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New FHA loan limits for Maricopa County

The FHA’s Office of Single Family Housing announced this week that on January 1, 2014, the government agency will implement new loan limits on FHA financing. The previous loan limits were established under the Housing and Economic Recovery Act of 2008 (HERA) and expire at the end of 2013.  The unfortunate part of this is that they didn’t provide a lot of notice.

 What does this mean for you?  This will affect us here in Arizona as the loan limits for most of the state, including Maricopa and Pinal Counties, will decrease from $346,250 to $271,050 starting with all FHA case numbers assigned on or after January 1, 2014. 

 So what does this really mean.  If you are looking at homes that will cost more than approximately 281K, but less than the current limits, you will need to get something under contract right away to get the case number before the end of the year.  If you don’t your only choices will be to lower your price point, and maybe the size or quality of the home you want, or you will need to look at other types of financing, like a conventional loan that will require a higher out of pocket cost.

 

Obviously, if you are looking at property lower than the limit then this won’t affect you.  But if you are considering above the limit and want an FHA loan, give me a call right away and let’s get cracking on your search.



Adam Tarr PC
Citywide Real Estate 

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