Arizona FHA Loan Program and Loan Limits

Arizona FHA Loan

Arizona fha loan

FHA loan mortgage lending limits in ARIZONA vary based on the different housing types and the costs of local Arizona housing. FHA home loans are designed for borrowers who are unable to make large down payments. FHA loans are also typically an attractive option for first-time home buyers.

 

Consider an FHA Mortgage loan

What is the FHA? The Federal Housing Administration (FHA) was introduced as a result of the Great Depression to support the housing industry. The FHA continues to assist prospective home buyers who do not satisfy typical financing needs, such as having a credit history or perhaps evidence of income. Borrowers that meet this criteria should also look into the HUD Home programs by visiting the HUDHomestore

Is there an income cap with FHA loans?

No!

 

What is the maximum loan amount/limit for an Arizona FHA Loan in 2017?

Maximum loan amount vary by county for your traditional FHA loans in Arizona. The current base FHA loan limit in most of Arizona counties for a one-family home is set at $275,665.00.

 

Do I have to be a first time home buyer?

No, however many first time home buyers use the FHA program due to the minimum down payment (3 1/2%) and seller paid settlement costs.

 

Arizona First-Time Home Buyer Loan

The Arizona FHA loan program was designed and created to help increase home ownership. The Arizona FHA loan program makes buying a home easier and less expensive than any other types of real estate mortgage home loan programs.

 

Do I qualify for an FHA home loan?

If you have a history of paying the bills on time and you do not have an FHA mortgage loan, there is a good possibility you will be considered for an FHA loan. An approved Arizona FHA loan provider can analyze whether or not you meet the requirements for an FHA home loan.

 

Do I need a good deal of money to buy a home with an Arizona FHA loan?

No. The FHA down payment requirement is only 3.5%. For example, purchase price = $100,000 X 3.5% = $3,500

 

Could my down payment be paid from gift money?

Yes! You can pay 100% of the down payment with grants from family, relatives, or authorized organizations.

 

Is the seller permitted to pay my closing charges?

Yes! The FHA allows the seller to pay up to 6% of the purchase price toward the closing expenses.
The FHA home loan is a very popular loan program for Arizona home buyers and homeowners who are seeking an affordable refinance mortgage because of the flexible underwriting guidelines and reduced credit score requirement. Monthly mortgage insurance is required for both purchase and refinance loans, however, the monthly premium is very affordable.

 

Do I need to have perfect credit for an Arizona FHA loan?

The FHA credit score guidelines are the same in Arizona as they are anywhere else in the United States. You can even qualify for an Arizona FHA loan with less than perfect credit.

 

I want to refinance. Can the FHA help me?

The answer is absolutely Yes. The FHA offers the FHA Streamline Refinance Mortgage program for those who currently have a FHA loan in Arizona but need to refinance to either get a lower interest rate or do a cash-out refinance. In some cases home owners can do this with no up front costs. You might additionally get a cash-out mortgage refinance whether or not or not the mortgage you are refinancing is an FHA loan. When doing a cash out refinance you can get as much as 85% of the current value of your home.

 

 

2017 FHA County Loan Limits for Arizona

County MSA One-Family Two-Family Three-Family Four-Family
APACHE NON-METRO $275,665 $352,950 $426,625 $530,150
COCHISE SIERRA VISTA-DOUGLAS, AZ $275,665 $352,950 $426,625 $530,150
COCONINO FLAGSTAFF, AZ $362,250 $463,750 $560,550 $696,650
GILA PAYSON, AZ $275,665 $352,950 $426,625 $530,150
GRAHAM SAFFORD, AZ $275,665 $352,950 $426,625 $530,150
GREENLEE NON-METRO $275,665 $352,950 $426,625 $530,150
LA PAZ NON-METRO $275,665 $352,950 $426,625 $530,150
MARICOPA PHOENIX-MESA-SCOTTSDALE, AZ $279,450 $357,750 $432,400 $537,400
MOHAVE LAKE HAVASU CITY-KINGMAN, AZ $275,665 $352,950 $426,625 $530,150
NAVAJO SHOW LOW, AZ $275,665 $352,950 $426,625 $530,150
PIMA TUCSON, AZ $275,665 $352,950 $426,625 $530,150
PINAL PHOENIX-MESA-SCOTTSDALE, AZ $279,450 $357,750 $432,400 $537,400
SANTA CRUZ NOGALES, AZ $275,665 $352,950 $426,625 $530,150
YAVAPAI PRESCOTT, AZ $275,665 $352,950 $426,625 $530,150
YUMA YUMA, AZ $275,665 $352,950 $426,625 $530,150