Fidelity Funding Mortgage Corp is a Florida-based direct mortgage lender. We have a passion for helping home buyers with both common and unique circumstances.
If you're seeking the common everyday "regular" home loan, we provide a wide variety of traditional loan programs, backed by 25 years of experience, and delivered with unapparelled customer service and communication.
If your scenario doesn't quite fit into the "box" and you need something non-traditional or "unconventional", we have you covered there, too. We have solutions for everyone, whether you work for yourself and your tax returns aren’t reflective of your true income, you’ve recently experienced a foreclosure or bankruptcy, or you’re a seasoned home buyer looking for another mortgage.
Whichever program you choose, we structure a personalized lending solution just for you.
Trust Our Experience
We are a team of mortgage loan officers with many years of experience handling loans of all types. We aren’t your traditional bank or credit union with only conventional or FHA loans. We are fully-service the best mortgage lender Tampa Bay, FL that you go to when you want your loan done right---and also when your lending needs aren’t ‘the norm.’
Our clients turn to us for our experience in both traditional and non-traditional / unconventional loan needs.
We are trusted by 5 national builders because we have the proven experience to work with even the toughest loan scenarios. We hustle hard from pre-approval to the closing table, ensuring every detail goes off without a hitch.
Put our experience to work for you, and let us show you just how well we can help you get the home loan you need for your situation.
More Loan Options
When you come to Fidelity Funding Mortgage Corp, you’ll find a wider variety of programs than your local bank or credit union.
We offer traditional loan programs like Conventional, FHA, VA, and USDA loans for borrowers looking for traditional or government-backed funding. We know how to tell right away whether you’ll fit the mold for one of these traditional loan programs or if we need to think outside the box to get you financed.
For instance, if you need a loan exceeding the standard $548,250 loan size limit, or you can’t prove your income because you’re self-employed and take as many tax deductions as you can, we’ve got you covered.
We offer jumbo loans, bank statement loans, P&L loans, and even programs for borrowers who recently had a bankruptcy, foreclosure, or short sale. That’s not all, we also have foreign national programs for citizens of other countries looking to set up roots in Tampa Bay, FL.
Serving the entire Tampa Bay Area...and all of Florida
We are the top mortgage lender in the Tampa Bay area to offer the most non-traditional loan programs. Not only do we offer them, but we UNDERSTAND them and how they work. We know beyond a reasonable doubt which programs will suit your needs the most.
We serve all of the hottest communities including Tampa, Clearwater, St. Petersburg, Wesley Chapel, Riverview, Lutz, Trinity, St. Petersburg, Hyde Park, Westchase, Apollo Beach, and Lithia. But we also serve all areas of Florida, giving each borrower the undivided attention they need for their mortgage needs.
The Best Loan Options in Tampa Bay, FL
At Fidelity Funding Mortgage Corp, we pride ourselves on the large number of loan options we offer. If this is your first mortgage loan or you’re in different circumstances this time around, check out the many loan options you have. We will work with you to find the perfect loan for your unique situation.
If you’re a ‘traditional borrower’ who can prove your income with W-2s, paystubs, and/or tax returns and you have decent credit, a conventional loan may be just what you need.
Ideally, conventional loan borrowers have a 20% down payment and good credit (680+). If you don’t have a 20% down payment, you may still get a conventional loan, but you’ll pay Private Mortgage Insurance (aka - "PMI"). Fortunately, the PMI doesn’t last for the life of the loan. As soon as you owe less than 80% of the home’s value, you can request that the lender cancel it. Conventional loans also require your debt-to-income ratios to be about 43%, which means your total debts including the new mortgage don’t take up more than 43% of your income (before taxes).
We work hard to match you with the perfect loan, including conventional loans. We’ll show you the difference between a conventional loan with PMI, an FHA loan with mortgage insurance, and subprime loan options that may suit your needs.
We look at the bottom line with you, helping you understand not only how much the loan costs per month, but its total cost over the life of the loan.
If you don’t have a 20% down payment and/or you have less than perfect credit, the FHA loan is usually the next best option.
You only need a 3.5% down payment and a 580 credit score yet you still get favorable terms. FHA loans also have flexible underwriting guidelines making it the go-to loan for borrowers with less than perfect credit.
Here’s the thing with FHA loans. They charge mortgage insurance, often for the life of the loan. No matter how much you owe, even if it’s less than 80% of the home’s value, you pay a mortgage insurance premium of some sort.
Here’s what we suggest for our borrowers because we’ve always got your back: Start with the FHA loan if that’s what you need to be able to buy your home. Later, once you improve your credit and your other qualifying factors, we can help you refinance the loan.
If you refinance shortly after buying the home, you won’t have gotten so far into the term that you don’t want to start over. This way you have your home and yet don’t have to pay the mortgage insurance for the life of the loan.
VA loans are another government-backed loan, but for a special group: veterans of the military. If you served in the military either in the regular military, Reserves, or National Guard, you may be eligible for VA financing.
