Flagstaff (Coconino County) limit is reduced to $362,250
The current standard FHA loan limit for areas where housing costs are relatively low will remain unchanged at $271,050. “Where housing costs are relatively low,” does not include Flagstaff, AZ. FHA loan limits are based on median area home prices.
Flagstaff gets a substantial allowance (almost $90,000) above the lower-cost housing areas in the USA. But the limit is lower, starting January 1, 2014, compared with the over $400,000 number we’ve seen in recent years. Limits are set by county and the county Flagstaff is part of (Coconino) has a new limit of $362,250.
The new national-ceiling loan limit for the very highest cost areas will be reduced from $729,750 to $625,500. This applies to places like NYC, some areas of California, Washington, D.C. and numerous other hot spots in housing.
If you’re on the cusp of buying a new Flagstaff home and want to use a FHA financing option that gives you a mortgage loan higher than $362,500 , get going now! FHA case numbers must be assigned by December 31.
Consult with local Flagstaff mortgage lenders.
To buy any Flagstaff home, please contact us: Flagstaff Elite Team at RE/MAX Peak Properties.