New FHA Loan Limits for Maricopa and Pinal County were posted last week for a single family residence at $346,250!  This is up from $252,500!  The wonderful think about FHA is that only a 3% down payment is required .... and even better, FHA will allow that 3% to be 'gifted' from a family member. 

A loan of up to $346,250 with a down payment of 3% will allow for a purchase/contract price of $357,000. 

(Sidebar:  Here is one reason why I am exited about Arizona Real Estate right now....  Is it possible to offer $357,00 for a home that is listed for more than that? - Absolutely.  In this market, could one purchase a home for $357,000 that originally sold for $500K or even $525K two years ago?....You BETCHA!!  And, the best part of all...Will that house be worth $500K again in let's say  3, 4, or even 5 years from now? Almost Definitely!) 

We have seen FHA loans on the rise in Maricopa in the last 6 months, and I speculate that this new limit will exponentially increase interest and use in this great federally backed loan program.

As always, I recommend talking with a lender should you have any questions with regard to whether an FHA loan is right for you.  FHA has really come a long way and there is likely more changes in the near future as the government continues to assist the housing market.  Please don't wait to check into it, as these FHA loan limits are only temporary and are only approved to stay in effect through the end of 2008!