Yes, using a Florida-licensed mortgage broker for an FHA loan typically widens your options compared to walking into a single bank branch, because a broker can shop the same FHA program across hundreds of wholesale lenders instead of pricing it through just one shelf. Duane Buziak, NMLS #1110647, works with Florida buyers statewide on FHA financing, and this guide walks through how FHA loans work in Florida, what a Tampa-area purchase actually costs on paper, and how to compare offers without a hard credit pull.
Tampa’s FHA Market and Why Buyers Are Comparing Brokers
Tampa Bay has become one of Florida’s busiest FHA markets. Home prices in Hillsborough and Pinellas counties have climbed faster than wages for many households, which pushes first-time and repeat buyers alike toward FHA’s 3.5% down payment minimum instead of the larger down payments conventional loans often assume. That gap between price and income is exactly the scenario FHA financing was designed to bridge.
Duane Buziak, NMLS #1110647, is a Florida-licensed mortgage broker serving Tampa-area clients statewide, not from a physical branch. Buyers work with him by phone, video call, and secure online portal, which means the process moves on your schedule rather than around a bank’s lobby hours. That structure matters for FHA files in particular, since they often involve extra documentation, gift-letter paperwork, or manual underwriting steps that benefit from a broker walking you through each piece.
One detail Tampa buyers frequently overlook: FHA loan limits are set county by county and adjusted annually by HUD. Hillsborough and Pinellas counties follow HUD’s published forward mortgage limits for the year, and those figures change based on local home price data. Before you assume a purchase price fits under FHA’s ceiling, verify the current limit for your county directly at HUD’s FHA mortgage limits lookup. Limits in nearby counties can differ, so double-check if you’re comparing Tampa against Sarasota, Orlando, or Jacksonville submarkets.
Buyers researching options often assume every lender prices FHA the same way, since the underlying program comes from HUD. In practice, the loan limit, the mortgage insurance structure, and the minimum credit score are standardized, but pricing, overlays, and approval flexibility vary a great deal by who originates the loan. That’s the piece worth understanding before you lock in with the first bank you call.
FHA Loan Basics: Credit Scores, Down Payments, and MIP
FHA’s published minimums are more flexible than most buyers expect. Per HUD’s FHA program guidelines, borrowers can qualify with a credit score as low as 500 if they put down 10%, or as low as 580 with the standard 3.5% down payment. Individual wholesale lenders sometimes set their own floor above HUD’s minimum, which is one reason broker access to multiple lenders matters, a topic covered more in the next section.
Every FHA loan carries mortgage insurance premium, or MIP, which works differently than conventional private mortgage insurance. FHA MIP has two parts: an upfront premium, currently financed into most loans rather than paid out of pocket, and an annual premium that’s divided into monthly installments and added to your payment. Conventional PMI, by contrast, is priced off your credit score and down payment and can sometimes be removed once you cross 20% equity without much friction. FHA MIP typically stays for the life of the loan when the down payment is under 10%, which is a real cost difference buyers should weigh against FHA’s easier qualifying terms.
A persistent misconception is that FHA loans are reserved for first-time buyers or tied to income limits. Neither is true. FHA financing is open to any qualifying owner-occupant buyer, whether it’s your first home or your fourth, as long as you intend to live in the property as your primary residence. There’s no household income cap attached to the core FHA program, which distinguishes it from certain state housing initiatives that do carry income restrictions. If you’ve owned before but your credit or savings took a hit, FHA remains available to you the same way it is to a first-time buyer.
Broker vs. Bank: How Broker Independence Changes Your FHA Options
A retail bank sells its own FHA product, priced and underwritten to its own internal rules. Those rules, known as overlays, sit on top of HUD’s baseline requirements and can be stricter, sometimes requiring a higher credit score, more reserves, or a lower debt-to-income ratio than FHA itself demands. If your file doesn’t fit that one bank’s overlay, you’re often declined even though you meet HUD’s actual minimums.
A broker works differently. Duane Buziak submits your file to wholesale lenders across a network of hundreds of options, each with its own overlay profile and FHA pricing. If one lender’s overlay rules you out, another with looser requirements on that specific issue may still approve the same file under the same HUD program. That flexibility doesn’t change what FHA is; it changes how many doors you get to knock on with the same loan.
| Factor | Florida Retail Bank / Single-Shelf Lender | Florida-Licensed Broker (Duane Buziak) |
|---|---|---|
| Number of FHA pricing sources | One in-house shelf | Hundreds of wholesale lenders |
| Overlay flexibility | Fixed to that bank’s internal rules | Can route around a restrictive overlay by switching lenders |
| Rate/fee comparison | Limited to that institution’s quote | Multiple wholesale quotes compared side by side |
| Credit inquiry approach | Typically a hard pull to see pricing | NoTouch Credit Pull, a soft-pull option, available before committing |
| Manual underwriting experience | Varies by branch staff | Routine part of broker-originated FHA files |
None of this means a bank’s FHA loan is a bad loan. It means your approval odds and pricing depend heavily on whether the door you walked through happens to fit your file, versus having multiple doors available from the start.
