One of the great programs that are available to people looking to own a home here in Arizona is the "Pathway to Purchase" program. This is a Program run by the AZ Dept of Housing that provides Down Payment Assistance to qualified homebuyers looking to buy homes in 17 of the hardest hit cities in AZ for Foreclosures. The whole state is represented with cities from Snowflake to Yuma to Sierra Vista. A lot of the smaller Phoenix suburbs are eligible (Laveen, Surprise, Buckeye) and the program is in Tucson as well.
What are some of the Highlights of the program?
· Mortgage for the purchase of an Owner occupied, Primary Residences in targeted areas.
· Borrower(s) Income not to exceed $92,984.00
· Purchase Price limit not to exceed $371,936.00
· Existing, previously occupied properties only, new construction, including spec homes are not allowed.
· The DPA provided is 10% of the purchase price - up to a maximum of $20,000.
· Each borrower must complete a homebuyer education course before closing. The homebuyer education requirement may be met by taking a pre purchase course through an internet-based program developed by mortgage insurance companies through another HUD-approved homebuyer education provider.
The loans for the Pathway program must be through approved Mortgage providers, so please let me know if you are interested and we can get started! It won't be around forever, as 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 P2P Program has a $48-million-dollar commitment and is available on a first come first serve basis.
