Single Family Programs

The Authority has created the following programs for eligible applicants who are interested in single-family dwelling units. Please contact the lenders listed below for information and eligibility, including the outstanding and available amount of mortgage monies in any program.

Mortgage Credit Certificate Programs

Overview: The Industrial Development Authority of the County of Pima (the “Authority”) offers its Mortgage Credit Certificate Programs (“MCC”) which provide assistance to those persons who meet certain income requirements to finance their home purchase (generally, this is limited to a first time home purchase, unless the home is in a Targeted Area). Participants in the MCC Program are given tax credits that reduce their federal tax liability. MCC’s cannot be used in conjunction with any mortgage revenue bond programs or with any veteran bond loans.
Program Area. The Program Area for the Authority’s current MCC Programs is all of Pima County, excluding the City of Tucson.
Eligible Properties. The types of properties eligible include new or previously occupied single-family homes including detached homes, manufactured housing, condominiums, duplexes or townhouses.
Applicant Requirements. Applicants for the MCC Program must meet certain requirements including:
  1. Applicant must be a first-time homebuyer if the MCC is being used to finance the purchase of a home. This requirement does not apply to a qualified home improvement or qualified rehabilitation loan;
  2. Ownership of a home three years prior to an application for an MCC will disqualify the applicant as a first-time homebuyer (other than in a Targeted Area);
  3. Applicant must intend to occupy the property being purchased.
There are certain purchase price limits and income limits which must be met as well.   As of July 21, 2017 those limits are as follows:
Income Limits Maximum Family Income
Non-Targeted Areas:
Families of 2 or fewer persons $61,600
Families of 3 or more persons $70,840
Targeted Areas:
Families of 2 or fewer persons $73,920
Families of 3 or more persons $86,240

 

*As of July 17, 2017, the purchase price limits are as follows:

Purchase Price Limits One Unit Two Unit
Non-Targeted Areas: $253,809 $324,966
Targeted Areas: $310,211 $397,181

 

Targeted Areas.Whether or not your potential home purchase is in a Targeted Area can be determined by FHR, as noted below.
Current Program. The Authority’s 2016 MCC Program began December, 2016 and will expire December 31, 2018.  This MCC Program offers a 40% tax credit.
Program Administration. The Authority’s MCC Program is administered by Family Housing Resources, Inc. (“FHR”).
Questions regarding the MCC Program should be directed to:

Family Housing Resources, Inc.
1700 E. Fort Lowell, Suite 101
Tucson, AZ 85719
520-318-0993
or
1-800-MCC-Pima (1-800-622-7462)


Pima Tucson Homebuyer Solution Program
The industrial Development Authorities of the City of Tucson and of Pima County have joined together to provide a Mortgage Loan Program to qualifying homebuyers purchasing homes in the City of Tucson and Pima County.
Eligible Area: All of Pima County including the City of Tucson
Mortgage Rate:    Lenders will be provided a daily mortgage loan rate sheet from which rates may be locked in for up to 45 days. Rates will be reset daily subject to market conditions.
Eligible Loans: FHA, VA, USDA and Conventional (Fannie Maie and Freddie Mac) loans
Assisted Rate Loan with multiple levels of Assistance Grant:
All loans in this program are Assisted Rate Loans.
The borrower receives a 30-year, fixed rate, fully amortizing first mortgage loan together with down payment and closing cost assistance (the “Grant”) of multiple levels of the funded Mortgage Loan amount. The Grant may be used to fund up to 100% of the Borrower’s cash to close, including the down payment, closing costs, prepaids and other related mortgage loan fees and expenses. There can be no cash back to the borrower.
Borrower Eligibility:
Note: There is no first-time homebuyer requirement or purchase price limits in this program
  • Qualifying income cannot exceed set limits (per type of loan) for all household sizes
  • Minimum credit score of 640 for all Borrowers; however borrower must meet normal FHA, VA, USDA or Fannie Maie and Freddie Mac underwriting requirements
  • Maximum Debt to Income (DTI) of 45%
  • No minimum investment required from the Borrower’s own resources
  • Primary residence; owner occupied: buyers must occupy the property within 60 days of closing
*May be used with Mortgage Credit Certificate (other requirements apply); can also be used with City/County HOME sponsored down payment assistance. (Additional requirements apply)

* No recapture tax requirement.

Homebuyer Education:
All Borrowers (any primary borrower on the Note/Warranty Deed) must attend a homebuyer education course. The Borrower may choose any HUD approved housing counseling agency and must receive a certificate of completion. The Neighborworks online course “ehomeamerica” is also approved. (Please see list on the right side for list)

fhr_logo_24_border
Family Housing Resources, Inc.

1700 E. Fort Lowell, Suite 101
Tucson, AZ 85719
520-318-0993
1-800-MCC-Pima (1-800-622-7462)

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