A down payment assistance program in the Tucson area is now open for applicants.
Called Pima Tucson Lighthouse, the program was funded by the Tucson Industrial Development Authority and the Pima Industrial Development Authority with a $25 million infusion.
Eligible homebuyers can lock in interest rates of 6.2% on their mortgage and 4% on the down payment assistance β typically around $14,000.
First time homebuyers in the Tucson area can get help with down payment and mortgage rates to buy a house.
If the person stays in the home for three years, the down payment assistance is forgiven.
Even if the Federal Reserve raises interest rates again, a move that is considered likely, homebuyers through this program would not be impacted.
The current interest rate is 7.38% on a 30-year mortgage.
βInterest rates have been so unpredictable, so we wanted to offer homebuyers some surety and security by locking in an interest rate that wonβt increase, even if the Federal Reserve continues to push rates up,β said Tucson IDA CEO Dre Thompson.
To qualify, first-time homebuyersβ household income must be under $91,000 for a one- or two-person household or under $109,920, depending on whether the home is located in a βtarget area.β
The income limits are between $105,340 and $126,351 for a household of three or more, again depending on where the home is located within Pima County.
The βtarget areasβ in the county are determined by census tract and can be explained during the application process.
The purchase price limit is between $481,176 and $588,104.
The Lighthouse program is expected to garner much interest and the anticipation is the funds will be depleted by the end of the year.
Visit pimatucsonhomebuyers.com/lighthouse to apply or learn more about the program.
You can also send an email to info@housinginnovationhub.org or call 520-222-6722.
