In December of 2018, HUD announced an increase in FHA limits for most counties in the U.S. beginning in 2019.
How does AZ stack up? Limits in 14 of the 15 counties in AZ are now at $314,827. That’s up from $294,515 in 2018. Coconino county is the outlier, as it’s considered a high cost area with limits at $362,250.
What does this mean for you? Well, if we compare the old limit vs. the new limit and apply it to the 2018 sales volume, there were 4,840 homes sold that fell between $294,515 and $314,827 (assuming they all would have qualified). The new FHA limits are an opportunity that those 4,840 home-buyers didn’t have last year.
Let’s look at what’s currently on the market. There are 1,000+ active homes on the market right now between the $294,515 and $314,827 ready for you to sell to all those first-time home buyers that will may qualify in 2019. You better get started!
FHA loan limits will vary from area to area, based on whether an area is considered high or low-cost, and are updated annually. They are influenced by conventional limits set by Fannie Mae and Freddie Mac and the type of home in question. We make a few assumptions in this post, forgive us.
Chelsea Oakland joined the ARMLS team in 2014. With her learning and development experience she knew she would have an impact on the company’s end goal to service its more than 40,000 subscribers.