by Builder Trade In Program Jan 23, 2018

Higher loan limits just made it easier to buy that first house in metro Phoenix

Thanks to a little boost from mortgage lenders this month, 2018 could be the year all those Street Scout and Zillow couch surfers finally pull the trigger on their dream home.

Rising metro Phoenix home prices are making it harder for many buyers. But this month, government mortgage backers began offering a little extra help.

The Federal Housing Administration, Fannie Mae and Freddie Mac have raised the loan limits for mortgages.

Almost 64 percent of all Phoenix-area homebuyers used one of those loans to buy in 2017, so the higher limits are bound to give the market a boost.

Homebuyers can now borrow up to $453,100 using Fannie and Freddie mortgages. That's up $29,000 from last year.

Almost half of Valley homebuyers took out a loan backed by one of those two federally-owned mortgage giants last year, according to The Information Market, owned by the Arizona Regional Multiple Listing Service.

The loan limits on Federal Housing Administration loans climbed to $294,515 from $279,450 at the beginning of the year. More than 15 percent of Phoenix-area homebuyers took out Federal Housing Administration loans in 2017.

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mortgage lenders home prices higher loan limits new home builders builder trade in program rider elite team