New FHA Loan Limits

I just wanted to give a quick update on the new FHA loan limits. Effective February 25,2009 the Maricopa County, AZ FHA loan limits have increased from $271,050 to $346,250. This will allow many homebuyers to purchase the home that meets their needs and they can still benefit from an FHA type loan.

Remember an FHA loan only requires a 3.5% down payment and this can be gifted from a family member. Just on a side note, the State of Arizona requires that an LSR be submitted with an offer. This is basically a document from a lender stating the amount of loan that you have been approved for. If you need help getting this "preapproval certificate," let us know. We can refer you to a great lender. It's always a great idea to get this certificate prior to starting your search, so you know how much home you can afford. It will save you a lot of time in the long run.

Thanks for reading my blog. Please call me at 602.714.1012 with any questions.