Low interest rate, down payment assistance available to first-time homebuyers
Pima County, Arizona – First-time homebuyers and veterans in Pima County may be eligible for $8,500 in down payment assistance and a 3.5 percent interest rate on a 30-year fixed-rate mortgage.
To qualify for the down payment assistance and the low interest rate, borrowers must be first-time homebuyers or veterans, or the home must be in one of 19 targeted census tracts in Pima County (see map ).
The $8,500 in down payment assistance is available to households whose family income is 80 percent or less of the area median income (for example, $38,200 or less for a family of two or $47,700 or less for a family of four).
If their household income is higher, homebuyers can still take advantage of the 3.5 percent mortgage interest rate, which has higher household income limits. For the 3.5 percent interest rate, the household income limits are:
The low-interest Mortgage Revenue Bond program is available through the City of Tucson Industrial Development Authority ( www.TucsonIDA.com ) and the Pima County Industrial Development Authority ( www.PimaIDA.com ).
For more information about:
the Mortgage Revenue Bond program the $8,500 down payment assistance other down payment assistance programs available for market interest rate loan products other housing assistance in Pima Countycall a HUD certified counseling agency or the Pima County Housing Center, 801 W. Congress St., at 624-2947 or stop by between 8 a.m. and 5 p.m. Monday through Friday.
The Pima County Housing Center and its partners:
Provide resources, information, counseling, classes, computers, and workshops to help first-time homebuyers and other Pima County residents purchase, repair and make their homes more energy efficient; find affordable rentals; improve their credit; and save and manage their money. Help homeowners with mortgage modification and foreclosure prevention or recovery.First Time Home Buyer Tucson Az - News
26, 2011, under Uncategorized Pima County, Arizona – First-time homebuyers and veterans in Pima County may be eligible for $8500 in down payment assistance and a 3.5 percent interest rate on a 30-year fixed-rate mortgage.
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In 2010, the company launched Down Payment Resource to help turn potential home buyers into qualified buyers by connecting them to down payment assistance funding that they may not have otherwise known existed. DPR, winner of the 2011 Inman News
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For the first half of 2011, the nation's economic confidence as a whole was largely negative, averaging an ECI score of -28. With this pessimism, potential buyers tend to sit on the sidelines, despite record affordability levels in many markets,
Pima County offers assistance to first time homebuyers and ...
What a great program! Let’s hope that Tucson first time home buyers and Veterans will take advantage of this program when buying a home here in Tucson.
Currently about 52% of the real estate market in the Tucson area is sales of distressed properties. This includes both short sales and foreclosures. The Pima County program is sure to be a win-win for buyers, as well as helping to clear out this deep cycle of distressed property sales. The program will help first time buyers and Veterans get into a new home, and it will also benefit the Tucson real estate market by reducing inventories of distressed properties. Both local and national experts have agreed that reducing inventory levels will be the key in the market finally reaching a bottom, and eventually returning to a more balanced real estate market where the market absorbs properties at a faster rate.
If you have any questions about this program, or the home buying process in general, please call Sarah Ley, ABR, CRS, CNHSA, Senior Associate with Long Realty, at (520) 404-0544.
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