*****UPDATE: EXPIRED!! This program is out of funds and no longer available.*****
The Pathway to Purchase “P2P” Down Payment Assistance (DPA) Program was just released on March 2nd, and it is available for homebuyers in Yuma, Arizona! There is $48 Million available on a first come, first serve basis to fund this program through the Hardest-Hit Funds (U.S. Department of the Treasury through the Trouble Asset Relief Program).
- The assistance amount is 10% of the sales price, up to $20,000!
- The assistance funds come as a five-year, 0% interest, no payment Second Mortgage. The loan is 100% forgiven after five years!
- The funds from the P2P DPA second mortgage can be used for down payment, closing costs / prepaids and mortgage insurance premiums.
- The first mortgage will be a conventional 30 year fixed rate loan under the Fannie Mae HFA Preferred program.
- The program is limited to these cities: Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachua City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Tucson, Yuma.
- Mortgage for the purchase of an Owner occupied, Primary Residences in targeted areas.
- Borrower Income not to exceed $92,984.
- Purchase Price limit not to exceed $371,936.
- 640 Minimum FICO Score
- Existing properties only, new construction is not allowed.
- Manufactured homes not allowed
- Homebuyer education required (you can get this part started here)
Many of the same program guidelines as the Home Plus Loan Program apply. In fact, if you are interested in Down Payment Assistance, and you do not want to live in one of the 17 eligible cities, the Home Plus program may be just what you need.
Worried about the fine print? Call us today for more details. We’re here to answer any questions you have. If you want to see copies of the forms you will have to sign, click here.
You can find out more information including current interest rates on the program website.
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