FHA Mortgage Loan Limits in Arizona Changing for 2009
HUD has announced their new permanent loan limits for each MSA (Metropolitan Statistical Area) for 2009. As of January 1, 2009, the MAXIMUM FHA loan limit for single family residences in Arizona (with the exception of Coconino County), will be $271,050 (Coconino County - $333,500). The current FHA loan limit is $346,250.
As you can see, this is a substantial change, so we are encouraging anyone who is interested in purchasing a home via FHA (up to $346,250) to do so before the end of 2008!!
Otherwise, after January 1, 2009 the most home you can purchase with an FHA loan will be $271,050.
And also please remember that effective January 1, 2009, the minimum down payment on an FHA loan will go from 3% to 3.5%, so another good reason to make that move before the first of the year.
So please contact us now if you would like more information!
And remember…$0 Down/No Closing Cost financing is still available.
If you would like more information regarding homes in the Phoenix/Scottsdale Metropolitan area, please visit our HouseHangout website.
As always, thanks for “hanging out” with us!