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New lending limits helps Phoenix home buyers

Phoenix FHA Loan Limits

New FHA loan limits for Phoenix market

Have you heard the good news about the latest changes to the FHA Loan Limits for Phoenix and the Maricopa County area? And if you have, do you know what they mean for the Phoenix real estate market? The good news is you can now borrow more money in 2018 to purchase your next home with an FHA loan than you could in December of 2017.

In 2017 the loan limit on an FHA mortgage in Maricopa County was $279,450. How does that compare to the Phoenix real estate market? Let’s take a look at non-luxury homes, under $750,000. The average sales price for a single-family home in the Phoenix is was around $290,000. That did not leave a lot of room for an FHA buyer looking to put down the standard 3.5%.

For 2018 the lending limit for FHA loans has been raised from the $279,450 to $294,515.

What does that mean for you as a buyer in the Phoenix market?

If you are an FHA buyer looking to put down 3.5%, you are now looking at houses that are up to $305,000 for a purchase price. This changed needed to be made because of the rising costs of purchasing a house in the Phoenix market.

The new limits now give the FHA buyer flexibility they did not have last month. As an example, as of writing this article, there are 590 more houses you could look at between $290k and $305k. This increase gives you several more options.

Of course with interest rates going up over the last few months, and expected to continue on that route for a while, your buying power may be going down in the future.

Everyone who is shopping for a house in this current market knows the prices are continuing to go up. This is because the supply of houses continues to be very low. This is not the early 2000’s all over again. Demand is fairly normal for the Phoenix market, what we are seeing is normal demand and very low inventory which is causing bidding wars among buyers for the nice houses.

Want to see what the new lending limit increases could mean for you? Below is a list of all the houses currently on the market between $290-305k.

