Low interest rate, down payment assistance available to first-time homebuyersby Pima County News on Aug. 26, 2011, under Community Development & Neighborhood Conservation, Pima County, Tucson
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:
|Household Income Limit|
|Family Size||Pima County||Target areas|
|3 or more||$83,440||$85,120|
To qualify for down payment assistance, the homebuyer must have $1,000 to contribute to the purchase but must not have cash assets exceeding $10,000.
The buyer must also complete HUD Certified Homebuyer Counseling at one of the following agencies:
Chicanos Por La Causa
200 N. Stone Ave.
Tucson, AZ 85701
Family Housing Resources
1700 E. Fort Lowell, Suite 101
Tucson, AZ 85719
Old Pueblo Community Services
4501 E. 5th St.
Tucson, AZ 85711
Pio Decimo Cente
848 S. 7th Ave.
Tucson, AZ 85701
151 W. 40th St.
Tucson, AZ 85713
(520) 882-5383, ext. 132
TMM Family Services
1550 N. Country Club Blvd.
Tucson, AZ 85716
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 County
call 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.
- Assist individuals and families who have been victims of fraud and rescue scams.
- Help individuals obtain emergency rent, mortgage and utility assistance.