The HOME Down Payment Assistance Program is offered by Family Housing Resources (FHR). An amount of 3.5% of the purchase price (or $3,700, whichever is less) is offered to qualified applicants. This can be used for prepaid items, closings costs, or the down payment. The property being purchased must be in Pima County, Tucson, and must be the homebuyer’s primary residence. The purchase price cannot be more than the appraised value, must be inspected, and must meet HUD and local code standards.
In order for a homebuyer to be eligible, they must not have a debt-to-income ratio of more than 45%, must not exceed $10,000 in liquid assets (after contributing to the property purchase), must pay at least $1,000 towards the down payment, must disclose their annual household income, and must complete a Homebuyer Education Class. Further, applicants must not owe money to the City of Tucson for either Section 8 or Public Housing, and must have a minimum of one month’s mortgage payment at the time of closing.
Other programs in Arizona:
- HOME Plus Program
- Pathway to Purchase Down Payment Assistance
- Pima Tucson Homebuyer’s Solution Program