An expected $50 million in loan proceeds to be available by Jan. 1, 2010. The mortgage rate for a 30 year fixed rate mortgage will be 4.55%. Lenders can originate FHA, VA or Rural Dev. Loans. Loans can be originated in ALL of Pima County, including the City of Tucson. Limited down payment assistance is available to borrowers at or below 80% of the AMI.
The Servicer for the program is US Bank. All approved and trained correspondent lenders with US Bank may participate in the program.
Borrowers must be first time homebuyers to participate. However, Veterans DO NOT need to be first time homebuyers. The following are the listed the income and purchase price limits for the program. Maximum Home Purchase Cost: One unit, $276,334, Two Units:, $353,752. Family Income Limits: Families of 2 or less, $69,000. Families of 3 or more, $79,675.
Please keep in mind that Targeted Areas have much higher income and purchase price limits. This program is made possible by the Tucson and Pima County Industrial Development Authorities. Please contact Pat Denihan. for more information, contact Anna-Lise Troup at (520) 906-5659 or lisetroup1@comcast.net.
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Anna-Lise Troup @ 11:02 AM
