Loan limits are going up in Maricopa County, Arizona, where the maximum loan amount for FHA is currently $271,050 and will be moving to $275,665,
Per Bob Silva, Loan Officer with VIP Mortgate, "To stay in line with the Fannie Mae increase in loan limits from $417,000 to $424,100 which becomes effective with loan applications taken after Dec. 10th ……FHA has followed suit to maintain their 65% of federal conventional loan limit
This means for Maricopa County the maximum loan amount for FHA is currently $271,050 and will be moving to $275,665 starting with Case numbers pulled on or after January 1st.
With the FHA loan minimum down payment of 3.5% this gives a buyer purchasing power of roughly $285,500 purchase price with 3.5% down would stay under the maximum limit"
Mortgage rates are rumored to be going up in late December, wait and see. This may be the time to buy.
For more information on Arizona mortgage loans check or call.