Home>>Mortgage News>> Unlock Homeownership Dreams with Pima County Lighthouse Program
Owning a home is a significant milestone for many, and the Pima County Lighthouse Program is dedicated to making this dream a reality for Arizona residents. This program provides a crucial service by offering down payment assistance, making homeownership more accessible and affordable for many prospective homebuyers.
Key Features of the Lighthouse Program:
Down Payment Assistance: Offering a 4% down payment assistance can help families bridge the financial gap and purchase their dream home. This can be a game-changer for those who may find it challenging to provide substantial down payments.
Eligible Loan Types: The Lighthouse program supports various loan types, including FHA, VA, and USDA loans. This flexibility ensures that many families, including those with different financial backgrounds, can benefit from the program.
Reduced Interest Rates: Participants in the Lighthouse program can enjoy reduced interest rates on their mortgages. This added benefit lowers the overall cost of homeownership, making it more feasible for families to sustain their investment in the long run.
Forgivable Loan: The down payment assistance provided can come in the form of a forgivable loan with a term of three years. As homeowners meet their financial commitments over this period, the loan is gradually forgiven, lightening the financial burden for families.
Eligibility Criteria:
To participate in the Lighthouse program, applicants must meet the following eligibility criteria:
FICO Score: A minimum FICO score of 640 is required to qualify. This ensures that participants have a reasonably good credit history, and have demonstrated the ability to manage financial obligations.
First-Time Homebuyers: Buyers and their spouses must be first-time homebuyers to be eligible for the program. However, it’s important to note that military veterans and those purchasing homes in specified target areas are exempt from this requirement, expanding the reach of the program to a broader audience.
The Pima County Lighthouse Program is committed to empowering families on their journey to homeownership. By addressing financial barriers through down payment assistance, reduced interest rates, and forgivable loans, this mortgage product strives to make the path to owning a home smoother and more achievable for everyone.
Bottom Line
If you’re ready to take the next step towards turning your homeownership dream into a reality, explore the opportunities offered by the Lighthouse program in Pima County. Our dedicated team is here to guide you through the process, helping you unlock the door to your dream home.
Curious to see what your loan payment could look like? Try our interactive mortgage calculator below:
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