New, Higher Limits for FHA Insured Loans!

The department of Housing and Urban Development recently announced new maximum mortgage limits for FHA insured residential home loans. The new limit for Pima County is $316,250. This is good news for home buyers who are looking for a low down payment loan with somewhat less stringent underwriting criteria. Some lenders are offering down payment assistance programs with FHA insured financing. This allows home sellers to contribute towards buyers down payment and closing costs with full documentation qualifying. The limits were raised in other parts of the country, as high as $729,750, reflecting the higher prices for homes since the last FHA limit adjustment. This is great news for everyone in the real estate markets since it will make it easier for home buyers to secure low down payment FHA financing and will also help home sellers sell their homes if they are priced at or below the new maximum limits.