Pima Tucson Lighthouse 3.0: Your Path to Homeownership
Every individual holds a dream close to their heart—a dream of a place to call their own, a sanctuary, a home. The journey to homeownership, at times, can feel like navigating uncharted waters. That's precisely where Pima Tucson Lighthouse 3.0 steps in—a guiding light, simplifying the complex process and making the dream of owning a home a reality.
A Tailored Initiative for Aspiring Homeowners
The Lighthouse 3.0, a collaborative effort by Pima IDA & Tucson IDA, is not just an assistance program; it's a comprehensive initiative offering an array of benefits to prospective homeowners.
1. Steadfast Mortgage Rates
In a market marked by fluctuations, a steady mortgage rate becomes a cornerstone. The Lighthouse 3.0 program provides a reliable 6.2% rate, offering financial predictability and peace of mind throughout the homeownership journey.
2. Down Payment Assistance
Recognizing the challenge posed by the initial down payment, this program provides a generous 4% boost—equivalent to an average of $14,000. This financial support not only eases the initial burden but also brings the dream of homeownership within closer reach.
3. A Commitment That Rewards
Homes are more than just structures; they are long-term commitments. Understanding this, Lighthouse 3.0 transforms assistance into a grant if homeowners choose to reside in their new home for a minimum of three years—a heartfelt gesture of gratitude for investing in and enriching the community.
Program Details
First Time Home Buyer (Some Exceptions Apply)
6.2% Interest Rate with 4% Assistance
640 Credit Score
Family Size 1-2 persons Non-Target Area: $82,800
Family Size 3+ Persons Non-Target Area: $95,220
Family Size 1-2 persons Target Area: $99,360
Family Size 3+ Persons Target Area: $115,920
Purchase Price Limits
New & Existing Non-Target Area: $351,620
New & Existing Target Area: $429,757
Government Loans Only
Valid in Tucson and Pima County Only
Must Apply & Gain Approval Prior To Home Closing
Cannot be combined with other federally secured products.
Lighting the Way in a Dynamic Market
As the Tucson real estate market experiences significant activity and changes, with a particular focus on assisting first-time homebuyers, the Pima Tucson Lighthouse 3.0 program stands as a beacon of support. The median sale price of a home in Tucson has seen a 6.6% increase since last year, with homes selling in around 60 days. These trends, coupled with the Board of Supervisors' approval of $100 million in bond authority, signify a commitment to affordability and assistance for first-time homebuyers.
Conclusion
In this ever-changing real estate market, the Pima Tucson Lighthouse 3.0 program shines bright, providing not just financial assistance but a comprehensive roadmap for achieving the dream of homeownership. As we move forward, the program remains dedicated to lighting the way for those dreaming of a place to call home amidst the evolving landscape of the Tucson housing market.
Ready to explore your options with Pima Tucson Lighthouse 3.0? Give us a call! Our team of real estate experts is ready to help you get started.