Good news on the Home loan front. President Barack Obama has signed HR 2112! Oh, you don’t know what that means? Trust me it’s exciting.

Here, let me quote you!!

FHA maximum Loan Limits effective October 1, 2011 through December 31, 2012 – Mortgagee Letter 2011-39

 FHA Loan Limits that were in effect from January 1, 2011 through September 30, 2011, as announced in ML 10-40, shall apply for case numbers assigned from November 18, 2011 through December 31, 2011 – Maricopa County $346,250

 FHA Loan Limits with case numbers assigned on or after January 1, 2012 through December 31, 2012 will remain the same as those that were in effect from January 1, 2011 through September 30, 2011 – Maricopa County $346,250

 FHA Loan limits with case numbers assigned before November 18, 2011 are subject to the LOWER limits that were in effect from October 1, 2011 through November 17, 2011 (some exceptions apply) – Maricopa County $271,050

So what does all of that mean?

Moral of the story is:  FHA Case #’s assigned Jan 1, 2011 through September 30, 2011 maximum loan limit for Maricopa County was $346,250 –

Case numbers assigned October 1, 2011 thru November 17^th, 2011 are subject to the REDUCED loan limits of $271,050 for Maricopa County – And yet another change FHA Case numbers assigned November 18^th, 2011 thru December 31, 2011 will jump back up to $346,250

Basically, you can borrow more under FHA….

Don’t you love how long it took them to say what I said in seven words?

Stay Tuned for more FHA changes.  Please call Jeannie Bolger, Sr. Loan Officer – Nova Home Loans if you have questions. 

Exciting Right?

Christmas has come early! Statistics and Graphs galore! If you’re looking for a home here in Phoenix, here is a trend that you might want to know about.

As a general rule, fewer  people buy houses between October and February. With the beautiful winter weather here in the valley, you would think sales would rise. But, most home buyers move in the late spring and summer in order to change schools. So, what does that mean for real estate agents….other than that we should probably go out and get second jobs waiting tables or pre-stocking for Black Friday?

What does it mean for you? Well, it’s great news if you’re a soon to be home buyer. As you can see by the graphs, sales per month is down between October and February while the monthly supply stays relatively the same. Aren’t graphs amazing?

Continue for more witty comments, below the graphs.

So, follow me here. If the sales per month are down and the inventory stays largely the same that is great for you if you are a buyer. It means that sellers are more desperate to sell. Not only are you going to have a greater selection, you might have an opportunity to negotiate the price!

So, get out into the beautiful weather and buy! If  you have any questions I’d be happy to help, just give me a call 602-456-9388