The median owner-occupied home value in Tampa is $420,400 (Census ACS 2020–2024 5-year). FHA mortgage insurance premiums are set by HUD and are the same at every lender, so compare FHA lenders on rate, lender fees and points using their Loan Estimates.
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Tampa, Florida: 2026 Market Data
📊 LOCAL MARKET DATA
Median owner-occupied home value (Census ACS 2020–2024 5-year): $420,400
Median household income (Tampa): $75,475
Data from U.S. Census Bureau, NAIC, state insurance department
Tampa Mortgage Math: An Average-Size Loan at Current Rates
Take an example FHA loan equal to Hillsborough County's average (mean) mortgage origination, $380,000 in 2025 (CFPB/FFIEC HMDA). Your principal and interest payment depends on the rate you lock; the lender's Loan Estimate shows it to the dollar. But this is Florida, and that "anything else" is where Tampa buyers get caught off guard. Property taxes in Hillsborough County, the FHA mortgage insurance premium, and homeowners insurance, which runs notably higher here due to storm exposure, all stack on top. Hillsborough County's average homeowners premium, including wind coverage, was $3,525 a year (Florida OIR, data as of March 31, 2026), so your full PITI payment runs well above principal and interest once insurance and taxes are folded in. The MIP alone adds roughly 0.55 percent annually on most FHA loans. Tampa's insurance premiums are among the steepest in the country, so don't anchor only to the principal and interest figure. Plug in a real Florida insurance quote early, because that single line item can shift your affordable price range by tens of thousands.
Hillsborough County Data for Tampa Home Buyers
Lenders reported 30,459 mortgage originations in Hillsborough County in 2025, and 12.7% of the county's residential structures are in a FEMA special flood hazard area.
Hillsborough County, FL: originations, flood exposure, income and population, by source and date
What is the average mortgage rate in Tampa right now?
Tampa, FL borrowers price against the national 30-year fixed average: 7.28% in Freddie Mac's Primary Mortgage Market Survey for the week of October 1, 2026, with the 15-year fixed at 6.60%. Local quotes vary by credit score, down payment, loan type and lender. FHFA's National Mortgage Database shows Florida's 2025 average origination rate (6.3%) matched the U.S. average.
What credit score do I need for a mortgage in Florida?
In Florida, conventional loans generally require a minimum score of 620 (Fannie Mae's floor for manually underwritten fixed-rate loans), while FHA's program minimum is 580 with 3.5% down (500–579 with 10% down); many lenders set their own FHA floor above that. Conventional loans above 740 typically receive the best rates — improving your score by even 40 points before applying can lower your rate by 0.25–0.5%.
How much down payment is typical in Tampa?
First-time buyers in Tampa commonly put down 3.5% on FHA loans or 5–20% on conventional loans. The Florida Housing Finance Corporation FL Assist — up to $10,000 in down payment help. A 20% down payment eliminates PMI and reduces your monthly payment, but is not required.
What are Florida-specific first-time buyer programs?
Florida offers the Florida Housing Finance Corporation FL Assist — up to $10,000 in down payment help. These programs typically have income limits of 80–120% of area median income and require completion of an HUD-approved homebuyer education course. Ask your lender to run a combined FHA + assistance program quote alongside a conventional loan.
FHA vs. conventional in Tampa — which is more common?
Conventional loans are far more common: in 2025, 71.6% of Hillsborough County mortgage originations were conventional and 17.8% were FHA (CFPB/FFIEC HMDA). FHA loans are easier to qualify for but carry an upfront MIP fee (1.75% of loan amount) plus annual MIP. Once you have 20% equity, conventional loans allow PMI cancellation — making them more cost-effective long-term for buyers who can qualify.
How long does closing take in Florida?
The typical mortgage closing timeline in Florida is 45–50 days from application to closing. Pre-approval before making an offer can shorten this to 30–35 days. Delays most often occur at appraisal, title search, or underwriting — your loan officer can flag issues early if you provide all documentation upfront.
