Pima Tucson Homebuyer's Solution 5% Bond
Best For: First Time Homebuyers, Zero Down
Up to 5% down payment and closing cost assistance for Pima County, AZ homebuyers with no first time homebuyer requirement.
Program Description
The Pima Tucson Homebuyer's Solution Down Payment Assistance Program offers a 2%, 3%, 4% or 5% bond option for eligible Pima County, AZ homebuyers (repeat or first time) in the form a 30-year forgivable second mortgage. The Pima and Tucson IDAs offer competitive interest rates on a 30-year fixed rate home loans (FHA & Conventional) that can be paired with this program.
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Pima Tucson Homebuyer's Solution 5% Bond
Min. Credit Score
640
Min. Down Payment
0%
Max Loan Amount
$472,030
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.
Program Benefits
Benefit type: Up to 5.00% of 1st Loan Amount
Type: Bond Deferred Payment Program - Forgivable
Assistance comes in the form of a 30-year, 0% interest, no payment, deferred soft second mortgage. The loan does not become due until the end of the 30-year loan period, or when the borrower otherwise disposes of the property or refinances.
First Mortgage Program Option
This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.
- PTHS Conventional Purchase - Median Income
- PTHS Conventional Purchase - Low Income
- PTHS VA Purchase Loan
- PTHS FHA Purchase Loan
- PTHS USDA-RD Purchase Loan
Pros & Cons
- Flexible qualification guidelines
- Can be combined with 2%, 3%, 4% or 5% in down payment assistance
- Also available for manufactured homes
- Allows up to 50% DTI (Debt-to-Income)
- Only available in Pima County, AZ
- Not available for second homes or investment properties
- Income limits apply
Program Availability
Pima Tucson Homebuyer's Solution 5% Bonds are available in 1 state.
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“If you're ready to buy a home in Tucson, but need assistance offsetting costs, programs such as "Pima Tucson Homebuyer's Solution" can provide down payment and closing funds."
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
$122,100
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
- Up to 5% of your loan amount for down payment and closing cost assistance
- Debt-to-Income (DTI) ratios up to 50% with credit scores above 680
- 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)
- FHA, USDA-RD, and VA loans have access to either 3%, 4%, or 5% in assistance. Conventional Low Income loans have access to either 3% or 4% of assistance. Conventional Median Income loans have access to either 2% or 3% of assistance.
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 is 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.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: Homebuyer's Solution Compliance and Servicer Fees
Fees include US Bank 1st Mortgage Funding Fee & Tax Service Fee, and the eHousingPlus Compliance/Admin Fee. Fees subject to change at any time.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5% 1%
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.
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.
Pima Tucson Homebuyer's Solution 3% Bond
Best For: First Time Homebuyers, Zero Down
Up to 3% down payment and closing cost assistance for Pima County, AZ homebuyers with no first time homebuyer requirement.
Pima Tucson Homebuyer's Solution 3% Grant
Best For: First Time Homebuyers, Zero Down
Up to 3% down payment and closing cost grant for Pima County, AZ homebuyers that does not need to be repaid.
Related Resources
First Time Homebuyer Guide
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2023 Credit Score Guide and Tips for Improvement
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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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