Down Payment Assistance and Bond Money Loans
Down Payment Assistance
Pima County has established a Bond to assist home buyers in the purchase of homes in Pima County. The Pima County Bond Program offers a low 2.99% 30 year fixed rate FHA or VA loan for first time home buyers. There are only a few restrictions to this program. There are two different areas in Pima County that have income and purchase price limits, Target and Non Targeted areas. Target areas are parts of Pima County that have lower home ownership, lower household income averages or just areas where the County wants to promote more home ownership. Buyers Household Income Limits for Non Targeted areas is $69,000 for 1-2 person households and $79,675 for households with 3 or more persons. For Targeted areas the income limit is $79,48 for 1-2 person households and $79,675 for3 or more person households. The larger income limits will give more buyers the opportunity to purchase homes in these Targeted areas.
The next limit is the sale price for the homes. The program allows for the purchase of 1 units homes and for 2 unit homes such as duplexes. The program also has different limits for new and existing home. For existing homes the max purchase price for a 1 unit home is $276,334 and for a 2 unit home it is $353,752. For new homes the 1-Unit limit is $337,741 and for 2-Units $432,363.
The Program is only for owner occupied buyers who will live in the home as their primary residences. There is a 9 year recapture tax if the property is sold within the first 9 years for a profit. The Pima County Bond Money Programs promote home ownership and is intended to make home ownership more affordable and build better neighborhoods.
Loan Officers must have passed a training class and lenders must be approved to offer this loan. NOVA Home Loans is one of a few selected lenders who can offer this loan. NOVA Home Loans is currently only offering VA and FHA loans for the Pima County Bond Money Loans. Please apply now or contact me directly if you have any questions about this or any other loan program.
Map of Target Geography Neighborhoods
