FHA Loans in Tampa, FL
3.5% down, flexible credit, and Tampa's median price falls well within FHA limits.
Median Price
$385,000
FHA Limit (Hillsborough County)
$498,257
Conforming Limit
$766,550
Down Payment
$13,475 (3.5%)
Why FHA Works in Tampa
Tampa’s median home price of $385,000 falls comfortably below the Hillsborough County FHA limit of $498,257. That means the vast majority of homes on the market here can be purchased with an FHA loan at just 3.5% down.
FHA loans allow credit scores as low as 580 for the minimum down payment, and some lenders will go to 500 with 10% down. The mortgage insurance premium (MIP) is a trade-off but for many Tampa buyers the lower barrier to entry justifies the cost.
Loan Limits and What They Mean for Tampa Buyers
The 2026 FHA loan limit for Hillsborough County is $498,257. The conforming (conventional) limit is $766,550. A home at Tampa’s $385,000 median is fully FHA-eligible with room to spare. The FHA limit covers roughly 85% of Tampa’s active listings.
At 3.5% down on a $385,000 home, your down payment is $13,475. Estimated monthly payment including principal, interest, taxes, insurance, and MIP runs around $2,650/month.
How FHA Compares to Other Options in Tampa
FHA vs. Conventional: Conventional loans become more competitive if your credit score is 720+ and you can put 10% or more down. FHA MIP stays for the life of the loan on loans with less than 10% down.
FHA vs. VA: If you are VA-eligible, the VA loan beats FHA in almost every scenario. Zero down, no monthly MI, and typically lower rates.
FHA vs. USDA: USDA offers zero down but requires an eligible rural area. Some Tampa suburbs in eastern Hillsborough and Pasco County may qualify.
Neighborhoods Where FHA Buyers Are Active
Seminole Heights — $300K-$400K. Walkable, character homes, strong appreciation.
Brandon / Riverview — $280K-$360K. Newer construction, family-friendly, good value.
Temple Terrace — $275K-$350K. Close to USF, affordable entry point.
Town ‘n’ Country — $250K-$330K. Below-median prices, solid for buyers maximizing DPA.
Wesley Chapel — $350K-$450K. Newer builds, top-rated schools, still within FHA limits.
Tampa DPA Programs Compatible With FHA Loans
Not every program pairs with every loan type. These are confirmed compatible.
Florida Hometown Heroes
CompatibleUp to $35,000
Forgivable second mortgage for frontline workers. Works with FHA first mortgages.
FL Assist
Compatible$10,000
Deferred second mortgage at 0% interest. No monthly payment.
Florida First
Compatible$10,000
Below-market FHA first mortgage rate paired with $10,000 in DPA.
HFA Preferred
Not Compatible3-5% of loan
Conventional-only program. Not compatible with FHA loans.
Real Scenarios: FHA Loans in Tampa
First-time buyer in Seminole Heights at $350,000
A first-time buyer purchases a 3-bed/2-bath bungalow for $350,000 using FHA. Down payment at 3.5% is $12,250. With FL Assist covering $10,000, out-of-pocket drops to roughly $2,250 plus closing costs. Estimated monthly payment including taxes, insurance, and MIP: approximately $2,500.
Military family near MacDill AFB at $420,000
An active-duty family considers FHA vs. VA for a 4-bed home in South Tampa at $420,000. FHA requires $14,700 down with MIP. VA offers zero down and no PMI. For this buyer, VA is the stronger option. But if VA entitlement is used, FHA with Hometown Heroes becomes an excellent backup.
FHA Loans FAQ for Tampa
What is the FHA loan limit in Tampa FL for 2026?
The FHA loan limit for Hillsborough County (Tampa) is $498,257 for a single-family home in 2026. Tampa's median price of $385,000 falls well within this limit.
How much is the FHA down payment on a Tampa home?
On Tampa's median-priced home at $385,000, the FHA down payment at 3.5% is approximately $13,475. Florida DPA programs can reduce your out-of-pocket cost significantly.
Can I combine FHA with down payment assistance in Tampa?
Yes. Multiple Florida DPA programs work with FHA loans including FL Assist ($10,000), Florida First ($10,000), and Hometown Heroes (up to $35,000).
What credit score do I need for an FHA loan in Tampa?
FHA allows credit scores as low as 580 with 3.5% down. Some lenders go to 500 with 10% down.
FHA vs conventional in Tampa which is better?
FHA is often better for scores under 700 or when putting less than 10% down. Conventional may win with strong credit (720+) and 10-20% down.