“Pathway to Purchase Down Payment Assistance Program provides an attractive 30-year fixed-rate mortgage with a Down Payment Assistance of a second mortgage equal to 10% of the purchase price. The second mortgage is a five–year forgivable lien against the subject property at a 0% interest rate and no required monthly payments. The down payment assistance (DPA) can be used toward the down payment and / or closing costs. If the participant lives in the home 5 years, the 2nd lien will be forgiven.
Pathway to Purchase Program Highlights:
- Property must be Owner occupied, Primary Residences in targeted areas.
- Borrower(s) Income not to exceed $89,088.
- Purchase Price limit not to exceed $356,352.*
- Existing properties only. New construction is not allowed.
- The down payment provided is 10% of the purchase price up to a *maximum of $20,000.
- Fannie Mae HFA Preferred mortgages only.
- The P2P Program is strictly limited to the following Maricopa County Cities:
- Avondale, Buckeye, El Mirage, Goodyear, Laveen
Each borrower must complete a homebuyer education course before closing. The homebuyer education requirement may be met by taking a pre-purchase course through an internet-based program. See http://TheDrefsTeam.com for more info.
The buyers must work with an approved and participating lender. We recommend:
Jason Servais of OnQ Financial at 602-410-2118
Todd Hons of Nova Home Loans at 623-680-2947.
Call The Drefs Team at 623-694-0354 for more participating lenders. For more details, click HERE