Renting vs. Buying
Buying is not the right choice for everyone, but for many people, it can be the right fit. Often, it has to do with how long you will be in an area, what your finances look like, and how your budget fits what you need in a home.
Affordability is a huge piece of the equation & a challenge that a lot of Tucsonans face. There are resources available though, to those who qualify, that can help make homeownership a reality. Below you will find our quick chart, with a few questions to help decide if considering homeownership is right for you. Then scroll down to see some down payment assistance programs that are available in our area.
Home Ownership Resources
There are several down payment assistance programs available for homes located in the City of Tucson as well as other areas within Pima County. Below is a list of a few programs that you could potentially be eligible for.
When it comes to determining how much home you can afford, it is important to find a lender that helps you figure out what realistically fits your budget & what programs best suit your needs. If you are ready to consider homeownership, or you want to see if you are eligible for assistance, we encourage you to discuss your possible eligibility with our mortgage professional Michael Rohde with Altitude Home Loans. He can help you determine if you qualify and what steps to take next.
Information provided by Mike Rohde of Altitude Home Loans
1
City/County Down Payment Assistance
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Helps lower-income buyers with down payment & closing costs.
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The loan is deferred and forgivable (no payments).
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Potential Assistance Offered: Up to 20% of the Purchase Price (based on need and eligibility).
2
Arizona is Home
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Financial Assistance: Eligible first-time homebuyers in Pima County can receive up to $9,000 for down payment and closing costs, provided as a forgivable second mortgage with no payments or interest.
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Eligibility Essentials: Applicants must be first-time homebuyers, meet household income requirements (up to 120% AMI), and secure a competitive, fixed rate first mortgage through a participating lender.
3
Pima Tucson Homebuyer's Solution
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Offers a fixed-rate first mortgage paired with assistance for down payment and closing costs.
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Potential Assitance Offered: Varies (Assistance is available in multiple levels as a forgivable second mortgage or grant).
4
Mortgage Credit Certificate (MCC)
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This is not a Down Payment Assistance Program
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A federal tax credit claimed annually that saves you money and helps you qualify for a loan.
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How this could help: Up to $2,000 per year tax credit (as a dollar-for-dollar reduction of your federal tax liability)
Want to get started?
Our team would be happy to set you up on a search & take you to see some homes. Fill out the form & we will be in touch!
520-542-2015
