Pathway to Purchase Down Payment Assistance for Arizona


 

Pathway to Purchase for Tucson?

UPDATE January 31, 2017: The Pathway to Purchase program has officially run out of funds and has ended. Please contact us for other Down Payment Assistance options that might be available to you.

Tucson Mayor Jonathan Rothschild recently launched his homeownership initiative, Help for Homebuyers, and announced the new Pathway to Purchase Down Payment Assistance Program for Tucson. P2P has now been live to 6 weeks and is an excellent program to help Tucson homebuyers get into a home.

Tucson – Phoenix Arizona: Lately, we have been getting a lot of phone calls asking about the Pathway to Purchase Down Payment Assistance program here in Arizona, so I thought I would write a little bit about what it is and where you can use it.

Offered through the Arizona Department of Housing (ADOH), there is now roughly $48,000,000 in available funds with the launch of Pathway to Purchase, a new loan program for Arizonans statewide looking to become homeowners in select cities (Pathway to Purchase eligible cities). The Funding for the Pathway to Purchase DPA Second Mortgage Program is provided by the U.S. Department of the Treasury through the Troubled Asset Relief Program; Hardest-Hit Fund. The Pathway to Purchase Program or P2P, as it is sometimes called, has a $48-million-dollar commitment for Arizonans and is available on a first come first serve basis. Click for flyer: P2P Flyer

 

The Benefits of Pathway to Purchase


 

The Pathway to Purchase provides eligible homebuyers with down payment and closing cost assistance funds in the form of a 2nd mortgage lien using a Conventional 30-year fixed-rate mortgage.

The amount of the funds provided by this 2nd mortgage is equal to 10% of the purchase price up to a maximum total of $20,000. These funds may be used toward down payment and/or closing costs. This program is only available for purchase transactions, so no refinances or cash-out.

 

What exactly is a 2nd Mortgage Lien?


 

A second mortgage or junior-lien is a loan you take out using your house as collateral while you still have another loan secured by your house. The interest rate on the Pathway to Purchase loan is 0%, so there is no payments. This 2nd loan is 100% forgiven after 5 years provided the following criteria is met:

  • Homeowner occupies and owns home for 5 years after purchase
  • Homeowner does not do a cash out refinance for 5 years after purchase

 

What are the Basic Requirements for Pathway to Purchase


 

Income Limits: Borrower(s) Income not to exceed $92,984.
Purchase Price: Purchase Price limit not to exceed $371,936.
Property Type: New or existing single family, town-homes, condos – (no manufactured homes)
Occupancy: Owner occupied, Primary Residences in select cites (below).
Loan Types Allowed: Conventional – Fannie Mae HFA Preferred mortgages only.
Credit Scores: minimum 640
Location: Select Targeted Areas (17 cities)Pathway to Purchase eligible cities
First-time homebuyer: No
Home buyer Education: Yes (please contact us for information)

Click to: APPLY NOW

 

Pathway to Purchase Eligible Cities

 

The Pathway to Purchase (P2P) Program is strictly limited to the following 17 Cities:

  • Arizona City
  • Avondale
  • Buckeye
  • Casa Grande
  • Coolidge
  • Douglas
  • El Mirage
  • Fort Mohave
  • Goodyear
  • Huachuca City
  • Laveen
  • Maricopa
  • Red Rock
  • Sierra Vista
  • Snowflake
  • Tucson
  • Yuma
  • UPDATE 1/31/17: The Pathway to Purchase is no longer available in Tucson.

    Tucson/S. Arizona: 520-303-5620 Phoenix/N. Arizona: 480-648-1733
    If you have any questions on the Pathway to Purchase or other Down Payment Assistance Programs, then please feel free to contact us. And if you like this post, then please share or like… or leave a comment below.

    The Joe’s My Lender Team – the home loan experts! Proudly helping homebuyers in Tucson, Phoenix, Scottsdale, Yuma and Sierra Vista, all of Arizona. We are here to help serve you. Tucson and Sierra Vista (520) 303-5620 or Phoenix: (480) 648-1733
    #PathwaytoPurchase

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