With conventional loans now requiring a minimun of 10% downpayment, more people are considering FHA loans that only require 3% down. The maximum loan in Pima County has gone up to $316,250 and, therefore, one could purchase a home for up to approximately $326,000 with less than $10,000 downpayment. There are some restrictions, but there is no maximum income cutoff; the loan has to be for a primary residence and almost always one can only have one home at a time with this financing. One of the attractive offerings of FHA financing is a plan for 2-1 buydowns for young buyers who do not plan on being in the home for very long and who may also plan for an income increase. Today’s rate example would be: the buyer would pay 5% year one, 6% year two and 7% years 3 -30. FHA also has 1 year, 3 year and 5 year ARM programs; however, with today’s fixed rate at a low rate of 6.5%, most buyers opt for a fixed rate program. Many Pima County Condo Complexes are approved for FHA financing (single families, townhouses and manufactured homes also qualify), but check with your lender to make sure the condo complex you are considering is FHA approved. ( FHA wants to assure at least 51% of the condo complex are not rentals.) I am not a lender, and although I study this information to begin the conversation with my clients about financing options, it is best to consult a lender for a more in-depth analysis. Please do not hesitate to contact me at 520-615-2598 should you need a referral to an excellent lender.