Yuma, Arizona FHA loan limits remain unchanged and now allow virtually every 1st time buyer the opportunity to purchase the home of their choice.
The current FHA loan limit is $271,050 after the minimum 3.5% down payment required by HUD. This number is now significantly higher than the average sales price in Yuma, Somerton and San Luis, Arizona. This means in short many of our neighborhoods that were once well above the FHA loan limit are now allowed for FHA financing.
FannieMae and FreddieMac loans in Arizona now require a minimum of 10% down because of appraisal issues and will still require a monthly mortgage insurance equal to the amount of FHA monthly mortgage insurance. So the simple answer is FHA is the safer way to finance because FHA allows for for a smaller down payment of 3.5% versus a conventional loan which requires 10% down with the same monthly mortgage insurance. This means you the buyer leave more money in your bank account for the unexpected expenses.
So neighborhoods such as Falls Ranch, Barkley Ranch, Rancho Sereno, Parkway Place, Estrella and many other upscale areas can now be financed with an FHA government insured loan.
For more information please do not hesitate to call or email me directly.
Derek Egeberg, CMPS
The “Approval Coach”
Academy Mortgage
928-247-9089
928-246-0422
www.TheApprovalCoach.com
*This is not an offer to lend. 
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