PathWay To Purchase Is Back!!
Pathway To Purchase Is BACK!!
Tucson/Phoenix, AZ: For those that remember, thePathway to Purchase or P2P down payment assistance program helped 1,000’s of Arizonians realize the dream of Home Ownership. We were all sad to see this great program expire. So last month, we heard a rumor that P2P or Pathway to Purchase was coming back this Summer. Well, the Arizona Department of Housing announced that they will be relaunching Pathway to Purchase Program this Summer. Great News for those thinking about purchasing a home this Summer.
What are the highlights of Pathway to Purchase?
The P2P Down Payment Assistance will be available in 26 specific zip codes located in 12 communities in Arizona. P2P assistance will provide 10 percent of the purchase price (or up to $20,000) towards the down payment in the purchase of a home within those specific zip codes. Read here: Arizona Department of Housing announcing the return of Pathway to Purchase – P2P
Please give us a call if you have any questions on this program.Tucson and Sie (520) 406-2201.
What are the Zip Codes for Pathway to Purchase in Arizona?
2018 Pathway to Purchase Arizona
|City||Eligible Zip Codes|
|Phoenix||85042, 85016, 85017, 85051, 85041|
|Sierra Vista||85650, 85635|
|Tucson||85730, 85706, 85747, 85712, 85710, 85711, 85713, 85746|
|Yuma||85364, 85365, 85367|
Where does the Funding for Pathway to Purchase come from?
Funding for the P2P Down Payment Assistance (DPA) program comes from the federal Hardest Hit Fund (HHF), a resource available to the State through the U.S. Department of the Treasury (Treasury). The select zip codes were required to meet at least four out of five real estate market distress factors, in order to qualify for the use of the HHF. The State’s HHF is authorized to make commitments for DPA as well as the Department’s foreclosure assistance program, Save Our Home AZ, through December 31, 2020.
To date, the P2P program has provided more than $70 million in Down Payment Assistance to 4,338 Arizona homeowners.
What should I do to get started?
The first thing you should do is to get prequalified now. The current round of funding is expected to be around $15 million, which won’t last long. Last year, I remember several people that wanted to use the program, but took their time and suddenly the money ran out. Getting up 10% (up to $20,000) for a down payment is huge.
Have any questions please give me a call I would love to help you 🙂
Joe Ramirez Your Realtor