Another Reason to Buy Now

Falling average home prices in the Flagstaff area and tighter lending guidelines will have an impact soon on what you can borrow using an FHA loan. The amount for Flagstaff has recently been quite high -- $450,000. That ceiling ends if you have not locked your loan by this Friday (the day after Thanksgiving!). And, you need to close by December 15. For any transactions after that date, your loan limit in Flagstaff will be $333,500.

In addition, the downpayment for an FHA loan will be increasing from 3% to 3.5% effective January 1, 2009. This is a nationwide change. For a $300,000 sales price this will mean an additional $1,500 down.

Thanks to Lynne Dewer at Lender's Direct, Flagstaff, AZ for this information!