Mortgage Revenue Bond Program
 

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 unincorporated Pima County.

Mortgage Rate  
  • First Mortgage Rate - 2.99%

  • Down Payment Assistance :
    Limited funds are available to those meeting home eligibility requirements, on a first come first served basis. Homebuyer education is required to all borrowers receiving down payment assistance. Information regarding down payment assistance, available through Family Housing Resources (FHR), can be found at: http://www.familyhousingresources.com/2010_dpa_mrb.html

    Borrowers That Qualify
    Borrowers using the Program must be first-time homebuyers (typically, borrowers that have not had an ownership interest in a residence within the prior 3 years qualify as first-time homebuyers), unless property is located in a targeted area. In most instances, Veterans do not need to be first time homebuyers.

    All borrowers must reside permanently in the United States, occupy the purchased home as their principal residence, and must not exceed the maximum income limits (listed below), as well as qualify under normal FHA, VA, USDA-RD, Feddie Mac, or Fannie Mae underwriting requirements which show creditworthiness.

    Maximum income limits for the program are:
    Size of
    Household
    Non-Targeted Area Targeted Area
    1 to 2 persons $71,520 $72,960
    3 or more $83,440

    $85,120

     

    Homes That Qualify
    Homes purchased through the program may be either existing residences or new construction, located throughout Pima County including the City of Tucson, Arizona. The purchase price for the home cannot exceed the maximum purchase prices established for the program.
    Property
    Non-Targeted Area
    Targeted Area
    1 unit
    $288,227 $352,278
    2 units
    $368,977 $450,972

    Please consult a Participating Lender to determine which Census Tracts qualify as Targeted Areas (click here to view target area map).  Two unit properties may only be financed if they are existing facilities – no new construction – please consult your Participating Lender for more details.

    To Use the Program
    To apply for a mortgage loan under the program, a borrower must:

    - Apply through a Participating Lender (see Lender list below)
    - Qualify for the program (meet first-time homebuyer requirements, purchase price and income limits, and other program guidelines); and
    - Have a purchase contract on a home that meets the program requirements (purchase price limits, etc.)

    The Mortgage Loans
    The mortgage loans can be FHA-insured, VA-guaranteed, USDA-RD guaranteed, or Conventional 30-year fixed-rate mortgages.

    Participating Lenders

    To apply for a mortgage loan through the program, or to request additional information, please contact:

    Universal American Mortgage Co.

    National Bank of Arizona

    US Bank

    Suburban Mortgage, Inc.

    JP Morgan Chase Bank, NA

    Bank of America, NA

    Nova Home Loans

    Wallick & Volk Inc.

    Bancapital Home Loans


    Prospect Mortgage

    Met Life

    Waterstone Mortgage

    K. Hovnanian American Mortgage LLC

    Sunstreet Mortgage, LLC

    Peoples Mortgage

    Wells Fargo Home Mtg.

    Fairway Independent Mortgage

    V.I.P. Mortgage, Inc.

     

     

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