Real Estate Blog

Increased FHA Loan Amounts
March 6th, 2009 6:41 PM
FHA Loan Limit Increases 
FHA announced this week an increase in lending limits for both traditional loans as well as Reverse Mortgages. Maricopa County was raised from $271,050 back up to $346,250. Please check out the HUD's website for all other counties in Arizona. https://entp.hud.gov/idapp/html/hicost1.cfm.  Loan limits do vary by individual county.
 
This is great news for potential home owners and the market in general. What does this mean for you, the home buyer? Well, basically it means that you can now purchase a home in a higher price range and still put just 3.5% down payment.  Home sales above the old FHA limits were more stagnant, it seemed, than sales of homes that qualified for FHA backing.  Opening up FHA to homes in this higher price range will increase the amount of people buying homes who can now use FHA, which, I'm hoping, will spur more home sales (in conjunction with the lower prices and interest rates).  It's a good step towards pulling the housing market, and the economy, up. 
 
On a great note, which you just don't see mentioned in the media:  HOMES ARE SELLING! A lot.  I'll post the numbers and my thoughts on this tomorrw.
 
Meantime, if you'd like to talk about owning your own home or buying a vacation or retirement home, please give me a call at 623-760-8390.
Have a great day!
  Lisa
Posted by Lisa Bartlett on March 6th, 2009 6:41 PMPost a Comment (0)
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