By: Just announced, the new maximum FHA Loan amount is $346,250.
Read that again, in case you need to take a second to digest it. That first digit is indeed a 3. With a 97% loan, that means a purchase price of $356,900 is now possible. That’s right, a home listed at $350k, can now be purchased with FHA financing. A number of homes in North Scottsdale suddenly became FHA possible.
As well, with down payment assistance, the seller can gift 3% to the buyer via Nehemiah and Ameridream programs. On top of that, the seller can contribute up to 2% toward closing costs. Add this all up, and a first time home buyer can now get a $350k home with no money down. That’s right, no money down. Could you afford that huge mortgage? Few people will truly qualify. But if you can afford it and your credit isn’t quite perfect, in the words of my favorite GRI instructor, “this is a honey of a deal.”
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Sounds like home ownership for many who might not of thought so and a nice home to boot.
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