Arizona FHA Loan Limits The HOUSE Team Mortgage Lender

Arizona FHA Loan Limits The HOUSE Team Mortgage Lender

Arizona FHA Loan Limits

2013 Maximum FHA Loan Limits

New Arizona FHA Loan Limits 2013

FHA released their 2013 Arizona FHA loan limits which have some Counties experiencing shrinking FHA loan maximums  while others were not impacted at all.  Maricopa County maximum Arizona FHA loan limits remain the same as 2012.

2013 Maricopa County Arizona FHA Loan Limits

$346,250 for a single family/unit property

$443,250 for a 2 unit property

$535,800 for a 3 unit property

$ 665,850 for a 4 unit property

The loan limits were announced as a part of Mortgagee Letter 2012-26 entitled Federal Housing Administration maximum Loan Limits .   The effective dates for the new loans is 01/01/2103 through 12/01/2013.    FHA continues to govern national loan limits by using an established floor or lowest possible maximum loan amount and an established ceiling or highest possible maximum loan amount.

What is the Floor FHA Loan Limit?

FHAs floor sets a limit on how low a particular countys maximum FHA loan limit can go.   No matter how low the median price may have fallen in a given County, FHA will still allow FHA buyers to borrow up to at least the floor which will equal $271,050 again in 2013.  The floor FHA loan amount of $271,050 is based on the current maximum conforming loan limit which is currently set at $417,000 (this is also known as the maximum conventional  loan limit).   FHA decided to make its national floor loan limit equal to 65% of the $417,000 loan amount ($417,000 xs 65% = $271,050).  This means that regardless of what a County reports as its median home price, the lowest maximum FHA loan amount will equal $271,050.

What is the Ceiling FHA Loan Limit?

FHAs cieling was established for higher cost areas.  It represents the highest possible maximum FHA loan limit in the nation.   Based on the fact that some Countys have much higher median home prices, FHA has made an adjustment that enables borrowers needing to utilize FHA financing to obtain higher loan amounts which are more in line with the higher home prices in high cost markets.  The ceiling was determined by using the national conforming loan limit as its base.  The FHA ceiling is equal to $729,750 for a single unit property which equals 175% of the $417,000 loan amount ($417,000 xs 175% = $729,750).

Arizona FHA Loan Limits The HOUSE Team Mortgage Lender

There are 3 different categories that a County can fall into with regard to its maximum FHA loan limit .

1.   The FHA Floor: $271,050 (for a 1 unit)

2. Somewhere between the FHA floor and the FHA ceiling

3. The FHA ceiling. $729,750 (for a 1 unit)

Most Countys fall into category 2.  Marciopa County  is no exception.  The Phoenix area maximum Arizona FHA loan limits  for 2013 are right in between the floor and the ceiling set forth by FHA.  At least for now and until December 31, 2013, we can count on FHA allowing Arizona homebuyers to utilize an FHA loan amount of $346,250  to purchase their desert dream home (again no change from the 2012 Maricopa maximum Arizona FHA loan limits)!

Below are links to the complete nationwide County by County FHA Maximum Loan Limits :

Please let me know if you have any questions regardingArizona FHA loan limits or FHA financing.

Leave a Reply