As a result of the stimulus package passing, there are now new Arizona FHA loan limits. This is good news for many people who are currently in an FHA loan wondering if they can participate in the Arizona FHA streamline program because their current FHA loan was higher than the “old” 2009 loan limits.
We used to tell you “no” that you couldn’t participate in the FHA streamline program if your FHA loan was higher than the “old” 2009 loan limits – but now the answer is “yes”.
The other group of people who will be happy about the increase in the FHA loan limits are those people who are currently shopping for a home between the $260 and $340k range – because now they can get and FHA loan. Looking at the history of the last month or so of what Arizona mortgage rates have done, I think it is safe to say that you should reasonably be able to lock in a FHA 30 year fixed rate in the low 5% range.