Mortgage Approval Group
FHA Loans in Tampa & Throughout Florida
FHA loans can provide flexible financing for eligible homebuyers who may benefit from lower down-payment requirements or more accommodating credit guidelines. Mortgage Approval Group helps Tampa Bay and Florida borrowers compare FHA mortgage options from our network of wholesale lenders.
What Is an FHA Loan?
An FHA loan is a mortgage insured by the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (HUD). Because the FHA insures the loan, lenders may be willing to offer more flexible qualification guidelines than many conventional mortgage programs.
FHA loans are available for owner-occupied properties only — they cannot be used to purchase investment properties or second homes. Eligible property types include single-family homes, certain multi-unit properties (up to four units, with the borrower occupying one unit), and approved condominiums.
FHA loans require both an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP), which is paid monthly. These insurance costs help fund the FHA program and protect lenders in the event of default.
FHA financing may be used for purchase transactions and certain refinance options, including FHA Streamline refinances and FHA cash-out refinances, subject to program guidelines.
Who May Benefit from an FHA Loan?
Key Features & Benefits
General Qualification Considerations
FHA loan qualification considers factors including credit score, debt-to-income ratio, employment history, income and assets. Specific requirements vary by lender and program. Credit score requirements for FHA loans are generally more flexible than conventional loan requirements, though lenders may have their own minimum standards above FHA guidelines.
Debt-to-income ratio limits, down payment requirements and documentation standards vary by lender and program. FHA loans require the property to be the borrower's primary residence and must meet FHA property condition standards.
All FHA loans are subject to credit approval, lender underwriting guidelines and FHA program requirements. Contact Mortgage Approval Group to discuss your specific situation.
FHA Loans in Tampa & Florida
FHA loans are commonly used by homebuyers throughout the Tampa Bay area and across Florida. The flexibility of FHA guidelines can make homeownership more accessible for buyers in various financial situations, including those purchasing in competitive markets like Tampa, St. Petersburg and Clearwater.
Mortgage Approval Group works with wholesale lenders to help Tampa Bay and Florida borrowers compare FHA mortgage options. Our mortgage professionals can help you understand FHA program requirements and evaluate whether an FHA loan may be a good fit for your situation.
Why Work With Mortgage Approval Group?
Mortgage Approval Group is an independent mortgage broker headquartered in Tampa, Florida, serving homebuyers, homeowners and real estate investors throughout the state. As a broker, we work with a network of wholesale lenders — which means we can compare loan programs and pricing across multiple sources rather than being limited to a single lender's offerings.
Our mortgage professionals take time to understand your goals, review your financial situation and help identify financing options that may fit your circumstances. Whether you're purchasing your first home, refinancing an existing mortgage or exploring a specialized loan program, we're here to guide you through the process.
Mortgage Approval Group, LLC is located at 2918 Busch Lake Blvd, Suite A, Tampa, FL 33614. We serve borrowers throughout Florida.
Frequently Asked Questions
Related Loan Programs
Ready to Explore Your Options?
Contact Mortgage Approval Group to discuss your goals and learn about the mortgage programs that may be available for your situation.