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Industry Information & Events:
(not affiliated
with the Tucson Association of REALTORS®)
First Time Home Buyers and
Veterans: 2.99% 30 yr Fixed Loan Rate
Pima and
Tucson IDA's just lowered their mortgage rate to
2.99%! The lowest rate ever offered on a 30
year fixed rate loan in Pima County and the City
of Tucson. Down payment assistance is also
available to qualified buyers. There is roughly
$25 million to lend.
Click here for more information.
First Time Home
Buyer Program - Mortgage Revenue Bond Program
The Industrial Development Authorities of the
City of Tucson, Arizona and the County of Pima
announce its Mortgage Revenue Bond Program (“MRB
Program”). The Mortgage Revenue Bond Program
allows first time home buyers to get a 30-year
fixed rate mortgage at below market rates. To be
eligible, borrowers must qualify for a
conventional, FHA or VA mortgage loan. To
qualify for the MRB Program, homebuyers must
meet certain income and purchase price limits
set by the U.S. government. They must not have
owned a home during the past three years, unless
purchasing in a federally designated “Target
Area”. Residence must be owner-occupied. The MRB
Program offers low 4.25% fixed rate mortgages
through a pool of participating lenders. Limited
down payment assistance is available to
borrowers meeting certain low-income criteria.
For information about the Mortgage Revenue Bond
Program, including income limits and sales price
guidelines, potential first time homebuyers can
call 882-5591.
Pima Country Bond Program
Pima and City of Tucson IDA's have made mortgage money available in the
community. They are offering FHA, VA, RD and conventional loans
(Fannie, Freddie) at a 30 year fixed rate of 4.25%! Down payment
assistance is also available to qualified borrowers. You can contact
Frank Valenzuela at CIC, 520-529-1766, ext. 203 for details on DPA. Our
program allows FICO's as low as 620. For Answerers surrounding
allowable fees in the bond program and recapture tax, click here.
Mortgage Certificate Program
The Industrial Development Authority of the City of Tucson, Arizona
announces its 2011 Mortgage Credit Certificate Program (“MCC
Program”). The 2011 MCC program is available now to assist
first-time homebuyers in their efforts to become homeowners through its
program administrator Advantage Housing Services, LLC. Click here for more information.
New FHR Down Payment Assistance Programs Available
1)
PNIP HAP NSP-2 offers $20,000 to purchase a vacant foreclosed
home in the NSP-2 target area. The purchase price must be 1% below the
appraised value. The HQS inspection is not a requirement, but the home
must be habitable
2) The 3.5% up to $5,000 homebuyer assistance program is back. Homebuyers can buy a new or resale home with these funds. The
4.5% up to $6,000 homebuyer assistance program with an MRB loan is
still available. The HQS inspection is still required with both of
these programs.
Click here for more information on these programs.
GRANT FUNDS AVAILABLE TO REAL ESTATE PROFESSIONALS, COMMERCIAL DEVELOPERS & PRIVATE PROPERTY OWNERS!!!
Pima County has a FREE program that can help you and your clients
“stimulate" the sale and development of properties in the Flowing Wells
area at a savings of thousands of dollars. The Flowing Wells
Neighborhood Association and Community Coalition, in collaboration with
Pima County, have been award grant funds to provide the following
pre-development activities at no cost to property owners:
□ Lead-Based Paint Assessments
□ Limited Asbestos Surveys
□ Phase I Environmental Site Assessments
□ Phase II Environmental Site Assessments
In today’s marketplace you need every advantage you can get, so don’t
miss out on this economic development opportunity to add value to your
properties. To learn how to directly benefit from this program
please contact Derek Koller, Allwyn Environmental, at (520) 551-7887
and derekkaz@aol.com. Also please Google: “Pima County Brownfields” to explore more.
MRB DPA assistance
Down Payment Assistance is available through participating non-profit agencies. Down
Payment assistance will be in the form of a forgivable grant, awarded to borrowers at
or below 80% of Median Income. The amount of assistance available is 4.5% of the purchase
price of the home or a maximum of $6,000. This program may be used in conjunction with
the First Time Homebuyer tax credit as well. For a list of participating non-profit
agencies. Please call the Tucson IDA, Karen Valdez at 520-623-3377. Go to
http://www.familyhousingresources.com/2009_dpa_mrb.html
for more information.
Community Opportunities:
Help Prevent Foreclosures!! We
offer free foreclosure prevention services to
the public and need help!! This is a call for
volunteers/interns who would like to help triage
and intake families. Please contact Alison Torba
at 520-624-0551 ext.120. Pio Decimo Center, Catholic Community Services.
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