Pima Tucson’s Homebuyer’s Solution Program Offers Buying Assistance
The Pima Tucson Homebuyer’s Solution Program is a significant initiative aimed at assisting individuals in fulfilling their dream of homeownership. Recognizing that the upfront costs associated with a mortgage transaction can be a major barrier, especially for first-time homebuyers, this program provides essential down payment assistance. This support is crucial in making the home-buying process more accessible and affordable.
Available Assistance: The program offers a comprehensive package of assistance to eligible applicants. It includes a 30-year, fixed-rate first mortgage, coupled with assistance funds that can range from 3% to 5% of the loan amount. This financial aid is available to both first-time and repeat homebuyers, demonstrating the program’s commitment to supporting a broad range of individuals in their pursuit of homeownership. The assistance can be applied towards the down payment, closing costs, or prepaid items, significantly reducing the initial financial burden on homebuyers. Notably, there is no requirement for repayment or recapture tax on these assistance funds, making it an even more attractive option for potential homebuyers.
Eligibility Requirements: To qualify for the Pima Tucson Homebuyer’s Solution Program, applicants must meet several criteria. They must have a qualifying credit score and adhere to all FHA, VA, USDA, and Freddie Mac guidelines. The program sets specific annual household income limits, which applicants must fall within. Additionally, all applicants are required to complete a homebuyer education course successfully. This educational component is crucial as it prepares applicants for the financial and practical aspects of owning a home.
Property Guidelines: The properties eligible for purchase under this program must be the applicant’s primary residence and located within Pima County and the City of Tucson. The program accommodates a variety of property types, including new or existing residential properties, one to four-unit homes—either detached or attached—condominiums, or townhomes. This flexibility allows applicants to choose a home that best suits their needs and preferences.
Income Limits: The program has specific income limits based on the type of loan:
- For FHA, VA, USDA Loans: The household income limit is $83,020.
- For Conventional Loans: The household income limit is $88,950.
Household income is calculated by considering all income received by household members aged 18 years or older who will be living in the home, regardless of whether they are on the mortgage.
In summary, the Pima Tucson Homebuyer’s Solution Program is a vital resource for individuals and families looking to purchase a home in Pima County and the City of Tucson. By providing down payment assistance and setting clear eligibility and property guidelines, the program aims to make homeownership more attainable and sustainable for a wider range of people in the community.
