Pima Lighthouse - Downpayment Assistance

Pima Tucson Lighthouse offers a significant service for families aspiring to own their ideal homes by providing assistance with down payments. This program ensures that affordable down payment support is accessible, helping families bridge the gap to secure the homes they desire. With the program's assistance, families move closer to making the dream of homeownership a reality.

Pima Tucson Lighthouse is a collaboration involving the same nonprofits that established the successful Pima Tucson Homebuyer's Solution program, namely the Pima IDA and the Tucson IDA.

What are the benefits of this program you might ask, well, a few benefits include:

• Low Mortgage rate... With Lighthouse, the advantage of a locked-in low-interest rate of 6.2%. This means that regardless of the day-to-day market fluctuations, you can enjoy the peace of mind that comes with a secure and stable mortgage rate. To ensure that you feel confident and secure in your homeownership journey, knowing that your mortgage rate remains consistent and favorable.
• 4% Downpayment Assistance...  This program offers an upfront cash contribution equivalent to 4% of the total mortgage amount, serving as assistance for your down payment. On average, homebuyers receive approximately $14,000 through this program!

   

• Fully forgivable... Rest assured, if you stay in your home for 3 years or longer, you won't need to concern yourself with repaying the down payment assistance. After this 3-year period, the assistance seamlessly transforms into a grant, ensuring that it becomes a permanent benefit for you.

Here is a summary of the general eligibility criteria for the Pima Lighthouse assistance program:

1. First-time Homebuyers: The program is primarily intended for first-time homebuyers, although there may be certain exceptions or conditions.*

2. Government Loans: The assistance is applicable only to government-backed loans (FHA & VA). Other types of loans might not be eligible.

3. Valid in Tucson & Pima County: The program is available exclusively for homes located in Tucson and Pima County, ensuring it caters to local residents.

4. Pre-Approval Required: It's essential to apply for and receive approval for the assistance program before the closing of your home purchase.

5. No Combination with Other Federally Secured Products: The program cannot be combined with other federally secured products, such as a Mortgage Credit Certificate or similar offerings.

   *Applicants who are military veterans or who purchase in target areas do not have to be first-time homebuyers.
   

Home purchases are for new & existing properties. $481,176 limit for Non-target Area, $588,104 for Target Area**

Household Income limits are:

• 1-2 person Family: $91,600 for Non-target Area; $109,920 for Target Area**
• 3+ person Family: $105,340 for Non-target Area; $126,351 for Target Area**

**Target Areas are determined by census tract. For a list of target areas in Pima County, please visit https://cictucson.org/mcc/target-areas.

To read more about the Pima Lighthouse Program please visit https://www.pimatucsonhomebuyers.com/lighthouse

Are you interested in sitting down to discuss the process of purchasing a home? Schedule your FREE Buyer Blueprint Consultation with a Real Estate professional where we discuss all the steps included in buying a home, and answer any questions you may have!