Hi, this is Tom Heath with the Mortgage Guidance Group at Nova Home Loans and this is our weekly installment of Mortgage and Real Estate Related Matters. This week’s topic is the Essential Workers Program. I’m sure you’ve seen the memo that came out from TAR that announced the launch of this program. And if you remember, we teased you a few weeks ago because we were fully expecting this program to be launching. While the Essential Workers program offers $2,500 to qualified applicants, in the email from TAR pretty much defines what type of essential workers would qualify. It is a partnership between the Tucson Association of Realtors Charitable Foundation and the City of Tucson’s Industrial Development Authority, the IDA. Now, one thing that was not particularly clear in the email that came out was that the Essential Workers program is not a standalone product. It is used in conjunction with and only with the down payment assistance program that exists from the Tucson IDA.
Now, we are fully trained and prepared to do these loans. We’ve been doing Tucson down payment assistance loans for years, so this is nothing new to us. And as we will with all of your clients, we’ll evaluate if this new Essential Workers program in conjunction with the down payment assistance makes the most sense for your client. You may remember from other videos that the down payment assistance programs tend to have higher monthly costs, so it doesn’t always make sense. There are other qualifying criteria as well, but please know that you can trust us to have that conversation with your client and put them into the best situation to meet their goals. Again, it’s a great opportunity for someone to earn an additional $2,500 towards the purchase of their home and that will cover a good portion of that down payment or some of the closing costs.
If you have any questions on this program or any other programs, don’t hesitate to reach out to us. You can reach us through our website, MGGroupTucson.com. You can always call or email us. And as always, if you’ve got a topic for us to cover, just let’s let us know and we’ll make sure to get these answered for you. Hope you have a great week. Bye.
