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Joint Single Family Mortgage Revenue Bonds (Light house)

The Industrial Development Authority of the County of Pima and the Industrial Development Authority of the City of Tucson, Arizona have joined together to provide a Mortgage Loan Program to qualifying homebuyers purchasing homes in the City of Tucson and Pima County.

ELIGIBLE AREA

All of Pima County including the City of Tucson

Mortgage Rate

A single first mortgage rate of 6.2% will be provided for all loans.
The forgivable second mortgage loan has a 0% interest rate.

Eligible Loans

FHA, VA and USDA

Assisted Rate Loan with ONE level

All loans in this program are Assisted Rate Loans, each one with a 4% of assistance.

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 “Assistance”) which is available at 4% of the funded Mortgage Loan amount. 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

Note: There is a first-time homebuyer requirement, together with income limits and purchase price limits in this program.
Qualifying income cannot exceed set limits (per type of loan) for all household sizes

  • Minimum credit score of 640 for all Borrowers; however borrower must meet normal FHA, VA, USDA or Fannie Mae and Freddie Mac underwriting requirements
  • Maximum Debt to Income (DTI) of 45%
  • No minimum investment required from the Borrower’s own resources
  • Primary residence; owner occupied: buyers must occupy the property within 60 days of closing

 *Cannot be used with MCC.

* A recapture tax requirement exists.

Additional Information visit https://www.pimatucsonhomebuyers.com/lighthouse

Homebuyer Education:

All Borrowers (any primary borrower on the Note/Warranty Deed) must attend a homebuyer education course. The Borrower may choose any HUD approved housing counseling agency and must receive a certificate of completion. The Neighborworks online course “ehomeamerica” is also approved. (Please see list)

Participating Lender List

LENDERS As of MAY 21, 2024

1. Altitude Financial Corporation dba Altitude Home Loans;

2. American Pacific Mortgage Corporation;

3. Anchor Funding, Inc.

4. Axia Financial, LLC dba Axia Home Loans;

5.  Bay Equity LLC;

6.  Bay Valley Mortgage Group (dba Pacific Bay Lending Group, Valley View Home 

        Loans, Quality Bank Mortgage):

7. Citywide Home Mortgage;

8. CMG Mortgage, Inc.;

9. CrossCountry Mortgage, LLC;

10. DHI Mortgage Company, Ltd.;

11. DSA Acquisition Company LLC;

12. Fairway Independent Mortgage Corporation;

13. Geneva Financial, LLC:

14. Guaranteed Rate Affinity;

15. Guaranteed Rate Inc.;

16. Guild Mortgage Company LLC;

17. Homeowners Financial Group USA, LLC;

18. InstaMortgage Inc;

19. KBHS Home Loans, LLC;

20. LoanDepot.com, LLC;

21. Mann Mortgage, LLC;

22. Moria Development dba Peoples Mortgage;

23. Movement Mortgage, LLC

24. Nations Lending Corporation;

25. New American Funding, LLC;

26. Nova Financial and Investment Corp;

27. Ony Glo, Inc. dba LoanLock;

28. Primary Residential Mortgage, Inc.;

29. PrimeLending, A PlainsCapital Company; 

30. Prosperity Home Mortgage, LLC;

31. Right Away Lending, Corp;

32. Right Start MOrtgage, Inc.

33. Summit Funding, Inc.;

34. T2 Financial LLC dba Revolution Mortgage;

35. V.I.P. Mortgage, Inc., 

36. Wallick & Vold, Inc.; and

37. Waterstone Mortgage Corporation.