October 14th, 2008 by Michael Oliver

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If you’re a first time homebuyer in Tucson AZ what programs are available for your home purchase? Well for the most part you will have several options available. Due to the re-workings of how FHA loans are made, no longer can you as a borrower obtain a down payment from the seller which had become very common for the past several years. There is one program that is available so that you as a buyer in Tucson AZ can obtain 100% financing. This program is available only to first time buyers and only for properties purchased within Pima County. This Pima County bond will essentially allow you as a first time buyer to get 100% financing, and in some cases a little more to help pay for the other loan costs associated with buying a home. So what other options/programs can first time buyers still get?

Tucson First Time Homebuyer Homes For Sale

Other options for first time buyers in Tucson AZ would still be an FHA loan. FHA loans are still relatively easy to qualify for borrowers typically need just a 580 credit score, a 3.5% down payment, and show that they can afford the payment. Unless you or your spouse was in the military which would qualify you for a VA loan, (VA allows no money down home purchases) an FHA loan is most likely your best option. There is still City and Federal programs that can offer first time buyer’s additional incentives for a home purchase. Currently with the real estate markets being down across the country, Congress has also enacted an up to $7500 tax credit that can be applied on this year’s taxes if you make a home purchase this year. Depending upon your situation and where you want to buy a home some grants and bonds may also be available to you as a first time homebuyer. Certain parts of the city allow for these incentives to get people to move to areas of Tucson that are in need of revitalization. If you have questions or would like to know what first time buyer programs you may qualify for please contact us.