Troy Reeves team part of historic Dave Ramsey Town Hall for Hope

th4h_content_headerRadio and television host Dave Ramsey held a historic webinar last night called Town Hall for hope and the Troy Reeves team played a part. Not only did the Reeves team attend the event, they were called on by the Dave Ramsey crew to help prepare numbers and statistics.

Last nights historic even was seen by over 1.2 million people in over 6000 churches. Dave brought his message of hope to the eager listeners during the Town Hall for Hope. One thing that jumped out at us was when Dave said there has never been a better time in American history to buy a house than right now. With the number of foreclosure properties and the low interest rates in Arizona now is the time to buy for either investing or for yourself. Here are some interesting numbers from Dave’s website:

* 50% of United States foreclosures in 2008 came from 35 counties in 12 states.
* 20% of the United States’ population lives in these 35 counties.
* Eight counties in Arizona, California, Florida and Nevada were the source of 25% of foreclosures.
* Existing home sales rose to a seasonally adjusted annual rate of 4.7 million units in February, 2009, and only 860,000 homes were repossessed all of 2008.

The Troy Reeves team is an endorsed local provider (EPL) for Dave Ramsey and was called on to help gather market statistics for Dave. The team was honored to be part of this historic event and we hope you check out more of what Dave said during the Town Hall for Hope event.

Are there any low limits on FHA loans?

The question comes up often, what is the maximum amount I can receive in an FHA loan. This year those limits in Maricopa County were raised to $346,250. If you have been paying attention to the Phoenix market at all over the last few months you know the better question is what is the low limit of an FHA loan?

There are hundreds of properties in the $20,000-$50,000 range and they are going quickly. Investors are showing up in droves to snatch these properties and many of them are ending up in bidding wars.

So can you get a FHA loan for a house in that price range? The short answer is it depends. The low limits of FHA loans are set by the lending institutions. While one lender may be willing to loan $20,000 for an FHA loan, another may set their limit at $30,000. Ask your lender, their limits probably vary.

One concern for these loans is the home itself. To receive a FHA loan the property has to pass an inspection and be liveable, which in that price range can be tough. But dont fret, there is almost always a solution.  If the home does not currently meet FHA guidelines you can always get a FHA 202k Streamline loan to help bring it up to standards.