Speaking of Phoenix Real Estate » Fannie Mae http://www.speakingofphoenixrealestate.com   Sat, 15 Jan 2011 02:38:11 +0000 en hourly 1 http://wordpress.org/?v=3.0.3 2009 FHA Loan Limits Released, Fannie & Freddie http://www.speakingofphoenixrealestate.com/2009-fha-loan-limits-released-fannie-freddie/ http://www.speakingofphoenixrealestate.com/2009-fha-loan-limits-released-fannie-freddie/#comments Thu, 13 Nov 2008 04:57:31 +0000 Shar Rundio http://www.speakingofphoenixrealestate.com/?p=267 New 2009 guidelines were recently released by FHA, Fannie and Freddie.  Some things you should make note of include:

  • In all AZ counties the FHA loan limit has been reduced to $271,050 with the exception of Coconino which will be $333,500. This is down from the 2008 limit in Maricopa and Pinal counties of $346,250.
  • Fannie and Freddie have announced that they will leave the conforming loan limits at the current $417,000 (for all counties in AZ except Coconino which is at $450,000).  In other high cost areas (San Diego & Orange County and such) it will be $625,000.
  • Freddie Mac has also announced that effective 2/2/09 they will no longer purchase loans with stated income/stated assets.  Lenders will implement the changes earlier than this date to insure a smooth transition.  Maximum debt to income will be 45%.
What does this mean?
 
Better yet, where’s your opportunity?
 
This all means that anyone considering purchasing a home that would fall in the $271,050-$346,520 range should be looking at doing that now if you’d like to take advantage of an FHA loan.  With a low initial investment of 3% and historically low interest rates combined with a discount buyer’s market, what’s holding you back?   
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