FHA Loans in Tampa, FL

Tampa's median home price sits around $400,000. At 3.5% down, an FHA loan gets you into that home for roughly $14,000 upfront, before closing costs and DPA programs are factored in. That's a realistic number for buyers who have been saving and want to stop renting.

FHA loans are federally insured through HUD, which means lenders take on less risk. That reduced risk is what allows FHA to accept lower credit scores and higher debt-to-income ratios than conventional financing. If you've had credit challenges or you're early in building your financial profile, FHA was designed for exactly that situation.

The 2026 FHA loan limit for Hillsborough County is $563,500 for a single-family home. That covers a solid portion of the Tampa Bay market, including most starter homes and established mid-tier neighborhoods in Brandon, Riverview, Seminole Heights, and New Tampa. See the full FHA loan limits by Florida county for a breakdown of surrounding areas.

There's also a lesser-known FHA strategy for buyers willing to take on a small project: FHA 203(k) loans let you finance the purchase and renovation costs in a single loan. If you're eyeing a Tampa home that needs updating, that product is worth knowing about.

Stacking FHA with down payment assistance is where the real math gets interesting. Dare to Own the Dream offers up to $40,000 forgivable within Tampa city limits, and it pairs directly with FHA. That could reduce your actual out-of-pocket to near zero.

FHA loans come with two types of mortgage insurance: an upfront MIP of 1.75% of the loan amount (which can be rolled into the loan), and an annual MIP paid monthly. The annual MIP rate is typically 0.55% for most 30-year FHA loans with standard down payments.

How long you pay MIP depends on your down payment. Put down less than 10% on an FHA loan and MIP stays for the life of the loan. It doesn't drop off automatically the way PMI does on conventional loans. Put down 10% or more and MIP cancels after 11 years.

This is one of the most misunderstood parts of FHA financing. Read the full breakdown of PMI on FHA loans and how long you pay PMI on an FHA loan before deciding which down payment amount makes sense for you.

One common path: use FHA to get into the home, build equity over 2 to 3 years, then refinance into a conventional loan to eliminate the MIP. It's a planned two-step strategy that works well in a market like Tampa, where home values have appreciated consistently.

Jordan's team will map out both paths for you upfront, including what refinance thresholds to watch for and when the numbers start making sense to make the switch.