Many people put "money" at the top of their list of reasons why they don't own a home. Even if your credit score is top notch and you know that you can easily afford the monthly payment, there are other costs to consider. First, you need to save up a down payment. Then, you need to pay closing costs. Plus, there might be an inspection or two to pay for. It all adds up. The Tucson and Pima Industrial Development Authorities understand that this can be a struggle. To help ease the financial burden of our vets, they offer a VA loan assistance grant as part of the Pima Tucson Homebuyer's Solution Program (PTHS).
Pima Tucson Homebuyer's Solution Program (PTHS)
The Pima Tucson Homebuyer's Solution Program allows any home buyer in the Tucson and Pima County area to borrow 2.5-5% of the purchase price to use as the down payment on a home. This becomes the "silent second". You pay it back in 36 equal installments over the first three years you own your property. No matter what type of loan you utilize for your purchase (conventional, FHA, VA, etc), qualified buyers can use the PTHS program to assist with their down payment. Of course, your credit score must meet their minimum standards. And household income cannot exceed $99,169. You don't have to be a first-time homebuyer to qualify either. But this is only available for new purchases, not refinancing.
VA Loan Assistance Grant
Any veteran who qualifies for the PTHS program may also apply for a VA Loan Assistance Grant. Unlike the repayable PTHS loan, this grant gives veterans 2.5% of the purchase price to use towards their closing costs and other prepaid expenses that come due at closing for their VA loan. No repayment required. And no restrictions as long as it's a 30-year, fixed-rate loan. Partner this with a no money down VA loan and it just got a little easier for veterans and their families to set down roots in Tucson.
You must find a knowledgeable lender who works with the PTHS program first. Visit eHousingPlus.com to find a list of participating lenders in the Tucson/Pima County area. When you decide which lender to proceed with, make sure you bring your most recent paycheck stubs, the name and address of your employer, and a list of all outstanding debts. On the list of debts, make sure to include names of your creditors (including credit cards, car loans, student loans, etc.), account numbers, outstanding balances, and monthly payments. This will help make the process a little easier. Good luck! When you're ready to look for your next Tucson home, contact me.
Rebecca Schulte, Schulte Real Estate Group, Your Source for Tucson Real Estate