One of the more popular home loan options in the last few years is an FHA loan – and not just for first time home buyers. Here in Arizona, people who live in Gilbert used to use the FHA loan program when no other program would “fit” what they were looking for — because the options were plentiful and if you qualify for an FHA loan and mention it to your home builder you may qualify for additional rebates.
But not any more.
More and more people in Gilbert are using an FHA loan to finance their home – as long as their home fits under the Gilbert FHA loan limit of $346,250 – because there are simply not as many options as their once was outside of the FHA loan programs.
One thing that is worth noting is that in some parts of Gilbert, the properties are eligible for an Arizona USDA loan and because the USDA loan program requires no money down, it is worth asking your loan officer about – even though the USDA loan program may be out of money until September.
But for many people who end up getting an FHA loan, the most popular loan program is the 30 year fixed rate because rates are so low and they simply don’t want the risk of their loan adjusting and them not being able to afford their home. If you are only going to live in your home for a short time, the FHA one year adjustable mortgage or the FHA 3 or 5 year adjustable rate mortgage may be worth looking at as well.
But for those people who are looking to buy a home in Gilbert, one thing is certain:
There simply aren’t as many options as their once was when it comes to home financing programs.
And the FHA loan program is a popular choice for a reason – it is a great program.
*This is not an offer to lend. 
Obama Refinance Plan For San Jose Homeowners AnnouncedHome Affordable Refinance Program Update Harp 2 Bay Area San Francisco California March 2012 Guidelines for Purchasing a 3 to 4 Unit Property with FHA Financing in Alameda, CA8 Year Fixed to 30 Year Fixed. You Can Choose Your Loan Term In San Jose
