FIRST TIME HOME-BUYER ASSISTANCE
November 2011
LOW INTEREST RATE, DOWN PAYMENT ASSISTANCE
Pima County, Arizona – First-time homebuyers and veterans in Pima County may be eligible for $8,500 in down payment assistance and a 2.99 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.
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:
Family Household Income Limits Size Pima County Target areas
1-2 $71,520 $72,960
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 Pima County Housing Center and its partners:
The buyer must also complete HUD Certified Homebuyer Counseling
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 Housing Center at 624-2947 or stop by between 8 a.m. and 5 p.m. Monday through Friday.
Check out the other Financial News and Updates Pages for information on VA Funding Fees, FHA Lending Limits, Fannie Mae/Freddie Mac Appraisals, USDA Loans, First Time Homebuyer Assistance and contact Cara Mancuso, REALTOR for Tucson, Marana, Oro Valley, or Vail AZ with your questions!
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