Arizona Down Payment Assistance Program
2018 Pathway To Purchase PROGRAM DETAILS
The 2018 Pathway To Purchase down payment assistance program offers up to 10% of the loan amount up to a maximum of $20,000 towards your down payment and/or closing costs in 17 cities throughout Arizona. Income limitations and debt ratio limitations apply. You do not need to be a First-Time Homebuyer but must meet minimum FICO score and conventional guideline requirements. Maximum purchase price cannot exceed $371,936.
Pathway To Purchase PROGRAM DETAILS
Arizona Department of Housing has created this program for individuals or families that want down payment assistance but can qualify for a conventional mortgage. The 10% assistance is a grant that is combined with a 95% or lower first loan on a 30 year fixed rate mortgage. Financing for these loans are available on existing homes, condos, or townhouses. New construction or spec homes cannot be purchased using this program
HOME BUYER ELIGIBILITY
- Buyers must have a minimum fico score of 640 and a maximum 45% debt-to-income (DTI) ratio.
- Standard loan guidelines exist for qualification (i.e.: adequate income, acceptable credit, and down payment requirement).
- All buyers must attend a homebuyer education course, obtain a certificate of completion, and receive a home inspection. Homebuyers may find a list of HUD approved Housing Counseling agencies who offer the Pre-purchase Homebuyer Education course on the HUD.gov website.
- You cannot own another home to qualify for this program (but do not need to be a first time homebuyer).
- Homebuyers may purchase a home in 17 different cities throughout Arizona.
These cities include Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachuca City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Tucson, and Yuma.
- Buyers must occupy the home as their principal residence within 60 days of closing.
- The program may only be used to purchase a home (i.e.: no refinancing).
INCOME LIMITS FOR ELIGIBLE BORROWER
- Maximum credit qualifying income may not exceed $92,984 for ALL borrowers.
PURCHASE PRICE LIMIT
- Maximum purchase price limit of $371,936.
DOWN PAYMENT ASSISTANCE
- All homebuyers qualifying for down payment assistance will receive 10% of the original loan amount to be used for down payment and closing cost assistance up to a maximum of $20,000.
- THIS ASSISTANCE IS A SECOND MORTGAGE WITH A 0% RATE.
- DPA Second Mortgage is a lien against the subject property with the following components: five?year deferred loan, 100% forgiven after five years, 0% interest rate, and no monthly Payment.
Let the Tony Vejar the Red Carpet REALTOR® give you the Red Carpet VIP Services.
We work with the Best Arizona Lenders in the Valley to help you with all your Financial Needs.
Please contact us so we can help you successfully qualify for the Arizona Pathway to purchase program and get you into your Dream Home.
Tony Vejar - My Home Group Real Estate Group
Your Arizona Red Carpet REALTOR®
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