Tampa Bay Mortgage Options & Estimations
Want to know more about what mortgage options are available to you as a Tampa Bay home buyer... and what you might expect to pay per month for homes at various prices? Learn more about your options and even estimate your mortgage payments based on home price, interest rates, insurance, loan terms, and more! Still have questions or ready to get started? Contact us at any time.
It's a common misconception that buying a home requires a 20% down payment and perfect credit, or that there are only a couple of loan options out there. In fact, there are over a hundred different mortgage options for buyers! And while not every buyer will qualify for every loan, it does mean you've likely got more options than you think. Learn more about the various types of loans commonly used by Tampa home buyers to find a few that might work best for you, then use our mortgage calculator to get an idea of what your monthly payments might look like at various home prices.
Common Loan Options
There are a lot of options out there. And while the following is hardly an exhaustive list of your potential choices, it's a good start to get an idea of some of the more common loan types used by buyers in this area. To get a more solid idea of what you might qualify for, we recommend getting in touch with some local lenders or banks. Need recommendations? Ask us!
- Usually 15 or 30 year duration
- Can be fixed or adjustable interest rates
- Typically requires excellent credit, solid financial history, and a 20% down payment
USDA Rural Loan
- Targeted to buyers searching in specified"rural" areas
- As low as 0% down payment
- Targets buyers with "steady, low, or modest income"
- More flexible income and credit requirements
- 3 – 5% down payment options
- Requires mortgage insurance and may have higher interest rates
- Available to most military active and veteran service people
- As little as 0% down payment, without mortgage insurance
- May require a one-time funding fee, based on veteran eligibility
- Has a short term of 5 – 7 years but payments based on a 30-year loan
- At the end of the loan, borrower must pay off the balance, refinance the loan, or convert the loan
- May have lower interest rates and credit requirements
First-Time Buyer Loans
- State-funded programs designed to help first-time buyers
- Florida Housing offers a variety of loan programs targeted to first-time buyers and military persons that offer lower interest rates, credit requirements, and down payments.
City of Tampa DARE
- Down payment assistance to income eligible home buyers looking within city limits
- Up to $30,000 down payment assistance
- Secondary loan behind primary financing option, paid at end of primary loan
- Some mortgage brokers or banks may offer their own specialty loan programs (only way to know for sure is to call and ask!)
- May offer lower down payments or credit requirements
- Often geared towards first-time buyers or low-to-moderate income buyers
Calculate Your Mortgage
Now that you know a little more about the loan options and buyer programs that might be available to you, spend some time estimating what your monthly mortgage might look like based on various home prices, interest rates, down payments, and more. It's a great way to start building a budget!