Local Grant Programs For Down Payment Assistance

by: Ryan Gilliam

For those looking to purchase a new home and take advantage of local grant programs for down payment assistance, April, May, and June of 2021 will be a great time to qualify.  On April 1st, the Arizona Department of Housing announced that the Pathway to Purchase grant program is back.  This program has been available in the past but ran out of money and was not available for 3 years.  But for the next three months (ending on June 30th, 2021) you may be able to qualify for a grant up to $20,000 to cover your down payment and closing costs.

Below are the Details of the Program, if you have any questions or want to look into qualifying, call me at my office at 480-635-3035.

AMOUNT OF ASSISTANCE

  • Down Payment Assistance is equal to 10% of the subject property purchase price or appraised value whichever is less, up to a maximum of $20,000.
  • Down Payment Assistance is a lien against the subject property with the following components: Five‐year, deferred loan 100% forgiven after five years, 0% interest rate, No monthly Payment
  • Can Pay for Down Payment AND Closing Costs

Guidelines

  • Max 95% Loan to Value
  • Minimum 640 Credit Score
  • Has to be in one of the following Zip Codes

 

 

Ryan Gilliam
Waterstone Mortgage
3489 E. Baseline Rd
Gilbert, AZ 85234
Phone:  480-635-3035
E-mail:  rgilliam@waterstonemortgage.com

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