New FHA Loan Limits. On October 1, 2011, the Federal Housing Administration (FHA) will implement the new single-family loan limits as specified by the Housing and Economic Recovery Act of 2008 (HERA).  As a result, FHA will reduce loan limits in the highest cost metropolitan areas of the country while limits would remain unchanged in most other parts of the nation. Here in Arizona the FHA loan limit will be $271,050 in Maricopa, Pinal and Pima counties.

These new FHA loan limits were scheduled to take effect in January of 2009 but continuing strains in credit markets led the Congress to delay implementation.  The result has been nearly three years of higher loan limits for some areas based on the Economic Stimulus Act of 2008 (ESA). 

Barring any new action by the Congress, many affected areas will have lower FHA loan limits on October 1, 2011.   The current standard (floor) loan limit for areas where housing costs are relatively low will remain unchanged at $271,050 for one-unit properties. 

The change in FHA loan limits will affect 669 counties across the country, out of a total of 3,234 jurisdictions in which FHA insures home loans.  Most loan applications with an FHA case number assigned on or after October 1, 2011, will be subject to the new limits. In addition, there are exceptions for loans that were issued case numbers on or before 9/30/11 and meet all of the credit approval criteria detailed in Mortgagee Letter 2011 -29. To Pre-qualify please call Ed Heiser of The Heiser Team at 480-830-8030. Follow this link to read the Mortgagee Letter.

VA Loan Program – Over 30 million have answered the call to serve this great nation.  1 in 8 American males are veterans.  The Veterans Affairs (VA) home loan program was designed to help veterans purchase homes with favorable terms and interest rates.

As a United States Army Veteran, Ed Heiser, with The Heiser Team at AmeriFirst Financial, is an Expert in VA Home Loans. When applying for a VA home loan, Ed & Barbara Heiser understand first hand the needs of fellow Veterans. With years of experience in helping fellow veterans purchase their home with their VA home loan benefits, you can be assured your in good hands with Ed Heiser and the Heiser Team.

 WHO IS QUALIFIED

1. Active duty personnel
2. Honorably discharged personnel “Veterans”
3. Personnel with previous qualifying active military service
4. Reservists, National Guard, and Coast Guard who meet minimum enlistment requirements
5. Unmarried, surviving spouse of military personnel who were missing or killed in combat
6. ROTC, cadets/midshipmen in Army, Navy, Air Force, and Coast Guard academy

 * A qualifying veteran will be required to provide a Certificate of Eligibility AND their  

     DD-214, NG Form 22, or Statement of Service.

 WHY CHOOSE TO USE YOUR VA LOAN

1. 0% down payment – 100% financing
2. The loan amount can be up $417,000 in Arizona
3. Gift money (money from other sources like parents) is allowed for closing costs
4. No monthly Mortgage Insurance
5. No prepayment fees
6. VA Funding fee, if any, can be financed into the loan

 VA loans are not just for first time home buyers.  Also, the home must be owner occupied.  If you are purchasing a 2-4 unit under the VA, the veteran must occupy 1 of the units.

 VA LOAN OPTIONS

1. 15 and 30 year fixed rate loans
2. 3/1, 5/1 Adjustable Rate Mortgages (ARM)

 To understand the above terms please read my post on FHA loans by visiting this link.

 ELIGIBILE PROPERTY TYPES

1. Single Family Residences (SFR)
2. 2-4 unit properties

CONCLUSION

I have a deep respect for the men and women who have sacrificed their time and talents to protect and guaranty the rights we all enjoy as citizens.  So many give so much for us and I am proud of this program that at least in a small way says ‘thank you’ to those who are or have served.  If you are a veteran and looking for a home to purchase, I would find it a great honor to assist you.

 Remember to remind your REALTOR that YOU are eligible and call me Ed Heiser (480) 830-8030.  You’ve EARNED it by proudly serving our great country.

Charles & Breanne were turned down by two lenders and they felt they would never own a home. Then they found Ed & Barbara Heiser and The Heiser Team.

Ed & Barbara took the time and walked them through what they needed to do to qualify. The Heiser’s helped them, answered their questions and where available through the entire home buying process.

Remember the ‘Good ole’ Days’ when people really cared about each other; When customer service was more than just words; When those you did business with knew you by name.

Come with Ed & Barbara Heiser back to those ‘Good Ole’ Days’ where they combined the best of the past with the best of today. They strive to bring that good ole’ fashion warmth to their business. Those they do business with are like family.

Ed & Barbara Heiser of The Heiser Team, are Home Mortgage Professionals located in Arizona’s Valley of the Sun. The Valley of the Sun is Metro Phoenix and includes many cities like; Mesa, Scottsdale, Gilbert, Chandler, Tempe, Glendale to name just a few. You could say the heart of Central Arizona.

Weather you’re looking for an FHA, VA, USDA, Conventional or Jumbo home loan, Ed & Barbara Heiser can help you! With their Experience, passion, knowledge and commitment to world-class service, the mortgage process is smooth and hassle free for everyone involved. With the Heisers’, the people they serve are not just clients, they are treated as friends and neighbors.

Take the first step towards accomplishing your home buying goals by completing our easy Online Application. It’s Fast, Free, and Secure! Ed & Barbara Heiser of The Heiser Team look forward to hearing from you at 480-830-8030.