HUD, The Housing and Urban Development just raised mortgage loan limits in Arizona (South Chandler) for FHA buyers! This is great news because it has opened up more homes available for people who are using an FHA mortgage loan. In Maricopa County, where South Chandler resides, they raised it to $346,250! This means that people who don’t have 10% down for a conventional loan may now use an FHA mortgage loan and put only 3.5% down as long as the house is $346,250 or less. This should help reduce some of the inventory in Maricopa County (South Chandler).
Some of the other counties that you may be interested in are: Pima County $316,250 Payson/Gila County $325,000 and Pinal County: $271,050.
If you want to use an FHA mortgage loan, how do you know if you qualify? You basically can use an FHA loan if you don’t have one on your current South Chandler home and you haven’t bought a home with an FHA loan within the last 3 years. But guidelines are changing daily so ask a South Chandler mortgage advisor if you would be a candidate for an FHA mortgage loan. Feel free to contact Lee Lieberman or Mari Corso for more information.
If you would like a list of homes in South Chandler that would qualify for an FHA mortgage loan, please feel free to contact me.