Active 585 Closed 0 Under Contract With 132
585 Total Listings
Avg Price = $ 297,880
Avg $/SF = $ 147.14
Avg Size = 2,024 Sq Ft
Avg Beds = 3.2
Avg Baths = 2.2
No listings available.
132 Total Listings
Avg Price = $ 298,637
Avg $/SF = $ 151.83
Avg Size = 1,967 Sq Ft
Avg Beds = 3.2
Avg Baths = 3.4
All Prices
Under $300,000
Over $300,000
Gallery List Map
1 15 of 585
« Prev 1 2 3 4 5 ...39 Next »
Under Contract
Contingency
$ 295,000
15926 N 175TH Drive
Surprise, AZ 85388
SURPRISE FARMS
4 Bed / 3 Bath
3,115 Sq. Ft.
Property Type: House
MLS® #: 5654778
Under Contract
Contingency
$ 295,000
15926 N 175TH Drive | Surprise, AZ 85388
SURPRISE FARMS
MLS® #
Property Type
Beds
Baths
Square Ft
5654778
House
4
3
3,115 s.f.
LOCATION! LOCATION! LOCATION! GREAT HOME LOCATED IN SURPRISE FARMS. MOVE IN READY FEATURING 4 BEDS, 3 BATHS, LARGE LOFT UPSTAIRS AND TECH CENTER. ONE BEDROOM AND BATH DOWNSTAIRS GREAT FOR GUEST QUARTERS.LARGE FORMAL LIVING RM DINNING ROOM WITH BEAUTIFUL FLOORS. LARGE EAT IN KITCHEN W GRANITE COUNTERS AND ISLAND OPENS TO FAMILY ROOM PERFECT FOR ENTERTAINING. 3 CAR GARAGE AND BACKYARD PATIO WITH PLAY AREA. CLOSE TO SHOPPING, SCHOOL AND THE 303. THIS HOME IS A MUST SEE!
Under Contract
Contingency
$ 300,000
2618 W ESTES Way
Phoenix, AZ 85041
CITRUS MOUNTAIN ESTATES
4 Bed / 2 Bath
3,342 Sq. Ft.
Property Type: House
MLS® #: 5654728
Under Contract
Contingency
$ 300,000
2618 W ESTES Way | Phoenix, AZ 85041
CITRUS MOUNTAIN ESTATES
MLS® #
Property Type
Beds
Baths
Square Ft
5654728
House
4
2
3,342 s.f.
Fantastic move in ready home in South Phoenix! Soaring ceilings, fireplace, and a neutral color palette for easy personal design. Gourmet kitchen opens to the family room and boasts stainless steel appliances, custom cabinets, granite counters, and a center island. Master bedroom is downstairs with a private exit, walk in closet, and adjoining spa like bath. Grand staircase with handsome oak railing leads to the large loft and other spacious bedrooms. Loft has access to the private balcony with distant mountain views. Generous backyard has a covered patio, refreshing blue pool, built in BBQ, and low care landscape! This homes backs up to a canal for more privacy. Don't miss this hidden gem! Discover it today and make it yours!
Under Contract
Contingency
$ 305,000
15050 N THOMPSON PEAK Parkway #2068
Scottsdale, AZ 85260
VILLAGES NORTH CONDOMINIUMS
2 Bed / 2 Bath
1,500 Sq. Ft.
Property Type: Condo
MLS® #: 5653282
Under Contract
Contingency
$ 305,000
15050 N THOMPSON PEAK Parkway #2068 | Scottsdale, AZ 85260
VILLAGES NORTH CONDOMINIUMS
MLS® #
Property Type
Beds
Baths
Square Ft
5653282
Condo
2
2
1,500 s.f.
Modern luxury style 2 bedrooms, plus a den in North Scottsdale. Completely remodeled with custom style, property features white kitchen cabinets with quartz counter-tops, fine porcelain tiles, brand new appliances, a fully redesigned master bathroom with free stand tub, spa style shower, double vanities, new led lights system, new water heater...everything in this condo is brand new!!! Condo features a bright open split floor plan with vaulted ceilings and a charming covered patio to enjoy the outdoors. Community features a fantastic community pool and spa, a neighborhood rich of restaurants and shopping, and a park all within walking distance.
Under Contract
Contingency
$ 292,900
16777 W Bristol Lane
Surprise, AZ 85374
Bell West Ranch Parcel 1A
4 Bed / 2 Bath
2,251 Sq. Ft.
Property Type: House
MLS® #: 5652982
Under Contract
Contingency
$ 292,900
16777 W Bristol Lane | Surprise, AZ 85374
Bell West Ranch Parcel 1A
MLS® #
Property Type
Beds
Baths
Square Ft
5652982
House
4
2
2,251 s.f.
Great popular floor plan four bedroom plus den/ office big great room and large formal dining area. Lots of tile flooring and crown molding, ceiling fans, mini blinds and big front courtyard entry. Backyard has pebbletec pool with waterfall, also putting green with astro turf. Kitchen has nice cabinets and corian counters and gas stove/oven. Large Laundry room . Nice open master bedroom
Under Contract
Contingency
$ 290,000
6528 E STAR VALLEY Street
Mesa, AZ 85215
RED MOUNTAIN RANCH
3 Bed / 2 Bath
2,007 Sq. Ft.
Property Type: House
MLS® #: 5652495
Under Contract
Contingency
$ 290,000
6528 E STAR VALLEY Street | Mesa, AZ 85215
RED MOUNTAIN RANCH
MLS® #
Property Type
Beds
Baths
Square Ft
5652495
House
3
2
2,007 s.f.
DON't Miss this Opportunity !!!Diamond in the RUFF 🙂 Situated beautifully ~ backing miles of green with Mt views. Soak in the fresh air from your sparkling spa & pool. Over 2,000 sq. ft. Single Level Home w/ 3 bedrooms,2 bath split floor plan. Travertine & ceramic tile throughout ... hardwood in the master bedroom. Family room opens to the kitchen which looks out to the tranquil waterfall & Views. Great layout for entertaining with a formal dining room. Red Mt Ranch is a wonderful community.
Under Contract
Contingency
$ 298,150
29968 N 120TH Drive
Peoria, AZ 85383
VISTANCIA VILLAGE A PARCEL A15
3 Bed / 2 Bath
1,633 Sq. Ft.
Property Type: House
MLS® #: 5652125
Under Contract
Contingency
$ 298,150
29968 N 120TH Drive | Peoria, AZ 85383
VISTANCIA VILLAGE A PARCEL A15
MLS® #
Property Type
Beds
Baths
Square Ft
5652125
House
3
2
1,633 s.f.
GRAND OPENING PRICES!! Brand new single level floor plan with estimated February/March 2018 move in! The 'Finch' floor plan features a spacious kitchen with 3 bedrooms, 2 full bathrooms, and a 2-car garage. Designer selected finished include, smoke gray cabinetry, granite countertops, kitchen backsplash, stainless steel appliances, 12 x 24 plank tiles, and two tone paint. This wonderful D.R. Horton home has it all, including side by side refrigerator, prewire for a Smart Home system, prewire for ceiling fans, front yard landscape and home warranties! **Photos of rendering & Actual Home
Under Contract
Contingency
$ 295,000
4302 N 16TH Avenue
Phoenix, AZ 85015
BEL AIR
4 Bed / 2 Bath
1,485 Sq. Ft.
Property Type: House
MLS® #: 5651938
Under Contract
Contingency
$ 295,000
4302 N 16TH Avenue | Phoenix, AZ 85015
BEL AIR
MLS® #
Property Type
Beds
Baths
Square Ft
5651938
House
4
2
1,485 s.f.
TOTALLY REMODELED.
Under Contract
Contingency
$ 298,000

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New lending limits helps Phoenix home buyers

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