Finally some good news on the mortgage front. Today, FHA announced an increase in lending limits for both traditional loans as well as Reverse Mortgages.
Pima County limits were raised from $271,050 back up to $316,250. Maricopa was raised to $346,250. HUD's website gives limits for all other counties in AZ. https://entp.hud.gov/idapp/html/hicost1.cfm
Use of FHA loans has increased dramatically over the past 6 months due to low downpayment requirements (3.5%) and less stringent FICO score requirements. This increase in lending limits opens up a broader range of properties available for buyers in Pima County.
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