FHA mortgage loan limits saw a decrease as of October 1st, 2011, but now the Government has stepped in and reinstated the higher mortgage loan limits that we have seen in recent years.
In 2008, Congress temporarily increased the FHA loan limits to help alleviate the effects of the economic downturn. At that time Maricopa County here in Arizona saw the FHA loan limit raised to $346,250. This essentially meant that a buyer could finance a home up to $358,500, given the FHA's 3.5% minimum down payment.
Then, On October 1, 2011, the temporary loan limits expired and here in Arizona, in Maricopa and Pinal counties, loan limits were reduced down to $271,050. However, that will change once again as the higher loan limits have again been reinstated by the Government and the FHA loan limits will increase.
FHA loan limits in Maricopa and Pinal counties in Arizona are now once again at $346,250 through 2013, opening up loan availability for homeowners looking to finance dollar amounts over the previous loan limits. The FHA loan limits vary by county, so they will also change across the board for counties nationwide, with most increasing with this new initiative.
Conforming mortgages that are backed by Fannie Mae and Freddie Mac will remain at $417,000 nationwide with no changes slated to take place. However, if any additional changes to mortgage loan limits are announced, we will of course provide the updated information.
For more information on home purchase loan or refinance programs for existing and potential home owners, please contact Bill Kamboukos of Strategic Mortgage at (480) 219-3682 or by emailing: firstname.lastname@example.org or online at www.strategicmtgaz.com