St. Petersburg, Pinellas FHA Mortgage Process

Mortgage and Lending with USDA / FHA Mortgage Source

Did you know it’s still possible to purchase a home in St. Petersburg, Pinellas County for very down payment? The FHA home loan still offers home buyers flexibility that can’t be found with conventional mortgage programs.  Below we will discuss some benefits and the things needed for application and lender pre approval.

First let’s take a look at some of the FHA loan program benefits:

  • Low down payments 
    You may be able to purchase a home with as little as 3.5% down. Conventional loans generally require 10% or more.
  • Seller concessions - FHA permits the home sellers to pay up to 6% of the buyers closing costs.
  • No pre-payment penalties with FHA, Secure Fix Rate Terms
    You can make additional payments toward your principal balance and speed repayment of your mortgage. Secure 30 year fix or 15 year fix terms.
  • Flexible credit–qualifying guidelines
    If you have a limited credit history or are concerned about your credit, you may still qualify for an FHA mortgage. However, do note a min 640 credit is required by most lenders.
  • Lower out-of-pocket costs
    You may be able to save more money on out-of-pocket costs with an FHA mortgage compared to a conventional mortgage.

FHA continues to be one of the most popular programs for first time home buyers in St. Petersburg - Pinellas County. Home buyers should be prepared with the following before starting the loan application process.

  • Primary and Co-Borrower income, current and full two year history – W2, tax returns.
  • Asset account balances including checking, savings and retirement accounts – 401K, etc.
  • County / City where you are planning on purchasing the home
  • Desired property type, single family home, condo, etc. Keep in mind mobile homes are not permitted.
  • Primary and Co-Borrower Social Security Numbers for Credit Report

FHA loan requirements can be found here.

If your file needs a income boost, remember, FHA does permit for non occupying co-borrowers such as parents, grandparents or any direct family member who can help the file. Co-Borrowers can bring more income or a stronger credit profile to the file and help you immensely in qualifying. However, it’s important to remember a non occupying co borrowers good credit does NOT take the place of any bad credit from the primary borrower.

Take a few min to read all the FHA mortgage details here  Please contact us or call 904-302-6060 with any questions about FHA loans in Florida.

Buyers looking to purchase outside of Pinellas county should also take a look at the 100% USDA home loan by visiting


Serving: Pinellas County 7 days a week including  Clearwater FL, Crystal Beach, Dunedin, East Lake, Gulfport, Indian Rocks Beach, Indian Shores, Kenneth City, Largo, Madeira Beach, North Redington Beach, Oldsmar, Palm Harbor,  Pinellas Park, Redington Beach, Redington Shores, Safety Harbor, Seminole, South Pasadena, St. Pete Beach, St. Petersburg, Sunset Beach, Tarpon Springs, Tierra Verde, Treasure Island and Ozona.

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