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 - 5.99%
  • Second Mortgage Rate - 7%
  • Down Payment Assistance : Optional - In the form of a Second Mortgage.
    Up to 7% (of final first mortgage amount) This may be used to fund Down Payment, Closing Costs and Pre-paid items.

    The ability to use the 7% of Down Payment/Closing Cost Assistance is subject to FHA, VA, USDA-RD, and Fannie Mae restrictions.

    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, 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 $66,000 $70,200
    3 or more $77,000

    $76,860

     

    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
    $374,506 $457,729
    2 units
    $479,427 $585,966

    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:

    American Home Mortgage

    Cherry Creek Mortgage Co., Inc.

    DHI Mortgage Company, Ltd.

    Amera Mortgage Corporation

    National City Mortgage

    Universal American Mortgage Co.

    National Bank of Arizona

    Wells Fargo Home Mtg.

    Washington Mutual


    Chase Bank

    Home Loan Network Corporation

    American Mortgage Specialists, Inc.


    Suburban Mortgage, Inc.

    Family Lending Services

    JP Morgan Chase Bank, NA

    First National Bank of Nevada

    Bank of America, NA

    Madera Financial

    Countrywide Home Loans, Inc.

    Texas Capital Bank

    Nova Home Loans

    Home Loan Consultants

    Home American Mortgage Corp.

     

     

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