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
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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
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- 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