Pathway to Purchase Down Payment Assistance Program is BACK
The Arizona Department of Housing has released $15,000,000 for the Pathway to Purchase Down Payment Assistance Program. This programs provides up to a $20,000 for down payment assistance, closing costs and to pay mortgage insurance.
In 2016 Pathway to Purchase was a very popular Down Payment Assistance program that thousands of Arizona Buyers took advantage of.
The current Pathway to Purchase program has limited funds and funds are not guaranteed until reserved.
The programs has many benefits.
1st it is a conventional loan and the mortgage insurance can be pre paid from the assistance. Great way to have a have a home loan with No mortgage insurance without putting down 20% down.
2nd the assistance is a fully forgiviable ( after 5 years) 2nd mortgage with 0% interest rate
3rd Only requires a minimum 640 credit score. Please remember that just because you have a 640 credit score does not mean you will qualify.
Here are some guidelines:
Borrower(s) income limit $92,984.00
Maximum purchase price $371,936
Minimum Fico Score 640
Max Debt to Income Ratio is 45%
Maximum loan to value 95%
1st mortgage is a Conventional 30 year fixed rate mortgage interest rate set by the P2P program
P2P funds can be used for down payment,closing costs and mortgage insurance.
Down Payment assistance is a 2nd mortgage that is deferred for fiver years and is then fully forgiven
Amount of assistance equal to 10% of the purchase price up to $20,000
0% interest Rate for the second
No Monthly Payments for the 2nd mortgage
No Manufactures Homes
Must be your primary residence and you must move in the new property with in 60 days of closing.
Available Zip Codes Pima County 85614, 85629, 85730, 85706, 85747, 85712, 85710, 85711, 85713, 85746, 85741
Cochise County 85650 and 85635, Pinal County 85122, Santa Cruz County 85648, Yuma County 85364, 85367 and 86365, Mohave County 86442 and 85409 and Maricopa County 85301, 85042, 85160, 85017, 85051, 85041
Give me a call as soon as you can to be pre-qualified and have your funds reserved.