Buying on a Budget

Home prices have been steadily on the rise in Tucson for the last few years. Not only that, Tucson is #3 on the list of the hottest housing markets of 2020.

Tucson has benefitted from an influx of retirees looking for warm weather and young adults looking to study at the University of Arizona or work for popular companies that have set up shop there like Amazon AMZN+0.03%  and Texas Instruments TXN+0.45%

If you’re a prospective homebuyer and want to buy before the prices go up even more, but don’t have the cash on hand for the down payment, I strongly suggest you use the Pima Tucson Homebuyers Solution.

If you would like to know more about this program or would like to see if you can buy a home in 2020 complete the survey below:

Pima Tucson Homebuyers Solution is a downpayment assistance program. Basically covers a chunk of your downpayment and closing costs. Downside is your interest rate will be higher, and the home has to be your primary residence for at least three years. If you sell or move out before 3 years, you have to pay the money back. Details change every now and then, but you can get it with a credit score in the mid-600s.

My clients used the program in 2019. It covered 8k in closing costs and down payment, they only had to pay $1,650 out of pocket on a 170k home. Interest was 5.5%. It did help that we negotiated 2k in seller closing cost concessions, so the final price was 168k.

After the 3 years are up, you can refi to a lower rate, there are no closing cost refi options.

There are still plenty of houses in the 150k to 170k range for now, reach out to me for a list of homes in Tucson in this price range.

Overall it doesn’t hurt to see where you stand regarding homeownership, fill out the form below and see for yourself what is out there!

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