Pathway To Purchase DPA
The Pathway To Purchase program by the Arizona Department of Housing provides a grant of up to 10% of your loan amount, with a maximum of $20,000, to be used for your down payment or closing costs. Buyers must reside in one of the 17 designated cities in Arizona to be eligible for this opportunity.
While you don’t need to be a first-time homebuyer, there are several requirements to meet:
Maximum purchase price for a home is set at $371,936
The first mortgage loan must be 95% or less of the home’s value
A minimum FICO score of 640 is required.
Applicants must have a debt-to-income ratio of 45% or less
The mortgage must be a 30-year fixed-rate for the purchase of existing homes, condos, or townhouses; new constructions or spec homes are excluded
Completion of a homebuyer education course and a home inspection are mandatory
Participants cannot own another property at the time of purchase
Learn more on the program’s website. And take a look at HUD’s list1 of alternative programs for Arizona.