FHA Limit Decreased for Pima County

A number of changes have taken place recently with FHA loans and another one is coming in 2014 for buyers in Pima County. Beginning with new case numbers issued after January 1, 2014 the maximum loan limit for an FHA loan within Pima County will be $271,050. This is a reduction of $45,200 from the previous maximum of $316,250. That relatively large reduction means fewer buyers will have FHA loans as options for their purchases. As fees have increased recently for FHA loans and with the mortgage insurance being for the life of the loan FHA loans have grown increasingly less attractive over the past couple years. This lower loan limit change will continue that trend and buyers will have to look at conventional loans or other options to fill the gap. As the housing market continues to improve the government assistance and intervention programs will very likely begin lessening.

Stephen Woodall

REALTOR, GRI @ Long Realty Company

Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.