Find the Best Mortgage Lenders in Tampa, FL

How to choose a mortgage lender in Tampa

The housing market in Tampa is strong, and in 2018, the median home value is $211,200. Housing values have risen more than 12 percent in the last year, and they continue to increase. Tampa's median home listing price is $317,190, and the median price of homes that sold is $234,900. With 177 neighborhoods, Tampa communities are diverse. When you're ready to buy, you need the best mortgage lender who can help you choose the right loan for your target home.

Types of mortgage loans in Tampa

The most popular types of mortgages in Tampa are conventional loans and FHA, VA and USDA loans.

• FHA loan: With a small down payment, Tampa residents can qualify for a government-subsidized FHA loan for a new home, rehabilitation project or construction.

• VA loan: Many active and retired military personnel live in Tampa and use their VA loan benefits. There's no down payment or closing costs for the buyer.

• USDA loan: Tampa is a city, but areas like Ruskin and Plant City are developing quickly, and buyers in those rural areas can use a USDA loan without a down payment requirement.

Where to buy a home in Tampa

The neighborhood you choose will impact the type of loan you get and the amount you need to borrow.

Expensive Tampa neighborhoods

According to the Consumer Financial Protection Bureau, a jumbo loan is a mortgage that's more than what the Federal Housing Finance Agency will buy from lenders. Tampa neighborhoods that might require a jumbo loan include areas in south Tampa, such as South MacDill Avenue and South West Shore Boulevard. Hyde Park, Davis Islands and Harbor Island have million dollar homes that will require you to work with a Tampa lender who specializes in jumbo mortgages.

Up-and-coming Tampa neighborhoods

Ybor is emerging as the place to be for Tampa residents who want to live in a walkable, urban area that's close to downtown and the beaches. It's one of the highest appreciating neighborhoods, which makes it a great place to buy. To finance a loft, townhouse or renovated single family home, find a lender who can put you in an FHA loan or a conventional mortgage that allows for a little rehab money.

Tampa neighborhoods known for schools and safety

South Tampa also ranks highly when it comes to good schools and safe streets. The Palma Ceia neighborhood is walkable, family-friendly and close to the desirable Bayshore Boulevard and its waterfront views. The average home value in Palma Ceia is $520,000. A conventional mortgage will cover what you need, but work with a Tampa lender who can best leverage your financial situation.