Now Reading
City, county offer mortgage help for 1st-time buyers, vets
local

From the archive: This story is more than 10 years old.

City, county offer mortgage help for 1st-time buyers, vets

Low-interest rates on 30-year fixed loans in Pima County

  • Targeted census tracts in the county.
    Pima CountyTargeted census tracts in the county.

First-time homebuyers and veterans in Pima County may be eligible for a low-interest rate on 30-year fixed mortgages, but those hoping to get on the program will have to do so by Dec. 31, the county announced Thursday.

Homes purchased through the Mortgage Revenue Bond Program, available through the City of Tucson’s Industrial Development Authority and the county’s IDA, can be anywhere in Pima County, said Diane Luber, a county spokeswoman

Mortgages will be offered at 2.99 percent, she said.

Income and purchase-price limits are higher in targeted census tracts (see map).

The income limit for a one- to two-person family in the county is $71,500 and $72,960 in a target area. For a family of three or more, the limit is $83,440 in the county and $85,120 in a target area.

The purchase price limit for one unit is $288,277 for the county and $352,278 in a target area. For two units, the price limit is $368,977 for the county and $450,972 for target areas.

Down-payment assistance for low-income buyers may be available on a first-come, first-served basis, Luber said.

For more information about the program, including a list of participating lenders, or down payment assistance, call the Tucson Industrial Development Authority at 882-5591 or call the Pima County Housing Center at 624-2947. Those interested can also visit the center at 801 W. Congress between 8 a.m. and 5 p.m., Monday through Friday.

The Pima County Housing Center and its partners:

  • Provide resources, information, counseling, classes, computers and workshops to help first-time homebuyers and other Pima County residents purchase, repair and make their homes more energy efficient; find affordable rentals; improve their credit; and save and manage their money
  • Help homeowners with mortgage modification and foreclosure prevention or recovery
  • Assist individuals and families who have been victims of fraud and rescue scams
  • Help individuals obtain emergency rent, mortgage and utility assistance

— 30 —

Best in Internet Exploder