Effective January 1, 2014 thru December 31,2014, FHA loan limits in Maricopa county have dropped down to $271,050. What does this mean for you? Well if you are a buyer it means that depending on what your housing needs are you may be expected to have a larger down payment in order to meet these lower limits. As a seller, you may have fewer buyers than anticipated depending on their credit qualifications.
At first glance, this appears that is a bad news right? My answer is “wrong”, and here is why. Since the government has been the main subsidy for the housing market we know this cannot last forever, there is no money for bailouts and keeping rates artificially low. By decreasing the expensive FHA loans market share it has caused the private mortgage insurance market to become more competitive and allowed conventional loans to become less expensive and more readily available. The best thing to do is to get prequalified by a reputable local lender and decide what the best financial options are for you and your family based on your goals.
-Mr. Electric Himself
The Good News! There are now programs available that provide you with the opportunity to purchase a home as little as 12 months from your short sale, foreclosure or bankruptcy. It doesn’t hurt to speak with a lender to see what is available and to get you on the road to homeownership!
By working with the right lender and agent who are both qualified and experienced you will reduce stress and are more likely have a seamless transaction. Contact us for additional information or for contact information to our preferred lender.