FHA Payment Example for a Tampa Home Purchase
Here’s a fully worked, illustrative example using a $320,000 Tampa-area home. This is not a quote, just math to show how the pieces fit together.
- Purchase price: $320,000
- Down payment (3.5%): $11,200
- Base loan amount: $308,800
- Upfront MIP (1.75% of base loan, financed): $5,404
- Total financed loan amount: $314,204
Assume an illustrative 6.75% fixed rate on a 30-year term. Principal and interest on $314,204 works out to approximately $2,038 per month. Add estimated Hillsborough County property taxes and homeowners insurance, which for a $320,000 home might run roughly $500 to $650 combined per month depending on the specific parcel and insurance carrier, and you’re looking at a housing payment in the neighborhood of $2,540 to $2,690 before annual MIP.
Annual MIP on this loan, at a typical rate of 0.55% of the loan balance for a 30-year term with less than 5% down, adds about $1,730 per year, or roughly $144 per month. Combined, the full monthly payment lands somewhere near $2,680 to $2,830, depending on your actual insurance premium and tax assessment.
Every number here shifts with your actual interest rate, the county’s current millage rate, and your homeowners insurance quote at closing, so treat this as a framework for understanding the payment structure, not a promised figure. Duane Buziak, NMLS #1110647, can run your specific numbers once you have an address and a rate quote in hand.
Comparing FHA Rates with a Soft-Pull Pre-Approval
One of the most common hesitations buyers have about comparing FHA offers is the fear that shopping around will hurt their credit score. NoTouch Credit Pull addresses that directly: it’s a soft credit pull mortgage process that lets you see your FHA eligibility and estimated pricing without triggering a hard inquiry on your credit report.
That matters because a hard inquiry, even a small one, can nudge your score down slightly, and FHA pricing is sensitive to score tiers. A soft-pull mortgage pre-approval without a hard pull lets you see where you stand, compare wholesale lender options through Duane Buziak, and decide which offer you actually want to move forward with, before a single hard inquiry hits your file. That’s the idea behind Dare to Compare: get real numbers first, commit second.
The CFPB’s guidance on mortgage rate shopping confirms that multiple mortgage-related hard inquiries within a focused shopping window are generally treated as a single inquiry by most scoring models. That protection exists, but it still requires a hard pull to kick in. A soft-pull process avoids that step entirely during the comparison phase, so you’re not relying on scoring-model timing windows to protect your credit. You only move to a hard inquiry once you’ve picked the lender and program you actually want to close with.
FHA Loan FAQ for Florida Buyers
What is the minimum credit score for an FHA loan in Florida?
HUD allows scores as low as 500 with a 10% down payment or 580 with the standard 3.5% down payment, though individual wholesale lenders may set a higher internal floor.
What is the minimum down payment on an FHA loan?
3.5% of the purchase price for borrowers with a credit score of 580 or higher; 10% down is required for scores between 500 and 579.
Do I have to be a first-time buyer to use an FHA loan?
No. FHA loans are open to any qualifying owner-occupant buyer regardless of prior homeownership, and there is no income cap attached to the core program.
How is FHA different from a conventional loan?
FHA has more flexible credit and down payment requirements but carries mortgage insurance premium that often lasts the life of the loan, while conventional PMI can typically be removed once you reach 20% equity.
Do FHA loan limits vary by Florida county?
Yes. HUD sets county-specific limits annually, so Hillsborough, Pinellas, Orange, and Duval counties can each have different maximum FHA loan amounts; check HUD’s FHA mortgage limits lookup for the current figures.
Can I ever remove FHA mortgage insurance?
If your down payment was 10% or more, annual MIP typically cancels after 11 years. Below 10% down, MIP generally stays for the full loan term unless you refinance into a conventional loan later.
Does it matter if I use a broker instead of a bank for an FHA loan?
It can. A bank prices FHA loans through its own shelf and overlay rules, while a broker like Duane Buziak shops the same HUD program across hundreds of wholesale lenders, which can matter if your file doesn’t fit one lender’s specific overlay.
Will comparing FHA quotes hurt my credit score?
Not if you compare through a soft-pull process first. NoTouch Credit Pull lets you review FHA eligibility and pricing without a hard inquiry, so you can Dare to Compare before committing to the one hard pull needed to finalize your loan.
Start Your FHA Pre-Approval Without a Credit Hit
Duane Buziak, NMLS #1110647, structures FHA financing for Florida buyers around two things: broker access to hundreds of wholesale lenders and a soft-pull process that protects your credit score while you compare. That combination widens your approval odds and your pricing options without the risk that usually comes with shopping around.
Your dream home in Florida is closer than you think. Let’s turn your homeownership goals into reality with a personalized mortgage solution designed for your unique journey. Get your credit-safe consultation today and discover the loan options that fit your life, backed by trusted guidance every step of the way.
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