FHA loan limits for Maricopa County have gone down from $346,250 to $271,050 as of Oct. 1st . Congress raised the conforming loan limits in 2008 and has extended them annually through 2011, but no action was made to meet the Sept. 30 deadline, therefore, the limits have decreased.
The effect on the marketplace began in August when major lenders stopped approving jumbo loans in anticipation of the decrease in loan limits. With the lower limits, many buyers will now have to put down at least 20 percent compared to the 3.5 percent previously available to them.
Despite the drop in conforming loan limits it is still a good time to purchase a home as rates are still extremely low. According to Freddie Mac, the average on a 30-year fixed mortgage fell to 4.01 percent from 4.09 percent this week.
If you have any questions, please don’t hesitate to give me a call! 602-318-5341
1 comment:
Hello Everybody,
My name is Mrs Sharon Sim. I live in singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of S$250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of S$250,000.00 SG. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius,via email:(urgentloan22@gmail.com)Thank you.
Post a Comment