Mar. 10, 2008 - FHA Increases Loan Limits for Prescott
FHA Loan Increases for Prescott Arizona
FHA has increased the loan amounts for homes purchased in Prescott.
New limits are:
$390,000 for a single family home (previous $271,000)
$499,250 for a two family home (previous $347,000)
$603,500 for a three family home (previous $419,400)
$750,000 for a four family home (previous $521,250).
This is great news for those looking to purchase with a low down payment (FHA currently requires a 3% down). Check with your local lender to find out details. If you don't have a lender familiar with FHA you won't do much better than Laurie Moore of Guarantee Mortgage.
If you are looking to see limits outside of Prescott check out the HUD FHA limits page.
Since moving to the Prescott area and becoming involved in real estate you hear opinions from everyone on growth. Most of the people in this area seem to be opposed to growth once they have relocated here. This is fascinating because the assumption is that growth results in an unhealthy environment and no growth results in healthy living. Well the truth really lies somewhere in the middle. Living in a small isolated community with limited medical resources can be unhealthy. Having fewer choices in goods and service providers results in a higher cost of living, and sometimes even inferior food products. But unbalanced growth can bring undesired results that may include higher real estate prices without appropriate higher level job opportunities, or the other end, standing home inventory because of speculators that result in price crashes. Also, unchecked squandering of resources because of shortsighted politicians is bad for the environment and the lifestyles of our citizens. Like many of the current residents of this area I came from California. I have seen the best and worst of growth and one thing I have come to realize, that like it or not, you grow or die. How you grow is the question. That decision is the most crucial and often not considered seriously until the growth pattern is set in motion. Once it begins growth takes on a life of its own and can become the enemy.
I came to this area to enjoy clean air, kind people, a slower pace and an affordable lifestyle. These attributes are not necessarily in competition with growth. There are many companies, housing planners and civic groups that have achieved all of these things and produced thriving communities that allowed the children born and raised there to find meaningful and lucrative work while at the same time maintaining a lifestyle that will fulfill the desire for balance in ones life.
In later blogs I will explore some of these towns and how they accomplished their goals as well as companies who are looking for such a place to provide jobs.
Northern Arizona is one of the last areas in the United States that has embraced change and growth while maintaining its frontier spirit. This is the attraction that brings us here. Let’s not deny this experience to others but be guardians of what is good and change what can make us better.
Dishing it up- information and opinons on market trends, issues, technology and advances in Real Estate and related industries by Vicki Brannock, e-pro, ABR.
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