Maricopa County FHA Loan Limits Decreasing Soon!
In 2008, during the economic downturn, the FHA loan limits were increased by the economic stimulus act. In Maricopa the FHA loan limit was raised from $271,050 to $346,250. Unless Congress steps in, the Maricopa FHA loan limits will revert back to the pre-2008 limit of $271,050 on October 1st. For all FHA financed home buyers, that drop decreases their buying power by $75,200. As an FHA buyer, if you plan on purchasing a home over the $271,050 limit, now is the time act.
Will this drop in FHA loan limits dramatically affect Maricopa's home sales? According to information from the Arizona Regional Multiple Listing Service (ARMLS), less than 5% of all 2011 FHA purchases have been over the approaching new loan limit of $271,050. While some home buyers may be knocked out of FHA-insured financing, it doesn't appear that this lower loan limit will greatly affect the Maricopa housing market.
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