Exciting Down Payment Boost for First-Time Homebuyers from Pima IDA

First-time homebuyers in Pima County have the opportunity to receive assistance with down payments and interest rates through the Lighthouse program. This initiative opens applications on Wednesday, September 11, via the Lighthouse website, with funding available for approximately 90 homebuyers per round.

The Lighthouse program is a collaboration between Tucson and Pima County’s industrial development authorities. It provides down payment support equating to 4% of the loan amount, averaging around $15,000, alongside a competitive fixed interest rate. As of the latest data, Lighthouse rates are at 5.84%, lower than the national average of 6.35% for home loans, reflecting current Federal Reserve statistics.

Homebuyers who maintain residence in their homes for five years are exempt from repaying the down payment assistance. Eligibility hinges on meeting specific income and purchase price limits, which vary based on the location of the home.

For those purchasing in targeted areas, a couple can earn a combined income of up to $113,000, with a purchase price cap of $624,000. Families can qualify with an income of up to $131,000, while homes outside these designated neighborhoods have a limit of $501,000.

This program addresses the challenges posed by rapidly increasing housing prices, with the median cost of homes in Pima County now at $394,700, a substantial rise from $252,750 in 2019, as reported by the Pima IDA.

Adelita Grijalva, chair of the Pima County Board of Supervisors, expressed gratitude for the program’s continuation. “I’m very thankful for the Pima County Industrial Development Authority and its leadership in helping hundreds of first-time homebuyers secure the funding they need at affordable rates,” she stated in a news release.

The latest round of funding allocates $25 million to the program, emphasizing its significant impact on the community. Diane Quihuis, President of the Pima IDA, noted, “This program has helped fund approximately $150 million back into our community throughout 2023 and 2024, showcasing our commitment to creating access and fostering stability in our neighborhoods.” She added that these efforts are crucial for enabling families to secure homes and build intergenerational wealth.