Bear Down Wildcats

Free money for prospective homebuyers in Tucson

By Keaton. CREATED Aug 11, 2014 - UPDATED: Aug 11, 2014
TUCSON (KGUN9-TV) - Some potential homebuyers in Tucson are going to be getting a boost in buying power soon.

Have you ever dreamed of owning a home but worry you cannot afford a down payment? In Tucson, you may not need one!

Tucson and South Tucson joined forces with Wells Fargo, NeighborWorks America and The Primavera Foundation to announce the NeighborhoodLIFT program. With this program, Wells Fargo is helping bring $5.5 million to boost home ownership in Tucson.

They are offering $15,000 to eligible homeowners for a down payment, interest-free and you don't have to pay it back as long as you live in the home five years!

Families do not have to be living near the poverty line to benefit. You do have to meet certain income criteria, but a family of four making $68,400 per year qualifies for the program!

Here are the income qualifications. Families must have an annual income of less than 120 percent of Tucson's median family income.

9OYS met up with the Evers family, who qualifies for the grant. "It's still surreal," Evelyn Evers said. "We still can't believe it and it's just a blessing."

The Evers have wanted to buy a home since before their first child Mireya was born. Now, she's five years old and there's a baby on the way. "We've actually tried saving before, but we just could never make that much, not enough for the 3.5 percent," Christopher Evers said. "Emergencies come up," Evelyn Evers chimed in. "Something always comes up."

But this time, what's coming up is a great opportunity and the worry of a down payment is no longer a factor.

"It's a chunk of money to come up with that's really hard for working families," said Primavera Foundation CEO Peggy Hutchison. Christopher Evers holds a steady job as a correctional officer and meets the requirements to maintain a steady mortgage. The Evers will attend a NeighborhoodLIFT event September 5-6 to reserve this down payment grant. The next step: Finding the perfect home -- for their dog Tinkerbell, the baby on the way and Mireya.

"Mostly she wants a yard for another doggie," Evelyn said of Mireya. "And a horse!" Mireya exclaimed. The family laughs. But what they really want most..."Somewhere we want to be for a very long time," Christopher said. "Raise our family and just stay there. Grow old."

Families must also complete a home buyer education program with The Primarvera Foundation or other HUD-approved counseling agency. To qualify for the full $15,000 from LIFT, the home buyer must commit to living in Tucson for five years and qualify for a first mortgage on the property. If they do not live there a full five years, they can pay the pro-rated grant back with no interest.

A kick off event will be held September 5-6 at the Tucson Convention Center. Click here to find more information about the program or to register for the free event.

Jefe wrote:Is this TARP money?

Bruins01 wrote:

Jefe wrote:Is this TARP money?

Of course it isn't. It is a realization that employed people who can't afford a down payment can still be good financing candidates.

Bruins01 wrote:Of course it isn't. It is a realization that employed people who can't afford a down payment can still be good financing candidates.

Merkin wrote:Forgot where I saw it, but the number of people who live month to month is at an all time high, or modern high anyway.

Jefe wrote:

Bruins01 wrote:Of course it isn't. It is a realization that employed people who can't afford a down payment can still be good financing candidates.

Putting people in homes they cant afford worked great before, lets do it again!

scumdevils86 wrote:God...I bought a house at all the wrong time. I've kicked myself every day for that for the last 9 years.

Bruins01 wrote:Ah. So you're saying that the federal government should have regulation to stop a private company from doing this sort of thing. Got it.

scumdevils86 wrote:God...I bought a house at all the wrong time. I've kicked myself every day for that for the last 9 years.

Merkin wrote:

scumdevils86 wrote:God...I bought a house at all the wrong time. I've kicked myself every day for that for the last 9 years.

I know several people who sent their mortgage company the keys, and 3 years later had nicer homes in better neighborhoods.

scumdevils86 wrote:

Merkin wrote:

scumdevils86 wrote:God...I bought a house at all the wrong time. I've kicked myself every day for that for the last 9 years.

I know several people who sent their mortgage company the keys, and 3 years later had nicer homes in better neighborhoods.

Unfortunately in the industry I am in credit is gold...so I can't possibly think about ruining my credit at all if I ever want to move to a different company. Any negatives or collections or short sales on your credit bureau would automatically prevent me from getting any job at another credit union for years.

Merkin wrote:

Bruins01 wrote:

Jefe wrote:Is this TARP money?

Of course it isn't. It is a realization that employed people who can't afford a down payment can still be good financing candidates.

Forgot where I saw it, but the number of people who live month to month is at an all time high, or modern high anyway.

Nice job GOP.

UAdevil wrote:

scumdevils86 wrote:God...I bought a house at all the wrong time. I've kicked myself every day for that for the last 9 years.

I bought at closer to the right time, but still not the deals being bandied about recently. I purchased my house in 2010. Got a 1200 sq ft. 3 bed, 2 bath, new construction that I got to customize, for $103k. The only thing that would have helped me by waiting would have been about a 1% less interest rate. Thinking about a refi only 4 years in...

Bruins01 wrote:

UAdevil wrote:

scumdevils86 wrote:God...I bought a house at all the wrong time. I've kicked myself every day for that for the last 9 years.

I bought at closer to the right time, but still not the deals being bandied about recently. I purchased my house in 2010. Got a 1200 sq ft. 3 bed, 2 bath, new construction that I got to customize, for $103k. The only thing that would have helped me by waiting would have been about a 1% less interest rate. Thinking about a refi only 4 years in...

You should absolutely refinance to save 1% if you can. Many lenders will give you one for no cost whatsoever. Let me know if you need a referral.

scumdevils86 wrote:Where do you live uadevil?

UAdevil wrote:

scumdevils86 wrote:Where do you live uadevil?

Tucson. Valencia/Swan area.