PTHS Conventional Purchase - Low Income
Best For: First Time Homebuyers, Low Credit Scores
Conventional option for low income Pima County residents seeking down payment assistance from the "Homebuyer's Solution" program.
This loan program is not available in Spalding County, GA
Program Description
The Pima IDA and Tucson IDA partner to offer a 30-year Conventional mortgage option for low income Pima County, AZ residents that can be paired with the "Homebuyer's Solution" Down Payment Assistance Program. The assistance can be used towards down payments and closing costs, and this Conventional option features reduced mortgage insurance rates.
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PTHS Conventional Purchase - Low Income
Min. Credit Score
640
Min. Down Payment
3%
Max Loan Amount
$726,200
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Reduced mortgage insurance requirements
- Available in all of Pima County, AZ
- Can be combined with up to 5% in down payment assistance
- Subject to 80% AMI income limits
- Only available in Pima County, AZ
- Not available for second homes or investment properties
Program Availability
PTHS Conventional Purchase - Low Incomes are available in 1 state.
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“The Pima Tucson Conventional low income option comes in handy when using one of their down payment assistance programs, but the lower income limits may disqualify you."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
No Limits
Income Limit
$64,880
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Conventional option from Pima and Tucson IDAs with lower mortgage insurance
- Can be combined with "Homebuyer's Solution" down payment assistance
- Credit scores as low as 640 allowed
Additional Conditions
- Eligible properties may be located anywhere within Pima County, including the City of Tucson.
- Also allows for multifamily properties between 2 and 4 units (requires a minimum 3% borrower contribution)
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class may be required for this loan program.
Class Name: eHomeAmerica Homebuyer Education or Other
All homebuyers are required to complete a HUD-approved education course. The education course can be obtained from any HUD-approved provider, and some of them provide an online course via eHomeAmerica.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this PTHS Conventional LI program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
Pima Tucson Homebuyer's Solution 3% Bond
|PTHS Conventional LIUp to 3% down payment and closing cost assistance for Pima County, AZ homebuyers with no first time homebuyer requirement.
Max. Loan Amount
$726,200
Min. Credit Score
640
Min. Down Payment:
0%
Pima Tucson Homebuyer's Solution 5% Bond
|PTHS Conventional LIUp to 5% down payment and closing cost assistance for Pima County, AZ homebuyers with no first time homebuyer requirement.
Max. Loan Amount
$726,200
Min. Credit Score
640
Min. Down Payment:
0%
Special Offers
Occasionally, there are special offers that can be added to this mortgage program that provide additional benefits, such as a reduction in your federal taxes (mortgage credit certificates), extra cash for your down payment, and more.
Arizona Mortgage Credit Certificate (MCC)
CIC Tucson's Mortgage Credit Certificate (MCC) is an interest tax credit that is used to reduce your federal income tax responsibility each year. It is specifically for first time homebuyers and veterans and can be paired with most Arizona down payment assistance programs.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
PTHS Conventional Purchase - Median Income
Best For: First Time Homebuyers, Low Credit Scores
Conventional option for Pima County, AZ residents making above 80% AMI and seeking down payment help from the "Homebuyer's Solution" program.
PTHS USDA-RD Purchase Loan
Best For: First Time Homebuyers, Zero Down
USDA rural development program for Pima County homebuyers seeking down payment assistance through the "Pima Tucson Homebuyer's Solution" program.
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Calculate Income Limits Using Area Median Income
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Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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