Loan Limits Increased for '06 - FHA and VA loans
Hello....
Great news for buyers with little down payment, or buyers who qualify for a VA Loan - loan limits were raised, effective 1/1/06!
The new FHA loan limit for a single-family home in Maricopa and Pinal Counties is $254,600. Remember - 'single family' can be a townhome, patio home, or condo, so long as you own 1 unit. Multi-family home loan limits are higher, should you want to purchase a duplex/triplex etc... Also, this means that your purchase price can be as high as $262,474 - FHA requires a 3% down payment, and with that sales price, your loan amount would be $254,600.
The new VA loan limit is $417,000, which is just AWESOME - a well-earned reward for the men and women that serve our country! Since the VA guarantees a portion of the loan, veterans can receive a competitive interest rate with NO down payment, making it easier to buy a home.
Should you have any questions regarding FHA or VA loans, feel free to contact us at info@weareazrealestate.com.
Sharon Kotula and Adam Tarr
Your Phoenix Area Real Estate Source
RE/MAX Excalibur
Scottsdale, Arizona