New FHA Guidelines Beginning January 2014

Sonoran Desert

FHA just released the news that beginining on January 1, 2014, the FHA loan limit in Maricopa County for a single family residence will decrease from the current maximum loan limit of $346,250 down to a maximum loan limit of $271,050.The new loan limit will begin on January 1, 2014.What does this mean exactly?

A purchase price of $280,850 will keep a buyer at 3.5% down when considering the $271,050.00 maximum loan limit.

This will have a huge impact on buyers wanting to use the FHA loan.  If you can get under contract prior to December 31, 2013, you can still use the current maximum limit of $346,250.