ICYMI: Mortgage Down Payment Assistance Program Announced (Video)

Tucson Mayor Jonathan Rothschild this month launched his Help for Homebuyers homeownership initiaitive and announced the new Pathway to Purchase Down Payment Assistance Program.

The program provides a 30-year fixed rate mortgage for eligible borrowers, plus a down payment assistance (DPA) second mortgage of 10 percent of the purchase price, up to $20,000. The DPA second mortgage is a five-year forgivable lien against the property at zero percent interest with no required monthly payments. It can be used toward down payment, principal reduction and/or closing costs.

Buyers must live in the property as a primary resident for at least five years, have a minimum FICO score of 640, use a participating lender, attend an education workshop, and meet other requirements. The money is available on a first-come, first-served basis. Borrower(s) income cannot exceed $92,984, and the purchase price cannot exceed $371,936.