Arizona 2019 VA/FHA/Conventional Loan Limits Have Increased
FHA LOAN LIMITS in 14 of 15 Arizona counties with the exception of Coconino county (Flagstaff) are as follows:
1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525
FHA LOAN LIMITS only in COCONINO COUNTY are:
1 unit: $362,250
2 units. $463,750
3 units: $560,550
4 units: $696,650
FHA financing is available for a single-family home or duplex, tri-plex, and quad-plex multi-units as long as the owner is occupying one of the units as a primary residence and rents the remainder to tenants. Living in a multi-unit dwelling as your principal residence that you manage can be very lucrative tax, estate, and retirement planning.
FNMA-FREDDIE MAC-VA Conventional Loan Limits in Arizona are as follows:
1 unit: $484,350
2 unit: $620,200
3 unit: $749,650
4 unit: $931,600
FNMA/FREDDIE MAC/VA financing is available for a single-family home, duplex, tri-plex and quad-plex units as long as the owner is occupying one of the units as a primary residence and rents the remainder to his tenants. Living in a multi-unit dwelling as your principal residence that you manage can be very lucrative tax, estate, and retirement planning.
TAX, ESTATE and RETIREMENT PLANNING:
As noted, a qualified homeowner of a multi-unit (1 to 4 units) can live in one unit and rent out the remainder to tenants paying you, the owner, rent. You not only receive rent to help pay your monthly loan, taxes and insurance payments, but you can also depreciate the rented units to lower your personal taxes while you get to pick your neighbors, too!
It is ideal to have each unit’s utilities metered separately to facilitate tenant direct payment of tenant utility costs, so you avoid having to collect what is thought to be a fair share of the overall utility costs from each tenant. If done properly, this will be a very good way to reduce your living costs and save for the future.
Do not leave anything to chance. If NOT done properly, becoming a landlord could turn out to be your worse nightmare. Call Sam before you act to review all of the issues you need to consider and have an effective plan BEFORE you select and buy a multi-unit property.
ABOUT THE AUTHOR
Sam has 28+ years of residential real estate knowledge and experience. Learn more about these AZ cities in his service area: Chandler, Gilbert, Mesa, Phoenix, Scottsdale, Tempe, Arizona retirement communities and investment property. Sam brings his vast real estate knowledge to help you decide which home or multi-unit is your best choice based upon your criteria for the perfect real estate investment.
Arizona Associate Broker, Graduate, REALTOR® Institute, CRS, e-PRO, SFR
Berkshire Hathaway HomeServices | Arizona Properties