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.