The Pima/Tucson Homebuyers Solution down payment assistance program offers up to a maximum of 5% based on the loan amount towards your down payment and/or closing costs in the Pima County area. Income limitations and debt ratio limitations apply. You do not need to be a first-time homebuyer for this program.
Pima/Tucson Homebuyers Solution PROGRAM DETAILS
Pima/Tucson Homebuyers Solution has created this program for individuals or families that qualify for down payment assistance. The grant is combined with a FHA, VA, or Rural Housing 30-year fixed rate mortgage. Financing for these loans are available on existing homes, condos, or townhouses.
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Standard loan guidelines exist for qualification (i.e.: adequate income, acceptable credit, and down payment requirement). Maximum debt ratios are 45%.
Minimum credit scores are 640 and may not be eligible for the full 5% unless you have a 660 FICO score.
All buyers must attend a homebuyer education course, obtain a certificate of completion, and receive a home inspection. Homebuyers may find a list of HUD approved Housing Counseling agencies who offer the Pre-purchase Homebuyer Education course.
You do not need to be a first-time homebuyer to participate in this program.
Homebuyers may purchase a home within Pima County.
Buyers must occupy the home as their principal residence within 60 days of closing.
The program may only be used to purchase a home (i.e.: no refinancing).
INCOME LIMITS FOR ELIGIBLE BORROWER
Maximum credit qualifying income may not exceed $82,600
PURCHASE PRICE LIMIT
No price limit
DOWN PAYMENT ASSISTANCE
All homebuyers qualifying for down payment assistance will receive a grant based on the loan amount of either 3%, 4%, or 5% depending on qualification.