Hi, Tom Heath with the Heath Team at Nova Home Loans and this is our weekly update on mortgage and real estate related matters. Today I wanted to share with you some good news that the Pathway to Purchase Program is back. I’m sure you’ve been seeing that in social media and hearing it from all of your real estate and lender friends. There are some significant changes to the program over the past iterations, the biggest one being a reduction in the income for qualifying.
In Pima County, we’re really looking at about fifty seven thousand dollars ($57,000), which is not quite but almost half of what was allowed on the previous versions. So this program is really targeting a very specific demographic. There’s about six million dollars to be released. And if everyone uses the max then you know, we have about a hundred loans a month statewide that will qualify. I think it’s very important, if you’re using the Pathway to Purchase Program for your contract, that the lender have a back-up plan in place.
There’s Homebuyer Solution. There is the Arizona Home Plus Program. There’s also a few other local programs like Wish and Home that could be explored. The reason I recommend that is because we don’t secure the funds for Pathway to Purchase until the contract is accepted. And if the the allocation for that month is gone, then we can’t secure those funds. So if you’re putting in an offer a Pathway to Purchase, we don’t know if we have that money available until that offers accepted.
We usually recommend having a back-up plan in place indicating that if the Pathway to Purchase funds are not available, that we can use the Home Plus, the Homebuyer Solution or the borrower can use their own funds. That should make your offer a little bit stronger.
If you have any questions on this don’t hesitate to give us a call or shoot us an email and head over to TheHeathTeam.com for more information on this and a lots of other topics. Enjoy your week and we’ll talk to you next Monday.