American Mortgage® Corporation
The Reason We Get Recommended is…. We try our hardest to get you approved. No matter what your situation is, we can help.
Mortgage Lenders in Tampa
Tampa is a beautiful destination to work, play, and unwind. It combines ancient architecture and modern landmarks, a culture imbued with Cuban and Spanish characteristics, active business areas, and magnificent waterways. If you are interested in finding a good deal of real estate property in the area, and would like to finance it via home loan, please feel free to browse further sections of this article. Several mortgage lenders offer the most non-traditional loan plans in the Tampa Bay area, with confidence in the knowledge of which programs will best meet your requirements.
If this is the first mortgage loan or you’re in a new situation this time, we encourage you to look into the many lending options in Tampa that are available to you.
- Conventional Loans: Conventional loans require a 620 above credit score in Tampa. If you’re a traditional borrower, a conventional loan may be just what you need if you can satisfy the requirements, including showing your income through W-2s, paystubs, and tax returns and having good credit. Borrowers with traditional loans also should have a 20% down payment and a good credit score of at least 680 pr above. You can still acquire a conventional loan if you don’t have a 20% down payment, but you’ll have to pay Private Mortgage Insurance. Fortunately, the PMI is not required for the entire term of the loan. You can ask the lender to cancel your loan after you owe less than 80% of the home’s value. Conventional loans also need a debt-to-income ratio of around 43%, implying that your overall indebtedness, including the new mortgage, should not exceed 43% of your income (before taxes).
- FHA Loans: Loans from the Federal Housing Administration (FHA) in Tampa require a credit score equivalent to 580 or 500, depending on the amount of your down payment. The FHA loan is for you when you don’t have a 20% down payment and have less-than-perfect credit; this is why you can acquire advantageous conditions with just a 3.5% down payment and a 580 credit score. FHA loans are also popular among borrowers with less-than-perfect credit because of their lenient underwriting requirements. It is, nevertheless, important to highlight that you will still pay a mortgage insurance premium regardless of how much you owe, even if it’s less than 80% of the home’s worth, unlike conventional home loans.
Buying a Home in Tampa
The median listing property price in Tampa is around $350,000 in January 2022, which is roughly 14.3% year over year. Properties on the market have a median price per square foot of $233. Floor plans in the city range from 200 sq. ft. to as large as 32,000 sq. ft.; and offers an average of three to twelve bedrooms and five to twenty-one-bathroom configurations, depending on the property you wish to have
Having a skilled realtor on your side may be extremely beneficial in helping you become more aware of your alternatives and more oriented as you determine whether or not to apply for a home loan. Our team of well-rounded professionals can provide you with exceptional services that will surely guide you in determining the most excellent options that are now available to you.
The Best Mortgage Lenders in Tampa, FL
- We offer Direct Lending Services for various loan types with competitive rates and low fees.
- Find a Loan that Matches Your Needs. From Conventional Loans, VA Loans, FHA Loans, to USDA Loans, American Mortgage has you covered.
- Find out How Much you can get from your Mortgage with our No-Commitment Loan Estimate.
- Responsive Customer Service with Extensive Experience in the Florida Lending Market.
- Timely Service. Get Approved Fast and have your needs funded As Soon As Possible.
Our Popular Home Loan Programs
Buying a New Home?
- Relatively easy to acquire
- Become the legal owner of your home
- Mortgage rates are lower than a personal loan
- Flexible repayment schedules
- Helps improve your credit score
Advantages of FHA Mortgages
- Easier application process
- A more lenient loan option for those with low to mid credit scores
- Lower down payments starting at 3%
- Option of adding a co-borrower on the loan
Advantages of VA Loans
- Excellent rates for qualified veterans
- No downpayment required
- Government guarantee with no insurance premiums needed
- Lower overall closing costs for the buyer
Advantages of Conventional Loans
- Perfect for those who can't make a large upfront downpayment
- Competitive rates as low as 3%
- Usually preferred loan type by sellers looking at competing offers
- Less stringent appraisal process
Advantages of Adjustable-Rate Mortgage Loans
- Less risky than loans with higher rates
- Perfect if you plan to refinance or move out of the home in the future
- Lower payments in the early term
- Allows you to get more expensive loans than what you can get normally
Advantages of Balloon Mortgage Loans
- Lower interest rates than most other loan types
- Lower monthly mortgage payments
- Lets you qualify for larger loan amounts
- Perfect if you lack capital for your initial payments
Advantages of Construction Financing Loans
- Loan type perfect for subcontractors of hired for large building projects
- Allows builders to get funds for resources needed to build homes
- Perfect for property owners planning big renovations
- Lower interest rates and longer repayment periods
Advantages of Fixed Mortgage Loans
- A secure loan type perfect for buyers who want to avoid significant changes in their rates and repayments
- Easy to plan for your monthly repayments
- Perfect for buyers looking for a long-term home
- Lower overall lifetime payments
Advantages of Foreign National & ITIN Loans
- Ideal loan option for foreign nationals
- Relatively easy application process
- Allows you to build up your credit score
- 30-year home loan options provide long-term payment plans for non-American homebuyers
Advantages of Hard Money Loans
- Easy to process loans that are quicker than traditional bank loans
- Flexible rates and fees allowing buyers to adjust as needed
- Perfect for home flippers looking to get funding for their project
Advantages of Interest-only Mortgage Loans
- Low repayments during the interest-only term
- Gives you access to larger loan amounts and better home purchases
- Gives you the option to pay for the equity once you're financially ready
Advantages of Self-Employed Loans
- New loan type perfect for freelancers and self-employed individuals
- Provides business owners easy access to capital without having to sell shares
- Easier to process than traditional business loans
Advantages of Reverse Mortgage Loans
- Ideal for retirees planning to finance their home
- Quickly liquidate the equity you have on your property to cash
- Provides ample options for your heirs
- You're protected if your loan balance exceeds the value of your home
Advantages of Jumbo Loans
- Ideal loan type for buyers that need to go over traditional FHA loan limits
- Perfect for buyers targeting large plots of land or luxury homes
- Also great for investors looking to purchase a multi-family rental property
- Consolidated loan structure
Advantages of USDA Loans
- Allows you to finance the entire amount of your home purchase
- Perfect loan type for low to moderate income buyers
- Provides low mortgage rates and insurance premiums
- Possible financial assistance on closing costs
Getting a Home Mortgage in Florida
A home mortgage is a loan you get from a lender to finance the purchase of a residential property. Your mortgage is a legal agreement that allows you to purchase a property without having the cash on hand, promising your lender that you’ll pay back the amount used to make a purchase in the future. In most instances, home loans in Florida will use the house that will be purchased for the mortgage agreement as collateral for the deal. This means that if a buyer fails to pay back the loan terms, they can claim ownership of the property.
Several options are available to buyers planning to apply for a home loan in Florida. You’ll want to consult with a local lender to help you identify the best type of loan for your situation. If you’re in the market for a new home in Florida and would like to apply for a Home Mortgage for your purchase, then American Mortgage Corporation is here to help. Feel free to reach out to us for any inquiries pertaining to your home loan, and we’ll be glad to assist you with your needs.
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