PTHS VA Purchase Loan
Best For: First Time Homebuyers, Low Down Payments
VA loan for Pima County, AZ vets and active-duty military seeking down payment assistance via the "Homebuyer's Solution" program.
Program Description
The Pima IDA and Tucson IDA partner to offer a 30-year VA mortgage option for veterans and active-duty military that can be paired with their "Homebuyer's Solution" Down Payment Assistance Program. The assistance can be used towards down payments and closing costs.
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PTHS VA Purchase Loan
Min. Credit Score
640
Min. Down Payment
0%
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
- Can be combined with up to 5% in down payment assistance
- Also available for manufactured homes
- Allows up to 50% DTI (Debt-to-Income)
- No mortgage insurance
- Only available in Pima County, AZ
- Not available for second homes or investment properties
- A funding fee which ranges between 1.25% - 3.30% of the loan amount (some exceptions apply)
Program Availability
PTHS VA Purchase Loans are available in 1 state.
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“If you're a Vet or active-duty military purchasing a home in Tucson and you need assistance offsetting costs—programs from the Pima IDA and Tucson IDA 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
- VA loan from the Pima IDA and Tucson IDA; follows VA Loan guidelines
- Can be combined with "Homebuyer's Solution" down payment assistance
- No first time homebuyer requirement
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
- Must be a veteran or active-duty military
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: VA Funding Fee
The VA Funding Fee, which ranges between 1.25% - 3.3% of the loan amount, is charged on all VA loans unless the veteran has been entitled 10% or greater in disability.
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 VA 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% Grant
|PTHS VAUp to 3% down payment and closing cost grant for Pima County, AZ homebuyers that does not need to be repaid.
Max. Loan Amount
$726,200
Min. Credit Score
640
Min. Down Payment:
0%
Pima Tucson Homebuyer's Solution 5% Bond
|PTHS VAUp 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 FHA Purchase Loan
Best For: First Time Homebuyers, Low Down Payments, Easy Qualification
FHA program for Pima County, AZ residents seeking down payment assistance 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.
Related Resources
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read More
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read More
VA Loan Guide
As a Veteran You Should Know All That Your Service has Entitled You to. The VA Loan Can Provide Many Valuable Advantages to Those Who Have Served Our Country.
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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