HUD New Loan Amount Increase- Great for 1st time Home Buyers and less than 5% down buyers!!
HUD just announced today the new loan limits for Arizona. Maricopa County now has a max base loan amount of $346,250 which translates to a purchase price just under $357,000 for a 1 unit SFR. As you know, FHA still requires a 3% down payment. Nehemiah and Ameridream is still available for down payment assistance. This is great news considering the restrictions that have been placed upon Conventional loans recently with declining markets and FICO score requirements. FHA does not have a minimum FICO requirement and is a great program for first time home buyers or clients putting less then 5% down.