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 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.