Lets start with a little context. In 2003 HUD (Department of Housing and Urban Development) instituted a rule that prohibited a buyer using an FHA mortgage to purchase a “flipped” home. That means a home that was purchased, usually updated/remodeled and put back on the market in less than 90 days. HUD instituted the regulation […]
FHA Loan Limit…Not as much as you think!
February 3, 2009 by Leave a Comment
Only 5% down payment is needed for loans in excess of the FHA limit! That’s right, in Maricopa county, the new FHA loan limit, beginning Jan. 1, 2009, is $271,050. The minimum down payment for an FHA loan is 3.5%. Many people think that 10% down is needed to get a loan in excess of […]