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Reviewed by David Ghazaryan, Mortgage Broker, NMLS 1486726 · iQRATE Mortgages, Company NMLS 1862492 · Last updated: November 13, 2026
Quick answer: an FHA loan is a mortgage insured by the Federal Housing Administration and issued by an FHA-approved lender, not by FHA itself. For a one-unit home in Hillsborough County, the 2026 FHA loan limit is $541,287, compared with an $832,750 conforming limit. iQRATE Mortgages is a licensed mortgage broker, not a direct lender: we compare wholesale lenders for Tampa FHA files, which matters because individual lenders can set stricter rules than FHA's own. This page is general information and not a commitment to lend. Call (702) 766-3744 or start your application.
This page answers one question: how does an FHA loan work for a Tampa purchase? It covers the county limit and the neighborhoods that tend to fit under it. It also covers credit, down payment, mortgage insurance, appraisal rules, medical collections and local help. And it shows when FHA is the wrong tool. Flood zones and closing-tax basics live on our Tampa mortgage broker page, so we keep them short here.
Tampa sits in Hillsborough County. Per iQRATE's county data and HUD's published forward-mortgage limits, the 2026 one-unit FHA limit for Hillsborough is $541,287, the same figure used in Pinellas, Orange, Osceola, Lee, Escambia and Leon. The conforming limit for Hillsborough is $832,750, so a buyer shopping above the FHA ceiling chooses between a larger cash contribution on an FHA loan, a conventional loan, or jumbo financing. Verify the current figure on HUD's 2026 limits file and read HUD's announcement of the 2026 loan limits before you write an offer. For lender-side guidance, iQRATE's FHA page links HUD Mortgagee Letter 2025-23 and Mortgagee Letter 2023-05.
| Florida county | 2026 one-unit FHA limit | Above Hillsborough (computed) | Relevance to a Tampa search |
|---|---|---|---|
| Hillsborough (Tampa, Brandon, Riverview, Plant City) | $541,287 | 0% | Governs a Tampa address. |
| Pinellas, Orange, Osceola | $541,287 | 0% | Same limit across the bay or in Orlando. |
| Sarasota | $547,400 | 1.1% | Slightly higher. |
| Duval (Jacksonville) | $580,750 | 7.3% | Higher. |
| St. Lucie and Martin | $603,750 | 11.5% | Treasure Coast. |
| Miami-Dade, Broward, Palm Beach | $667,000 | 23.2% | South Florida. |
| Collier | $764,750 | 41.3% | Naples area. |
| Monroe | $990,150 | 82.9% | Florida Keys. |
Source: iQRATE's FHA program data for 2026 one-unit limits; confirm against HUD. Seven Florida counties, including Hillsborough, share the $541,287 figure. Elsewhere in Florida the limit runs higher by these differences: $6,113 in Sarasota, $39,463 in Duval, $62,463 in St. Lucie and Martin, $125,713 in South Florida, $223,463 in Collier and $448,863 in Monroe.
For Hillsborough, $832,750 minus $541,287 leaves $291,463 between the FHA and conforming ceilings. The Tampa–St. Petersburg metro's median listing price was about $385,398 in September 2026 (Linton Global, from listing data, as cited on our broker page), which sits $155,889 below the FHA limit and $447,352 below the conforming limit. Put as ratios of those same figures: the FHA limit is 65.0% of the conforming limit, the metro median listing price is 71.2% of the FHA limit, and Monroe's $990,150 FHA limit is 1.8 times Hillsborough's. So FHA can fit many homes, but not every South Tampa or waterfront address. These are arithmetic on the sourced figures, not a forecast of what any home will cost.
The Consumer Financial Protection Bureau's FHA overview describes the structure: FHA insures the lender against loss, which is why lenders can accept smaller down payments and more flexible credit than many conventional programs. The trade-off is mortgage insurance, with an upfront piece and an ongoing annual piece. Because we are a broker, we can place a file with a lender whose overlays fit the borrower.
FHA sets a minimum down payment that depends on your credit score. FHA draws a line at a 580 credit score: borrowers at 580 and above fall in the lower-cash tier, while scores from 500 to 579 generally need more cash down. The exact amount depends on your credit, the price and the lender, and your Loan Estimate shows it. The CFPB's FHA page explains the current structure. Many lenders set a minimum credit score above FHA's, so two lenders can give the same borrower two different answers. A broker can test your file with several lenders instead of one.
Two other FHA rules help with cash to close. The whole down payment can be a gift from family and some other sources, with a paper trail. And a seller can contribute up to 6% of the price toward closing costs and prepaids (iQRATE's FHA page). Those are program caps, not an offer of any particular terms.
Want a quick read on your file? Call (702) 766-3744.
FHA loans carry 2 kinds of mortgage insurance premium (MIP). One is an upfront premium that can be financed into the loan. The other is an annual premium paid monthly. On loans with the smallest down payments, it generally lasts for the life of the loan unless you refinance into another loan type. Conventional PMI can be removed later. That is why we compare both loans at the same down payment. Your Loan Estimate shows the actual premium amounts.
