Until this week, if you were shopping for a home in greater Phoenix, if the price got too near $300,000 you were stuck going for a convention loan — 5% or even 10% down, with monthly private mortgage insurance payments.
But as of this week, the limit for FHA loans in metropolitan Phoenix has been bumped back up to $346,250. With 3.5% down, you’re shopping in the $350,000 to $375,000 range, with a purchase price coming in at $358,000 or lower.
And you can buy a whole lot of very wonderful house for $358,000 right now. I just looked. There are 417 homes in that price range within 20 miles of Downtown Phoenix — not counting short sales and lender-owned homes.
For buyers who have been sitting on the sidelines, great homes at all prices ranges are available in abundance. But if you can find a home you can love beneath that FHA limit, you can get a ton of house for just 3.5% down.
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