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OVERVIEW

Arizona is Home associated with Pima Tucson Homebuyer Solution Program (PTHS)

The Industrial Development Authority of the County of Pima and the City of Tucson have joined together with Arizona Department of Housing and the Arizona Governor’s office to provide a new sources of Downpayment assistance together with the PTHS Mortgage Loan program to qualifying homebuyers purchasing homes in Pima County, including the City of Tucson.

ELIGIBLE AREA

All of Pima County including the City of Tucson

Mortgage Rate

Lenders will be provided a daily mortgage loan rate sheet from which rates may be locked in for up to 70 days. Rates will be reset daily subject to market conditions.

Eligible Loans

FHA, VA, USDA and Conventional (Fannie Mae and Freddie Mac) loans

Assisted Rate Loan with $9,000 of Assistance

All loans in this program are Assisted Rate Loans

The borrower receives a 30-year, fixed rate, fully amortizing first mortgage loan together with down payment and closing cost assistance in the form of a forgivable second mortgage loan (the “AIH Assistance”) in the amount of $9,000.  The second mortgage loan is a thirty year forgivable loan. The Assistance may be used to fund up to 100% of the borrower’s cash to close, including the down payment, closing costs, prepaid and other related mortgage loan fees and expenses.  There can be no cash back to the borrower.

Borrower Eligibility

The borrower must be a first time homebuyer who has lived in Arizona for six months and makes less than 120 % of Median Area Income.

 

Additional information visit Pima Tucson Housing Innovation Hub.