Whether a street fits the $541,287 ceiling depends on that month's listings. We do not quote them here. The market has split in two. Elevated and newer homes outside flood zones have held value. Storm-damaged or low-lying homes trade at discounts that depend on repair status and elevation. The table shows what an FHA buyer should check first in each area. Call (702) 766-3744 to talk through a specific area.
| Area (ZIP) | FHA-specific check |
|---|---|
| South Tampa, Hyde Park, Davis Islands (33606, 33609, 33629) | Prices often climb above the FHA ceiling. Get insurance quotes before the inspection period ends. |
| Seminole Heights (33603, 33604) | 1920s bungalows often need roof, wiring or plumbing work. An FHA appraiser also looks at condition. |
| Channelside and Downtown (33602) | Condo buildings need to be on HUD's approved list for FHA. |
| Ybor City (33605) | Older housing stock. Confirm repair history and permits. |
| Carrollwood (33618) | Sits higher than the bayfront, so flood insurance is usually simpler. |
| Westchase (33626) | HOA dues count in your debt ratio. |
| New Tampa (33647) | Check for CDD assessments, which raise escrow. |
FHA lends on the property as well as the borrower. HUD publishes a searchable list of FHA-approved condominiums; if a building is not approved, FHA is generally not available for a unit in it, which matters for Channelside and Downtown. An FHA appraisal is also a safety inspection, so peeling paint or a roof near the end of its life can stall a purchase. See our video on why FHA appraisers kill Florida home deals.
Under FHA guidelines, unpaid medical collection balances are left out of the debt-ratio calculation, although new collections opened during escrow can still stop an approval. Many FHA denials come from an individual lender's own overlays rather than from FHA eligibility. The video below covers this.
Often yes, after a waiting period. FHA sets waiting periods after a bankruptcy or foreclosure that vary with the circumstances, and individual lenders can require longer. We do not list the periods here because they depend on the type of event and your documentation. A recent credit event is one of the situations where FHA is often the better fit than conventional, so it is worth a call: (702) 766-3744.
Assistance is a separate layer on top of your first mortgage, and each program has its own income limits, buyer-education rules and lender requirements. We describe them qualitatively; the administering agency's page is the authority and terms change.
| Program | Who it is for | How it works (per the official page) |
|---|---|---|
| City of Tampa "Dare to Own the Dream" | Income-eligible first-time buyers purchasing inside the City of Tampa | A "silent second" behind the primary mortgage from a lender, with no monthly payment while the home stays the owner's primary residence. |
| Hillsborough County down payment assistance | Income-qualified buyers, when funded | County program. Check the county page for availability, eligibility and which first mortgages it can be used with. |
| Florida Hometown Heroes | Eligible workforce occupations, per Florida Housing's occupational requirements | Florida Housing's page says eligible borrowers who work full time for a Florida-based employer can use it with an FHA, VA, RD or conventional first mortgage. It also says there is no cost to apply and warns about scammers who ask for upfront fees. |
The right loan depends on credit, debt, down payment and the property. We price both loans at the same down payment and compare the cost over 5 and 10 years.
| Question | FHA | Conventional | VA |
|---|---|---|---|
| Who often fits | Lower score, higher debt or a recent credit event | Stronger score and more cash down | Eligible veterans and service members, including MacDill Air Force Base families |
| Mortgage insurance | Upfront and annual; on minimum-down loans it generally lasts for the life of the loan unless you refinance | PMI that can be removed later | No monthly mortgage insurance for those who qualify |
| Hillsborough limit | $541,287 | $832,750 conforming | No limit with full entitlement |
| Occupancy | Primary residence only | Primary, second home or investment | Primary residence |
With a strong score and a larger down payment, conventional PMI can cost less than FHA mortgage insurance and can be removed later. With a lower score, higher debt or a recent credit event, FHA is often cheaper or the only option. Source: iQRATE's FHA program page.
Lenders look at credit, income, debt, the home and the paperwork. Your debt-to-income ratio counts the new payment, taxes, homeowners insurance and any HOA dues, so a high insurance bill raises your payment through escrow; Hillsborough's 2025 average total property tax rate was about 18.9 mills, or $18.90 per $1,000 of taxable value. A typical document list includes:
Questions? Contact us or call and ask for David.
Not sure which terms apply to you? Call (702) 766-3744 and we will walk through them.
After Hurricanes Helene and Milton in 2024, FHA buyers near the bay ask new questions. Has the home flooded? Is it elevated? What will insurance cost? In a flood zone, if repairs cost more than 50% of the building's value, the home must meet current flood rules. Ask for permits on any storm-damaged home. Homeowners insurance, plus flood insurance in many zones, raises the monthly payment through escrow, so get quotes early. Owner-occupants may also get the homestead exemption, and Save Our Homes caps assessment growth at 3% until the home sells. Older homes often need two inspections early, the four-point and the wind-mitigation report, and an insurer may ask for roof, wiring or plumbing updates before it writes a policy. Details are on our Tampa mortgage broker page.
