FHA loans limits in Maricopa County for all property types will be reduced as of January 2009
FHA lending limit in Phoenix drops to $271,050 for single family homes. Multifamily properties also decreased but are higher then single family homes depending on the number of units.
These FHA loan limit for Maricopa County will go in affect next year. If you were planning to buy a Phoenix Valley home, now would be a great time to consider doing it if it matches your plans.
Starting in January, the maximum for the government-backed Federal Housing
Administration loans in Maricopa County will be $271,050. Currently, the FHA limit in the Valley is $346,250.
The U.S. Department of Housing and Urban Development quietly announced the changes to FHA loans last week.
Last year, HUD raised its loan limits to try to help struggling homeowners who owed more than their house was worth and couldn't refinance anywhere else. The move also was to encourage more lenders and borrowers to use FHA loans in the tight credit market.
The FHA dropped its limit in Maricopa because it considers the Valley a "low-cost" area for housing. Metropolitan Phoenix's median existing home price is now below $200,000 much lower then the peak in early 2006.
Contact Linda 602-391-8246 or send an e-mail for more information
Azhomes4u@gmail.com
No comments:
Post a Comment