The FHA loan limit was increased last week for Maricopa and Pinal counties to $346,250 from $263,150 for single family homes. Limits were also increased for 2, 3, and 4 unit properties. This increase is temporary, lasting until the end of 2008 unless legislation is passed to make it permanent. You can check loan limits for your area here.
FHA loans are attractive to home buyers because only a 3% down payment is required, and most closing costs and fees can be included in the loan. Even the down payment can be paid for by the seller using services such as Ameridream and Nehamiah down payment assistance programs.
Related Link: Finding FHA approved condos
Copyright © 2008 Rod Rebello
www.TempeAgentNews.com
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