PATHWAY TO PURCHASE Down Payment Assistance
PATHWAY TO PURCHASE (“P2P”) Overview
The Arizona PATHWAY TO PURCHASE – P2P is a great zero down payment Conventional Loan program option. This program can be used only in specific Arizona cities (see below).
Benefits of PATHWAY TO PURCHASE P2P
PATHWAY TO PURCHASE – P2P provides eligible buyers with down payment and closing cost assistance funds in the form of a silent 2nd lien.
The amount of the funds provided by the silent 2nd is equal to 10% of the purchase price up to a maximum of $20,000. These funds may be used toward down payment and/or closing costs. This program is only for purchase transactions.
What is a “Silent 2nd Lien”?
A silent 2nd lien is a 2nd loan on the subject property that does not require any monthly payments by the borrower. The loan is at a 0% interest rate. The loan is 100% forgiven after 5 years provided the following criteria are met:
- Homeowner occupies and owns home for 5 years after purchase
- Homeowner does not do a cash out refinance for 5 years after purchase
Basic PATHWAY TO PURCHASE – P2P Requirements
Loan Types Allowed: Conventional (Arizona City Specific – see below)
Maximum Purchase Price: $371,936
Location: Arizona City Specific – see below
Property Type: New or existing single family, condo & town-home
Credit Score Required: Contact us for more info
Debt to Income: Contact us for more info
Income Limits: $92,984 gross per year maximum
First Time Buyer Requirement: No
Occupancy: Home must be a primary residence
US Residential Status: Permanent or non-permanent allowed
Home Inspection: Home inspection is not required
Home buyer Education: Yes (see below for more information)
AZ Cities PATHWAY TO PURCHASE May be Used In:
Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachua City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Tucson, Yuma
Click here to apply now
PATHWAY TO PURCHASE Education Requirements
A homebuyer utilizing the PATHWAY TO PURCHASE – P2P down payment assistance program is required to complete a homebuyer education course prior to closing their new home loan. Contact The HOUSE Team for more information.
Additional PATHWAY TO PURCHASE – P2P Information
- Not allowed to be used in conjunction with a construction to perm loan
- No cash back to borrower
- No minimum loan amount (follow lender’s minimum loan amount guidelines)
- Not to be used with a refinance
- No reserve requirements (follow lender’s reserve requirements)
- Availability of funds is subject to change without prior notice
- Contact us for specific P2P charges/closing costs
The HOUSE Team is excited to offer the PATHWAY TO PURCHASE – P2P option for Arizona buyers. The program is simple, quick and a borrower can close within 30 days or less using this program. Call us today to find out if this program can help you.
Team Phone: 602.435.2149
Team Email: Team@JeremyHouse.com