Tampa Bay Real Estate
logo
Pages Navigation Menu
  • Home
  • Home Improvement
    • Hardwood Flooring
    • Flooring
    • Maid Service
    • Moving Company
  • Contact
  • Privacy Policy
  • Terms of Use

Compare the 4 Most Popular Low-Down-Payment Home Loans

Area: sqft BHK:  Price: 
City:  Location: 

Here are the 4 most popular low-down-payment home loan programs for people who have good credit and income documentation but don’t have enough savings for a bigger down payment.

FHA Loan Fannie Mae Loan
Freddie Mac Loan
VA Loan USDA Loan
Minimum Down Payment 3.5% 3% 0 0
Borrower Eligibility Must be active-duty military, reservist, national guard, veteran, current or surviving spouse Must not have enough assets to afford a 20%-down payment
Minimum FICO Score 580 640 640 640
Maximum Loan Limit for for single-family home in Tampa Bay $ 275,665 $ 424,100 $ 424,100 None
Is Loan Assumable? Assumable Typically not assumable Assumable Assumable
Annual Mortgage Insurance 0.85% Depends on down payment None 0.35%
Upfront mortgage insurance premium 1.75% of loan 1%
Is Mortgage Insurance Cancellable? Not Cancellable Cancellable Not Cancellable
Home Appraisal FHA Appraisal standards VA-licensed appraiser USDA appraisal guidelines
Lender FHA-accredited lender USDA-accredited lender
Closing Costs Seller may pay up to 6% Gift may be used to pay 100% Seller may pay 100%; May be financed; Gift is allowed
Homes Primary residence Primary, second, vacation, investment Primary residence Homes must be in eligible rural areas; Primary
Maximum Income in Tampa Bay None $ 75,650 for 1 to 4 members; $ 99,850 for 5-8 members

Notes:
1. Fannie Mae and Freddie Mac Loans are also called Conventional Conforming Loans because they conform to the guidelines set by the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Morgage Corp. (Freddie Mac). These two are government-sponsored enterprises. They buy mortgages from lenders and sell them to investors.

2. For FHA’s FICO score, many lenders require higher than 580

The post Compare the 4 Most Popular Low-Down-Payment Home Loans appeared first on Tampa Real Estate Blogs – Tampa Homes Blog – Real Estate Market Trends.

Tampa Real Estate Blogs – Tampa Homes Blog – Real Estate Market Trends

Post Tagged with Compare, Home, Loans, LowDownPayment, Most, Popular

Recent Posts

  • Irene Sandiego, Tampa4u Realtor — Past Home Sales
  • Compare the 4 Most Popular Low-Down-Payment Home Loans
  • It’s March! The Best Month for Tampa Home Sellers to List
  • Builders Fulfill Homebuyers’ Desire for Large Open-Floor-Plan Homes
  • The Most Expensive Existing Condos for Sale in Tampa Are on Bayshore Blvd

Categories

  • Bungalow
  • General
  • Homes
  • Mansion
tampabayrealestatehomes logo

Real Estate Tampa FL
salesATtampabayrealestatehomes.com

Recent Posts

  • Irene Sandiego, Tampa4u Realtor — Past Home Sales
  • Compare the 4 Most Popular Low-Down-Payment Home Loans
  • It’s March! The Best Month for Tampa Home Sellers to List
  • Builders Fulfill Homebuyers’ Desire for Large Open-Floor-Plan Homes
  • The Most Expensive Existing Condos for Sale in Tampa Are on Bayshore Blvd

General Tampa Area

Today, Tampa is part of the metropolitan area most commonly referred to as the Tampa Bay Area. For U.S. Census purposes, Tampa is part of the Tampa-St. Petersburg-Clearwater, Florida Metropolitan Statistical Area. The four-county area is composed of roughly 2.9 million residents, making it the second largest metropolitan statistical area (MSA) in the state, and the fourth largest in the Southeastern United States, behind Miami, Washington, D.C. and Atlanta.[14] The Greater Tampa Bay area has over 4 million residents and generally includes the Tampa and Sarasota metro areas.

Tampa Areas

The city is divided into many neighborhoods, many of which were towns and unincorporated communities annexed by the growing city. Generally, the city is divided into the following areas: Downtown Tampa, New Tampa, West Tampa, East Tampa, North Tampa, and South Tampa. Well-known neighborhoods include Ybor City, Forest Hills, Ballast Point, Sulphur Springs, Seminole Heights, Tampa Heights, Palma Ceia, Hyde Park, Davis Islands, Tampa Palms, College Hill, and non-residential areas of Gary and the Westshore Business District.

Categories

  • Bungalow
  • General
  • Homes
  • Mansion
Terms Of Use | Privacy Policy | DMCA Policy