After learning all about MIP/UFMIP in our first “How do FHA loans work?” series, our second installment covers the FHA loan limits in Arizona. I think that it is fair to say that the new 2009 FHA loan limits in Arizona can be summarized in one word:
Lower.
The FHA loan limits in Arizona for 2009 are:
- Coconino County $333,500
- Maricopa County $271,050
- All Other Counties $271,050
These numbers represent a significant drop from 2008′s $346,250 – and we expect there to be some price adjustments accordingly. If a house was priced at $285,000 in 2008 – I imagine there would be more than one conversation between the seller and their Realtor about dropping the price down to the 2009 FHA loan limit of $271,050.
The 2009 conventional loan limit will remain the same for 2009 – $417,000 in all of Arizona except for Coconino county where it will be $450,000.
See HUD’s official mortgagee letter outlining 2009 FHA loan limits.
UPDATE: NEW ARIZONA FHA LOAN LIMITS FOR 2009
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[...] 2008, the FHA loan limit for Maricopa county was $346,250. In 2009, the FHA loan limit for Maricopa county is [...]