one lender may approve you and another may not. In general, lenders look at:

• Credit score: 580 or higher for 3.5 percent down
• Debt to income ratio: often around 43 percent or lower, with exceptions for strong files
• Steady income: usually two years of work history
• Occupancy: the home must be your primary residence

What homes qualify for an FHA loan in Tampa?

The home must pass an FHA appraisal, which checks value and basic health and safety standards. Peeling paint, a damaged roof, or missing handrails can delay a closing until they are fixed. A few Tampa specific points to know:

• Condos: the condo building generally must be FHA approved, so check before you make an offer
• Roofs: older roofs can create trouble with both the appraisal and Florida insurance
• Multi unit homes: FHA can be used for two to four unit properties if you live in one of the units
• Loan limits: FHA sets a maximum loan amount by county, so confirm the current Hillsborough or Pinellas limit

Can sellers say no to FHA offers?

Sellers can accept any offer they choose. Some worry that FHA appraisals will require repairs. A strong preapproval, a clean offer, and an agent who explains the process to the listing agent can keep your FHA offer competitive. The best realtor in Tampa Bay will steer you toward homes and condos that fit FHA rules, so you do not waste time on properties that will not qualify.

How do you get started?

1. Talk with an FHA approved lender and get preapproved.
2. Ask about Florida down payment assistance programs that may pair with FHA.
3. Set a budget that includes mortgage insurance, taxes, homeowners insurance, and any HOA or CDD fees.
4. Tour homes with an agent who knows which properties and condos qualify.

At REHUB, we help first time buyers across Tampa Bay use FHA loans to buy with confidence.

Frequently Asked Questions

What credit score do I need for an FHA loan in Florida?

Generally 580 or higher for 3.5 percent down. Some lenders require a higher score.

Can I use an FHA loan for a condo in Tampa?

Yes, if the condo building is FHA approved. Check approval before you make an offer.

Is FHA only for first time buyers?

No. Repeat buyers can use FHA as long as the home will be their primary residence.

Ready to buy with an FHA loan?

Call the REHUB team at 718-550-6497 or visit REHUBTEAM.com. We will connect you with trusted lenders and help you find a home that qualifies.

This article is for general information only and is not legal, tax, or financial advice. Rules and programs change, so confirm current details with the right professional before you act.