FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Developmentor HUD. They have an FHA loan limit of $346,250 in Maricopa County. Most of the homes for sale in Maricopa County fit within the FHA loan limit.
FHA mortgage loans are an attractive option, especially for first-time homeowners:
Generally easier to qualify for than conventional loans.
Lower down payment requirements.
Cannot exceed statutory loan limits.
Affordable Mortgage Insurance.
Also, an FHA loan may be valuable to someone who has had a short sale or foreclosure. An FHA loan is eligible to someone who just had a short sale in Maricopa County.
Learn more about FHA loans. (Department of Housing and Urban Development)
