Home Loan Programs

The Mortgage Firm – Tampa One can provide a multitude of home loan programs for a first time home buyer or those who are buying another home. Let Tampa One’s Integrity, Transparency, Knowledge, and Availability simplify your life during this entire process.

Conventional Loans

Conventional loans are the most common loan type and they are created by banks or investment entities that help people get home loans on their terms. The key difference between a conventional loan and other home loan types is - conventional loans are not made by or insured by a government entities like FHA, VA or FmHA.

There are two types of Conventional Loans:

Conforming conventional loans follow the loan amount guidelines set by Fannie Mae and Freddie Mac. And, non-conforming conventional loans are still conventional but do not meet those qualifications.


Benefits of a Conventional Loans

  • Low down payment options available for qualified borrowers.
  • Fixed interest rate for the entire life of the loan.
  • Loan amounts available up to $417,000.00.
  • 10, 15, 20, and 30 year terms available.
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FHA Loans

FHA loans are a great for first time home buyers because they cover up to 96.5% of the loan and the other 3.5% can come as a gift from a family member or through one of Florida's first time home buyer grants. It’s important to note that the FHA does not loan money to borrowers, they just set the guidelines. FHA loans are insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD).

FHA loans are great for low to moderate income families with good credit and a small amount of available cash for a down payment. FHA loans protects borrowers by making lenders stick to strict guidelines that are favorable to low income working class families. And, FHA loans protect lenders with a mortgage insurance premium (MIP) which helps to lessen the burden if the borrower stops paying their mortgage.


Benefits of a FHA Loans

  • Great for First Time Home Buyers!
  • Attractive to buyers that need a low down payment and flexible underwriting criteria.
  • Lower annual mortgage insurance premiums.
  • 3.5% down payment required – Can be a gift!
  • Seller can contribute up to 6% of the borrower’s closing costs.
  • A streamlined 203K to finance up to $35,000 in nonstructural repairs – based on the value of the completed repairs versus the appraised value of the home.
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VA Loans

The Veteran’s Affairs loan (VA loan) is a great mortgage product with low rates, no down payment and a minimum credit score of just 620 for qualified applicants. To be a qualified applicant you must have 90 consecutive days of active service during wartime, 181 days of active service during peacetime, more than 6 years in the National Guard/ Reserves or have be the surviving spouse of an eligible veteran.

After meeting the criteria necessary to apply you will soon need a VA Certificate of Eligibility. Without this document in your loan application you will not be approved. Your Certificate of Eligibility verifies that your length service and character of service, proving that you are indeed eligible to get a VA home loan.


Benefits of a VA Loans

  • Must be a Veteran, Active Duty Military, or member of the Reserves.
  • Up to 100% financing available.
  • No down payment required in most cases.
  • Lower interest rate than what is normally available.
  • No monthly PMI (Private Mortgage Insurance) requirement.
  • Right to pre-pay loan without penalty.
  • Mortgage can be assumed by buyer when home is sold.
  • Counseling and assistance available to veteran borrowers who are having financial difficulties with loan Credit scores as low as 620.
  • Flexible mortgage guidelines.
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USDA Loans

USDA loans are mortgages backed by the United States Department of Agriculture (USDA), and are designed for homes located in specifically designated USDA rural areas. These loans are offered as fixed interest rate loans for a period of 15 or 30 years and can only be used to purchase a primary residence.

There are several types of USDA loans depending on your needs and eligibility. Borrowers can get USDA loans with a low credit score as long as they show ability and willingness to repay the loan. These loans are great for low to moderate income borrowers with needs - allowing for little to no out of pocket costs.


Benefits of a USDA Loans

  • 100% financing, no cash down payment required.
  • Low interest rates.
  • Seller can contribute up to 6% of the borrower’s closing costs.
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Jumbo Loans

Jumbo mortgage products are loans greater than $417,000.00, for a single-family home. These loans typically have higher interest rates than FHA and conventional, plus they require a minimum down payment of at least 15% to 30% down payment. To get a jumbo loan you will need a high credit score, low debt to income ratios and in some cases 6 to 12 months of cash reserves.

You can get a jumbo loan on properties with 2,3,4 or more units, As the number of units increase the base amount for the jumbo loan increases as well. Jumbo loans do not have mortgage insurance like FHA loans. The loan term can very based upon the lender with the most popular being 15 years, 30 years and adjustable rate loans.


Benefits of a Jumbo Loans

  • Financing available up to $2.5 million.
  • Convenience of one loan for the entire loan amount versus having multiple mortgages.
  • Fixed and adjustable rate mortgage options.
  • Competitive pricing.
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