HUD finally published the new loan limits for Maricopa and Pinal Counties. The new mortgage loan limits are the same for both counties and are as follows:
Single Family: $346,250
Two Family: $443,250
Three Family: $535,800
Four Family: $665,850
These loan limits are effective immediately, but there is some lag time since the investors who buy these loans have not yet adjusted their systems. It should happen soon enough.
With the down payment assistance programs scoring victories in their lawsuit against the HUD, borrowers are able to use 3% from non-profits such as AmeriDream. FHA just got a whole lot better. And don’t forget the 5% downpayment program (Home in Five) can be used in conjunction with a FHA loan. In this buyers market you can’t ask for things to be any better!
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Summary of Recent Changes in the FHA Loan Program
Is the FHA Loan Program Right For Me?
New Conforming Loan Limits Published
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on Mar 6th, 2008 at 10:44 am
What did the limits used to be? These doesn’t seem like much of an increase.
on Mar 6th, 2008 at 2:36 pm
Craig:
One-Family is now $346,250 (was $263,150) = $83,100 increase
Two-Family is now $443,250 (was $296,390) = $146,890 increase
Three-Family is now $535,800 (was $360,100) = $175,700 increase
Four-Family is now $665,850 (was $415,500) = $250,350 increase
on Apr 18th, 2008 at 10:57 am
[...] and allows 3% gifts. So, in essence you can do a 100% loan with little out of pocket money. The FHA loan limits have been recently increased and in many markets this limit is well above the median home price. So [...]