Cash to close covers your down payment, closing costs and prepaids. Prepaids are your own bills paid ahead, such as first-year homeowners insurance and an escrow deposit, and after the 2024 hurricanes insurance is often the largest part. FHA's upfront mortgage insurance premium can be financed rather than paid in cash. We do not quote a one-size range because costs depend on county, price and loan type; every line is itemized on your Loan Estimate. The full explanation is on our Tampa mortgage broker page.
Not as an investment loan: FHA requires primary-residence occupancy. Investors who want a rental qualify on the property's rent instead. If you plan short stays, Florida requires a state DBPR license for whole-home rentals under 30 days. Call (702) 766-3744 to compare FHA with DSCR. See our Tampa DSCR loans page, our DSCR overview, investor financing, portfolio loans and serial investor loans. Buyers above the FHA and conforming ceilings can see jumbo loans.
Company-wide reviews from other markets, quoted verbatim.
"David was very professional and went above and beyond to help me purchase my first home. He was very knowledgeable, experienced, and thorough. Anytime I had concerns, he was always there to patiently answer all my questions. I highly recommend David if you are looking to purchase a home."
— Nomi E., Las Vegas, NV (Zillow, FHA first-home purchase; other market)
"A few months ago we bought our first house. We were so fortunate to have David. He explained so many things that we did not understand, literally took the time to explain our options and why they would or would not work for us. He made us feel comfortable with our decision. We definitely would recommend his entire team, everyone was so wonderful and helpful."
— Jael Ornelas (Google, company-wide review; other market)
"The best experience that I have ever had with mortgage company, David and his team are awesome and they always keep me updated on a daily basis about my mortgage process. They are professional, down to earth, helpful and they always available to answer all your questions. Thank you David and iQRate mortgages"
— Edmond Boghosian (Google, company-wide review; other market)
"My experience with the IQRATE team was phenomenal. I bought my first house and they helped me through the entire process. David , Andrei & Gayane were so helpful, communicative & patient with me as I had so many questions throughout the entire process. They made everything so simple & effortless & I will definitely be working with them for any mortgage needs I have."
— Anthony Kingston (Google, company-wide review; other market)
"Outstanding service with the help from this team! Everything was smooth, effortless, and headache free! They answered all my questions with ease & I will recommend friends and family as well! I most definitely will continue using this company for future mortgage needs!"
— Ryan Lulo (Google, company-wide review; other market)
"David was very professional and went above and beyond to make sure I understand the loan procedure. In addition, he went with me to my closing because I expressed that I would be more comfortable with him there to explain the documents to me. He was there and ensured a smooth transaction. Everything completed as expected. I would definitely recommend him to my friends and family."
— Jasmin, Las Vegas, NV (Zillow, company-wide review; other market)
$541,287 for a one-unit home. The conforming limit is $832,750. Confirm on HUD's limits file before you shop.
FHA's minimum depends on your credit score: scores of 580 and above get the lower-cash tier, and 500 to 579 generally need more. Many lenders set higher score minimums of their own, and your Loan Estimate shows the amount for your loan.
It has an upfront and an annual part. On loans with the smallest down payments it generally lasts for the life of the loan unless you refinance into another loan type.
Sometimes. Florida Hometown Heroes states that it can be used with an FHA first mortgage if you meet its occupation, employment and income rules. The City of Tampa program sits behind a primary mortgage from a lender. Hillsborough County assistance varies by funding, so check the county page for which first mortgages it works with.
No. FHA is for a primary residence. Investors can look at DSCR loans, which qualify on the property's rent rather than personal income.
FHA's own debt-ratio math leaves unpaid medical collection balances out, though new collections opened during escrow can still stop an approval, and individual lenders may apply their own overlays.
Often, after a waiting period that depends on the event and your documentation. Lenders may require longer than FHA does.
Condos must be in an FHA-approved building; check HUD's lookup. Eligible buyers can finance certain repairs with FHA's 203(k) renovation option, which has its own guidelines.
You can bring more cash to cover the difference, compare a conventional loan up to the $832,750 conforming limit, or look at jumbo financing above it.
No. iQRATE is a mortgage broker and compares lenders. Loans are made by approved lenders and are subject to credit, property and underwriting approval.
Call David Ghazaryan at (702) 766-3744 to ask about your price range, get a Loan Estimate and compare FHA with conventional. Or start your FHA application today. Contact us before you make an offer.
iQRATE Mortgages · Company NMLS 1862492 · David Ghazaryan, Mortgage Broker, NMLS 1486726 · (702) 766-3744 · Licensed in Nevada, California, Texas and Florida. Equal Housing Opportunity. This page is general information, not a commitment to lend. Programs, limits and terms change and are subject to credit, property and underwriting approval. Local facts on this page come from the public sources linked above and are not legal or tax advice.
