Higher Allowable Loan Amounts for FHA Loans

The Department of Housing and Urban Development announced on 3/6 higher loan limits for FHA loans. The old limit for Maricopa County for a single family house was $263,150 and the new limit is $346,250. This means more financing options are available for potential buyers of properties priced between $263,150 and $346,250. NAR List of All Counties
In an email we received from Dick Gaylord, President of the National Association of REALTORSĀ®, he said “We expect the impact of these loan limit increases on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages.”