Time is running out to take advantage of the temporary higher FHA loan limits. Effective January 1, 2009 the FHA loan limits in Coconino County, AZ will drop from $450,000 to $333,500. The last day to lock in an FHA loan with the higher limits is November 28th and the last day to close is December 15th.

In addition, the downpayment for an FHA loan will be increasing from 3% to 3.5% effective January 1, 2009. For a $300,000 sales price this will mean an additional $1,500 down.

To take advantage of the $7,500 first time buyer tax credits you still have until June 30, 2009 to close.

For futher information please call Lynne Dewar at (800) 552-1188.