Have you heard of the new Pathway to Purchase Program? Today I’m joined by Derrick Polder from Summit Funding to inform you about this new down payment assistance program and why it’s one of the best we’ve ever seen.
The Pathway to Purchase Program was released just last month. There is $48 million available in it, and you aren’t required to be a first-time home buyer to apply for it. That being said, you do have to occupy the property as your own residence. If you own a home currently and are planning on selling it before buying a new one, that’s ok. You cannot, however, turn your home into a rental property while looking to buy another home.
Not only do you not have to be a first-time home buyer, but you also don’t have the same restrictive income guidelines of previous programs. Past programs, for example, would stipulate that you could only make 80% of the median income. If you made upwards of $50,000, then, you couldn’t even consider those programs. The cap for the Pathway to Purchase Program, however, is just under $93,000, and that’s based on qualified income.
The program is also for purchase only, meaning you can’t use it on a refinance. Your property is eligible as long as it falls under the jurisdiction of the city of Tucson or the city of South Tucson. The program features a conventional loan, meaning that out of that $48 million, they’re going to apportion 10% toward your down payment up to a cap of $20,000.
It’s one of the best programs we’ve ever seen.
How long this opportunity will last depends on a number of factors, such as how many people will qualify and how long it will extend for. To the best of Eric’s knowledge, though, it will be available for the next two years, give or take a month or two.
If you’re a home buyer and want to learn more about the financing aspect, you can apply online at www.thepoldergroup.com. For another website that features some quick bullet points for this program, you can explore www.p2paz.com.
While this program is quite advantageous, it’s not for everyone. If you have any other financing needs or questions regarding it, don’t hesitate to reach out to Derrick’s team.
As for me, if you have any other real estate questions, please feel free to give me a call or send me an email. I’d be happy to help.
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