This financing is unique because it offers 100% financing. That’s right, NO DOWN PAYMENT. Veterans also have access to flexible underwriting guidelines. The VA has flexible credit standards and ability to repay the loan is calculated a little differently than a traditional home loan. As long as you prove you can afford the loan and you’re eligible as a veteran, you can secure the loan.
But that’s not all.
VA loans don’t require mortgage insurance even with no money down. Veterans pay one upfront funding fee and that’s it – they don’t have to worry about increasing their mortgage payment with mortgage insurance.
So who’s eligible for a VA loan? We work with all of the following:
Veterans who served at least 90 days in wartime
Veterans who served at least 181 days in peacetimes
Surviving spouses of veterans who lost their lives in the line of duty or as a result of it
Anyone who served in the National Guard or Reserves for at least 6 years
If you’re a veteran living in or relocating to the Tampa Bay area, we’d be happy to look over your options for a VA loan. If you don’t qualify for a VA loan for one reason or another, we’ll happily look at your other options, as we have many. We're a Veteran-led business and we great pride in serving the veteran community.
USDA loans are also a government-backed loan in Tampa Bay, FL. Here’s the catch. You must buy a home in a rural area and be a mid to low-income borrower.
If you check both these boxes, you may be the ideal candidate for 100% financing with the USDA loan.
Like most government-backed loans, USDA loans have flexible underwriting requirements, but they’re a little different from the VA loan requirements.
Borrowers must meet the property and income eligibility guidelines. If you do, you need a 640 credit score and proof that you don’t qualify for any other conventional or government-backed financing.
We work closely with our borrowers to help them determine if they are a candidate for the USDA loan program. What we love the most about it is the USDA doesn’t have the traditional definition of rural. In other words, you don’t have to live out in cornfields or in the middle of nowhere to qualify.
Our bank statement loan program in Tampa Bay, FL helps self-employed borrowers who make enough money to afford a loan, but on paper, it looks like they don’t.
Conventional and government-backed lenders would turn you down just because you can’t verify your income the ‘traditional way.’ At Fidelity Funding Mortgage Corp, we believe self-employed borrowers should have just as much of a chance to secure a mortgage as borrowers who work for someone else.
Our bank statement loan is the perfect solution. Rather than providing tax returns that show a loss, you provide us with your bank statements. We check/verify your income using your bank statements, as we look for regular deposits from your business that we can use to determine if you can afford the loan.
We don’t want you to have to choose between taking write-offs you’re eligible to receive, and buying a home – that’s not fair.
Our Bank Statement Loan makes the choice simple because you get both. Our Bank Statement Loan program is great owner-occupied, second homes, and investment homes. We don’t charge a prepayment penalty on owner-occupied and second homes and only require 10 – 25% down on the home.
If you’re looking for the simplest way to get funding to buy a home as a self-employed borrower, check out our P&L loan program. It doesn’t get any easier than this!
Your tax preparer (must be licensed) can prepare a 1 -2 year Profit & Loss Statement. Two years is ideal, but if you’ve only been open for one year, but have proof that you have experience in the industry, we may be able to accept one year of experience.
We offer the P&L loan program up to $650,000 with low down payment requirements of 15% down on up to $548,250 and 20% down on loans between $548,250 - $650,000.
All you need is a 680 credit score and legitimate Profit & Loss Statements to secure a loan for your owner-occupied, second home or investment home.
The P&L Loan program is great for those who want to buy a home now, but know they’ll be able to refinance in the near future once they have a little more experience in the industry or better qualifying factors. There’s no prepayment penalty on this loan so you can refinance whenever you are eligible.
For business owners in the Cannabis industry, getting a home loan can prove difficult, if not impossible. Most traditional banks and credit unions will not extend basic banking services to Cannabis-based businesses due to the schedule 1 nature of Cannabis, and most will not offer residential mortgage lending programs. Not to worry, our Cannabis Home Loan Program is just what the doctor ordered. Great financing with great rates and terms, no prepayment penalties and no surprises.
By the way, if you're a W2 wage-earning employee in the Cannabis business (not the business owner), we offer traditional Conventional financing with down payments as low as 3%.
No matter how much we plan, sometimes life doesn’t turn out how we expected especially when buying a house.
Even if you planned the purchase of your new home and the sale of your existing home perfectly, you could end up in a situation where you have to close on your new home before your current home closes/sells.
If you’re counting on the money from the sale of your current home, you may find yourself in a bit of trouble. That’s where our Bridge Loan program in Tampa Bay, FL can help.
Our Bridge Loan program provides financing of up to 60% of the combined value of both homes (the current home and your new home) minus any outstanding liens/loans.
It’s the perfect loan program for borrowers who own their current home free and clear, but even a small loan left on the home is okay too. This is a full-doc only program, which means you must prove your income with paystubs, W-2s, and/or tax returns. You must have ‘decent’ credit and at least 20 months of debt reserves on hand (money to cover your debts for 20 months).
The loan program is interest-only and has an 11-month term as it’s meant to get you through the gap between buying a new home and selling your current home.
Combo Home Loans
If you want conventional financing, but hate the idea of Private Mortgage Insurance, consider our Combo Home Loan.
