2018 Pathway to Purchase - Down Payment Assistance in Arizona - Arizona Down Payment Assistance program - Buying A Home in Arizona

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). 

PROGRAM ELIGIBILITY 

  • 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®
Direct: 602-361-5867
Email: Tony@LuxuryAzLiving.com
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