The Industrial Development Authorities of the City of Tucson and of Pima County have joined together to provide a mortgage Loan Program t ehom City of Tucson and unincorporated Pima County.

 

3.5% interest rate Mortgage Revenue Bond Program

PLUS Up to $8500 in Assistance for down payment

The City of Tucson and the IDA non-profit have joined together to offer the Mortgage Revenue Bond Program.     First time buyers may to get up to $8500 down payment assistance and closing cost in the purchase of a home.

Purchasers must be an owner occupant and a US citizen. Currently at the time of this post the interest rate is an extremely attractive rate of 3.5% on a 30 year fixed rate loan.

 

A workshop  event will be held at Real Executives

6640 N Oracle rd.  on Wednesday , Sept.  7, 2011 at 6640 N Oracle rd.  7-9 pm Seating is  very limited so please rsvp in advance. Special Guest speaker Rabn Rankin with Nova Home Loans will explain the qualifying process. Courtney Price -First Time Buyer Specialist and Daniel Biel will also present Bank owned real estate that can be purchased with with this program.

520 850 8080 to rsvp or bielteam@gmail.com

 

MRB ASSISTANCE – $8,500 in down payment assistance

Used with Mortgage Revenue Bond loan (MRB 3.5% 30-year fixed rate)

Homes may be located in Pima County and the City of Tucson

First time home buyers only

NSP AREA ASSISTANCE – $7,500 in down payment assistance

For homes located in the NSP-2 and NSP-3 target areas only (attached)

HOME ASSISTANCE – 5% of purchase price; minimum $5,000

Homes may be located in Pima County and the City of Tucson

Certain Income requirements are applicable- Purchasers income must be less than 80% of the median income for the area.

For those individuals that have income that exceeds the maximum income for down payment assistance may still benefit for the 3.5% below market interest rate. On this program there are also income requirements . Purchasers that have for 1-2 persons the maximum income is $71,520 or $72,960 in a non-target area.

Families of 2 or more persons the income requirement is $88,440 in non-target area and $85, 120 in target area.

The program has identified 19 target areas where buyers can buy who are not first time buyers. First time buyers for this program are defined as those buyers that have not purchased a home in the last 3 years.

Purchasers may use FHA, VA  USDA, Freddie Mac or Fannie Mae Financing.

 

This is an exceptional program designed to stimulate the Housing market and provide an opportunity for individuals to buy a home without a large down payment. Family Housing Resources (FHR)  a Tucson non-profit is the facilitator of this great program.

 

 

 

 

For more information contact  contact Biel team 520 850 8080

Approved Lender list as of August 29, 2011.

Bank of America

Chase

Fairway Independent Mortgage

K. Hovnanian American Mortgage LLC

National Bank of Arizona

Nova Home Loans

Peoples Mortgage

Prospect Mortgage

Suburban Mortgage

Sunstreet Mortgage, LLC

Universal American Mortgage

Waterstone Mortgage

Wells Fargo Mortgage

 

*First-Time Homebuyers include those who have not owned a home in the past three years. Veterans are not required to be first-time homebuyers. This program is made possible by The Industrial Development Authorities of the City of Tucson and Pima County.