TUCSON, Ariz. (KGUN) — The Pima Tucson Lighthouse Program is adding millions more in funding to help first-time home buyers prepare their offers.

The Pima County Industrial Development Authority (Pima IDA) is once again partnering with the City of Tucson IDA to provide this funding.
In this third round of financing, Pima Tucson Lighthouse 3.0, prospective buyers can apply for a share of $25 million.

Buyers who apply will also have access to below-market fixed mortgage rates and acceptable down payment financing. As of Thursday. On February 22, the interest rate on Lighthouse 3.0 loans was fixed at 6%.

This is still lower than current 30-year mortgage rates.

Additionally, first-time homebuyers can receive 4% of the total mortgage amount upfront to cover either the down payment or closing costs. Homeowners who continue to live in the property for at least five years will have their loans forgiven.

Pima IDA Board Chair Diane Quihaus said the program will help address the affordable housing crisis by making public investments in communities.

“[We are]working with our partners to create programs that help Pima County residents purchase homes and build generational wealth,” Kuijhaus said.

However, funds are limited and will be on a first-come, first-served basis.If you are interested, please click here Click here for a list of approved lenders within the program.

The Pima Tucson Lighthouse Program originally launched in August 2023. His first two rounds of funding amounted to $25 million and helped hundreds of buyers find homes.