You secure your first mortgage like you normally would, borrowing 80% of the home’s value. Next, you borrow a home equity line of credit loan, which is the second part of your combo loan, also known as a piggyback loan.
Your second loan is for 10% of the purchase price and the remaining 10% comes from your own funds (down payment).
Our Combo Home Loans are helpful in a variety of scenarios; but two of the most common are for 1) borrowers of jumbo loans and 2) borrowers buying a condominium.
When you borrow money in a jumbo loan, you have to meet strict requirements. If your credit history is less than perfect or you have other ‘hiccups’ in your financial past, a Combo Home Loan provides less stringent requirements because you’ll borrow 75% - 80% on your first loan and 10% in the second. There aren’t any jumbo loans (higher loan amounts) to worry about.
If you buy a condo, conventional financing can be finicky. If you borrow 80% or more, Fannie Mae requires many more answers from the condo association, which means it may or may not pass for financing.
Rather than risking your financing, use our Combo Home Loan program and borrow 75% on the first mortgage to sidestep the stringent requirements. You’ll need a 15% down payment overall for the condo, but if it means you can buy the condo without hassle, it’s worth it!
The HELOC part of your loan will have interest-only payments for the first 10 years and you can re-draw any principal funds that you payback.
FLEX Mortgage Program
Sometimes you just don’t fit the mold of a standard loan program. Not many people do, so don’t feel alone!
It can feel frustrating and overwhelming to visit lender after lender only to get turned down for a loan.
Enter our Flex Mortgage Programs that work with people just like you.
Whether you have had a recent housing event (bankruptcy, foreclosure, or short sale), or you don’t have traditional income but have plenty of assets, we have a program for you in our FLEX program.
As the name suggests, this program is much more flexible, and can help you bypass the issues you may have getting a traditional mortgage program.
If you have experienced a negative credit event—such as a Bankruptcy, Foreclosure, Short Sale or Deed-in-Lieu, it can take up to 2 – 7 years before you’ll be eligible for a traditional loan program. However with our Flex Program, there are no waiting periods. In other words, you don’t have to wait the traditional 2 – 7 years to qualify.
We have no waiting periods as long as you can meet the down payment requirement of 20% if the event was more than 4 years ago or 25% if it was less than 4 years ago.
We also specialize in helping borrowers with significant assets, but no traditional income. Our Asset Depletion program uses your total assets minus any reserves we require. We then divide that amount by 240 months to get your monthly income. To compare, traditional Conventional loans divide your assets by 360 months, which gives you a lower income and makes it harder to qualify for the loan you want.
How does this benefit you?
It means that our Asset Depletion program allows us to use 33% more qualifying income than a traditional Conventional loan program--and this can mean the difference between a loan approval and a loan denial.
If you’re a Foreign National looking to set up roots in Florida, let us help! We have the most comprehensive programs that make it easy for you to set up residence here in Florida.
We accept foreign income documents as long as they’re properly translated.
We have programs with down payments as low as 35% and 20 months of reserves. We offer loans up to $6.5 million and for any home occupancy purpose (owner, second home, or investment home).
We have the most extensive and flexible Foreign National Loan options available today!
Jumbo loans are any loan that exceeds the conventional limit (which is currently $548,250 for most areas in Florida).
They can be harder to qualify for when compared to the conventional loan route as there are stricter guidelines that make it possible for only ‘nearly-perfect borrowers’ to qualify.
At Fidelity Funding Mortgage Corp, we offer two jumbo loan programs that make it easier than ever to qualify.
First, our Premier Jumbo Loan Program offers the best terms without the hassle of a jumbo loan. If you have a solid credit history and verifiable income, you may qualify. Notice, we didn’t say a specific credit score – we look at your history, not your score.
All applicants get the same competitive interest rate if they qualify under this program.
Secondly, our Jumbo Flex loan is great for self-employed borrowers who can’t verify their income the traditional way but can afford a jumbo loan.
It has minimal credit score requirements (600 for full-doc and 640 for bank statement loans) and flexible underwriting guidelines including no waiting periods on negative housing events.
If you’re looking to invest in homes in the Tampa Bay area or any area of Florida, consider our Debt Service Coverage Ratio Loans.
These loans focus not only on the home’s value but the average rent for the area. We compare the average rent you can collect for the home to the potential mortgage payment to get the debt service coverage ratio. The greater the debt service coverage ratio, the lower the down payment you’ll need.
For example, a DSCR greater than 1.15 (i.e. - the rent is 15% higher than the mortgage payment) needs just a 30% down payment with a 700 credit score and a 60% down payment with a 680 credit score.
Why Choose Fidelity Funding Mortgage Corp?
You’ve seen all the programs we offer, but what really sets us apart from the competition?
Here’s the deal. We don’t treat you like a number. We treat you like a person.
We know buying a home, whether for your own use or an investment property is a BIG deal. It’s likely one of the largest investments you’ll make in your lifetime.
You deserve individualized attention from people who have been there/ done that--and that’s us. We have the experience, knowledge, and patience to help you through even the toughest scenarios when looking to buy a home in the Tampa Bay area.
Let us help you sign on the dotted line and get those keys in your hands! Call us today to learn more!