New program helping people buy first home
TUCSON, Ariz. (13 News) - A new program is in place to help first-time home buyers in southern Arizona.
The $25 million bond for this has been approved by Tucson’s mayor and council and now reservations are open.
This is open to renters and folks who have owned a home for three years or less and the program is called Pima-Tucson Lighthouse.
Here’s how it works.
Buyers get interest rates locked at 6.2% which is much lower than the almost 8% rates happening now.
The lower rate is paired with a 4% down payment assistance, which can turn into a grant after you live in your home for three years.
Add it all up and it’s almost $15,000 in help.
City leaders add that veterans and families working in lower-income zip codes are also eligible.
“When you’re able to own your own home, you’re creating a pathway of generational wealth for your family, and you are contributing to our economy, every home sold actually reinserts nearly $127 thousand back into our local economy,” community development champion at Tucson Industrial Development Authority Nicole Johnson said.
With the $25 million bond leaders hope to help 110 first-time home buyers across Southern Arizona.
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