Fannie Mae in Phoenix, 2026: the $832,750 conforming limit

• The 2026 conforming loan limit in Phoenix is $832,750 for a one-unit home. That's the baseline set by the Federal Housing Finance Agency (FHFA), and it applies across Arizona.
• It's a limit on the loan amount, not the price. Your down payment is subtracted first.
• Above $832,750, you're generally in jumbo territory. Jumbo loans have their own rules.
• HomeReady, a Fannie Mae loan, allows 3% down if your income is at or below 80% of the area median income for the home's location.

What "Fannie Mae" means for your loan

When Phoenix buyers say "Fannie Mae," they usually mean a conventional loan that follows Fannie Mae's guidelines. Fannie Mae isn't a lender. It's a government-sponsored company that buys conventional mortgages from lenders. The conforming loan limit is the largest loan Fannie Mae and Freddie Mac will buy.

I'm Paige Martinez, a mortgage broker at Home Loans by Paige in Phoenix. This article is education, not a rate quote or an approval.

The 2026 conforming loan limits

On November 25, 2025, FHFA announced the 2026 limits. The baseline one-unit limit rose to $832,750, up $26,250 from 2025. Arizona uses the baseline, so Maricopa County's limit is $832,750 for a one-unit home.

High-cost areas elsewhere can go as high as $1,249,125 for one unit. That doesn't apply in Arizona. conventional

"Conforming" is about loan size, not approval

A loan under the limit can still run into credit, income, property, or condo rules. A loan over the limit is generally a jumbo loan, with its own rules. jumbo loans

How Fannie Mae's rules show up in your application

Most conventional applications get a first answer from Fannie Mae's automated system, Desktop Underwriter. It looks at your credit, income, savings, how you'll use the home, and the property. Lenders can add stricter rules of their own, called overlays. I match your application to a lender whose rules fit.

Mortgage insurance: With less than 20% down on a conventional loan, you'll usually pay monthly private mortgage insurance (PMI). It can come off once you build enough equity. FHA mortgage insurance works differently. conventional vs FHA

HomeReady: 3% down, with an income limit

HomeReady is a Fannie Mae conventional loan. It allows as little as 3% down, and gifts, grants, and some down payment assistance can help cover it. It also offers reduced mortgage insurance that can be canceled later.

The key rule is income. Under Fannie Mae's Selling Guide, the income used for the loan can't be more than 80% of the area median income (AMI) for the home's location. AMI is the middle income for an area, and it's updated every year. Fannie Mae's 2026 figures took effect June 13, 2026.

AMI depends on the home's location, so we look it up on your address. If your income is over the line, Fannie Mae's standard 3% down option (where at least one borrower must be a first-time buyer) or a conventional loan with 5% or more down may fit instead.

If every borrower is a first-time buyer, at least one must complete a homeownership education course for HomeReady.

HomeReady vs FHA in Maricopa County

FHA has its own, lower limit. For 2026, the FHA limit for a one-unit home in Maricopa County is $557,750, set by HUD on a separate formula.

• FHA's strengths: 3.5% down with a 580+ credit score, and flexible credit guidelines. With less than 10% down, the monthly mortgage insurance lasts for the life of the loan.
• HomeReady's strengths, when your income fits: 3% down and mortgage insurance that can be canceled later.

I run both on the same house so you can see which costs less. down payment help

When jumbo starts in Phoenix

If the loan you need on a one-unit Maricopa County home is more than $832,750, you're generally out of conforming and into jumbo. Your down payment and any second mortgage affect where you land.

Examples only:

• A $900,000 Scottsdale home with 20% down is a $720,000 loan. That's under the limit.
• An $880,000 Mesa home with 5% down is an $836,000 loan. That's over the limit.

We do the math on your numbers before you write.

Condos still need a review. A Chandler townhome can be under the loan limit and still fail Fannie Mae's project rules. I check the project before you spend money on an inspection.

What to bring

• The cities you're shopping
• Whether you'll live in the home
• How much cash you have, and whether any is a gift
• Your credit score, if you know it
• Household income, if you'd like HomeReady considered
• A listing or price range

Tax returns don't tell the whole story? A DSCR loan for a rental or a bank statement loan for self-employed buyers may fit. Those aren't Fannie Mae loans. DSCR · self-employed

Call or text (602) 448-4470 with the price, your down payment, and your household income.