Drum roll please…. After much back-and-forth-ness from the government, the FHA loan limits have settled back up at $346,250 for Maricopa County until the end of 2012. So much for the FHA loans being for starter homes. For home buyers that don’t have 20% down, an FHA loan may be the best choice. In Phoenix, you can get a nice, newer home for under $350,000. Homes under $350,000 in Scottsdale tend to be older or father north, but you’ll see some nice remodeled choices in neighborhoods like Southwest Village, right next to Old Town Scottsdale, or some basic newer homes in McDowell Mountain Ranch just East of the 101 a little farther north .
Remember that the loan limit is the actual amount of the actual loan. You can purchase a higher-priced home with an FHA loan, as long as the difference is your downpayment.
Talk to your lender to determine which loan is right for you. Or call us and we’ll give you some names of lenders we work with.