2014 Maricopa County FHA Max Loan Limit

There are many different types of loan programs available for buyers.  The Federal Housing Administration (FHA) insures loans made by private lenders (banks or mortgage companies) to eligible buyers. FHA recently reduced the maximum loan limit for Maricopa County. The new limit is $271,050, effective January 1, 2014.

FHA allows a down payment of just 3.5% and it may consist entirely from gift funds. In addition to the low down payment, FHA offers low closing costs and easy credit qualifying. FHA loans do have monthly mortgage insurance and also a 1.75% upfront Mortgage Insurance Premium.

There are several FHA programs. One FHA program helps buyers who experienced a recent short sale, foreclosure or bankruptcy through their Back to Work loan program. Another allows you to buy a home and include the costs of fixing it up into one loan. A third prgram, Home in Five, offers closing cost and down payment assistance.

If you are ready to start looking for a new home it is essential that you speak with a mortgage professional to determine which loan program best fits your needs.  If you would like the contact information for local mortgage professionals please contact us at 623-252-9350.