This coming year brings some great news when it comes to FHA loans. The limit’s gone up for 2021 and a whole new potential bucket has opened up for interested buyers. The FHA is really helping a lot of people, especially if they’re on the lower end of the credit score or if they have a higher debt to income ratio.
Just three weeks ago, we had a borrower that loved this house. It was within the $350,000 to $355,000 range. We had the credit score and the down payment that fit the FHA program, but the problem was that the FHA loan limit only allowed a purchase price of $343,000. Unfortunately, it was a gap that couldn’t be bridged.
But it will be when 2021 comes and the FHA loan limit will increase to…
That’s a huge number that gives you as a borrower so much more purchasing power.
Now, this limit is just for a single-family residence in Maricopa County. For a duplex, the FHA loan limit is $471,00, and a triplex is $569,450, and for a fourplex it is $685,400.
If you have any questions about this or if you have any questions you’d like us to answer on our podcast, you can email your questions to firstname.lastname@example.org or give us a call at (602) 535-2171. Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.
Thanks for listening and reading the Mortgage Brothers Show. Let us know if you have any questions you’d like us to answer on this podcast. You can email your questions to Tom@AZMortgageBrothers.com or Eddie@AZMortgageBrothers.com.
Be sure to ask us for a free quote on your next mortgage. We’ll personally work with you and help you through the whole process.
Signature Home Loans LLC does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Signature Home Loans NMLS 1007154, NMLS #210917 and 1618695. Equal housing lender.BACK TO LIST