FHA announced this past week that it was increasing it's lending limits for both traditional loans and reverse mortgages.  In Pima County, the old limit of $271,050 was increased to $316,250.  This is great news for folks who want to do FHA loan because they only want to put down  3.5% for a down payment.  This means that the maximum price for a home under FHA (unless more than 3.5% is applied to down payment) is $327,720.

There are some lenders that will do 95% financing for conforming limits up to $417,000 and those loans the borrowers will save the monthly Mortgage Insurance Premium charged by FHA. 

If you want more information, or a referral to a local lender, drop me an email or telephone call.