TAMPA, Fla. – Tampa Bay FCU has introduced home loans insured by the Federal Housing Administration for low- and moderate-income homebuyers.
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The FHA insures the loans for lenders who make less than a 20% down payment. FHA loans are an especially attractive option to first-time homebuyers with their extremely low down-payment requirements, sometimes as little as 3.5%.
Tampa Bay FCU and other federally qualified lenders are authorized to take applications, process applications, underwrite and close the loans.
To be approved for an FHA mortgage, borrowers must have a satisfactory credit history and must be able to prove their total monthly mortgage payment will be less than 29% of their monthly income.
