The Industrial Development Authorities of the City of Tucson and of Pima County have joined together to provide a Mortgage Loan Program to qualifying homebuyers purchasing homes in the City of Tucson and Pima County.
All of Pima County including the City of Tucson
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.
FHA, VA, USDA and Conventional (Fannie Mae and Freddie Mac) loans
Most loans in this program are Assisted Rate Loans, although an unassisted note loan is also available.
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 in multiple levels of the funded Mortgage Loan amount. If a VA loan is chosen, the Assistance is in the form of a grant and not a second mortgage 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.
Note: There is no first-time homebuyer requirement or 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
*May be used with MCC (other requirements apply); can also be used with City/County HOME sponsored down payment assistance. (Additional requirements apply)
* No recapture tax requirement
Additional Information visit pimatucsonhome.org
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 22, 2023
ACADEMY MORTGAGE CORPORATION
ALTITUDE FINANCIAL CORP DBA ALTITUDE HOME LOANS
AMCAP MORTGAGE, LTD.
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC
AMERICAN PACIFIC MORTGAGE CORPORATION
ANCHOR FUNDING, INC.
ARIZONA FINANCIAL CREDIT UNION
AXIA FINANCIAL LLC
BAY EQUITY LLC
BELL BANK
CARDINAL FINANCIAL COMPANY
CASTLE & COOKE MORTGAGE, LLC
CHURCHILL MORTGAGE
CITYWIDE HOME LOANS
CMG MORTGAGE, INC. DBA CMG FINANCIAL
CORNERSTONE HOME LENDING, INC.
CROSSCOUNTRY MORTGAGE INC.
DHI MORTGAGE COMPANY LTD
ENVOY MORTGAGE, LTD
EVERETT FINANCIAL, INC., DBA SUPREME LENDING
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
FIRST STATE BANK OF ST. CHARLES, MO
FLAGSTAR BANK, FSB
GATEWAY FIRST BANK FKA GATEWAY MORTGAGE GROUP, LLC
GENEVA FINANCIAL, LLC
GOPRIME MORTGAGE, INC.
GUARANTEED RATE AFFINITY
GUILD MORTGAGE COMPANY LLC
HIGHLAND RESIDENTIAL MORTGAGE, LTD.
HOMEOWNERS FINANCIAL GROUP USA, LLC
INTERLINC MORTGAGE SERVICES, LLC
LENDERONE FINANCIAL CORPORATION
LENNAR MORTGAGE, LLC FKA UNIVERSAL AMERICAN MORTGAGE COMPANY
LOANDEPOT.COM DBA IMORTGAGE
MANN MORTGAGE, LLC
MICHIGAN MUTUAL, INC. DBA MIMUTUAL MORTGAGE
MISSION LOANS, LLC
MORIA DEVELOPMENT INC DBA PEOPLES MORTGAGE COMPANY
MOVEMENT MORTGAGE LLC
NATIONS LENDING CORPORATION
NATIONS RELIABLE LENDING, LLC
NETWORK FUNDING L.P.
NEW AMERICAN FUNDING, LLC
NFM, INC., DBA NFM LENDING
NOVA FINANCIAL & INVESTMENT CORPORATION
PACIFIC RESIDENTIAL MORTGAGE, LLC
PARAMOUNT RESIDENTIAL MORTGAGE GROUP, INC.
PLATINUM HOME MORTGAGE CORPORATION
PRIMARY RESIDENTIAL MORTGAGE, INC.
PRIMELENDING (A PLAINSCAPITAL COMPANY)
PRIORITY LENDING LLC
PROSPERITY HOME MORTGAGE, LLC
PULTE MORTGAGE LLC
RATE HOLDINGS CORP
RESIDENTIAL WHOLESALE MORTGAGE, INC.
RITHM CAPITAL CORP.
SECURITYNATIONAL MORTGAGE COMPANY
STARBOARD FINANCIAL MANAGEMENT, LLC DBA STARBOARD FINANCIAL
SUMMIT FUNDING INC
SUN WEST MORTGAGE COMPANY, INC.
SWBC MORTGAGE CORPORATION
THE HOME LOAN EXPERTS LLC
THRIVE MORTGAGE, LLC
VERITAS FUNDING, LLC
V.I.P. MORTGAGE INC
WALLICK AND VOLK, INC.
WARP SPEED HOLDINGS LLC
WATERSTONE MORTGAGE CORPORATIO