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FHA Loan Limits Increased – Scottsdale

March 3, 2009

scottsdale-az-homeLast week HUD announced that it is increasing it’s FHA loan limits in Scottsdale and Maricopa County from $271,050 to $346,250 .

This is good news for Scottsdale home buyers. FHA is the leading loan product in the market for those looking to put the least amount of money down on their new home . FHA requires a 3.5% down payment on home purchases which may be gifted by a family member.  FHA credit requirements are also the most flexible requiring only a 580 credit score to qualify. In most cases, we can negotiate with the seller to pay all the buyers closing costs resulting in minimal out of pocket expense to the buyer.

Typical Scenario:

Purchase Price: $300,000

Buyers Down Payment (3.5% of purchase price which may be gifted): $10,500

Seller Paid Closing Costs: $9,000

Home Inspection (optional but recommended): $350.00

Total Out of Pocket Buyer Expense: $10,850

In this scenario we try and close the property towards the beginning of the month so that the seller paid closing cost’s will also cover the buyers prepaid interest  resulting in nearly 2 months without a mortgage payment!

Back To: Scottsdale Arizona Real Estate

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