Pathway to Purchase Down Payment Assistance Program
This program is no longer accepting applications. As of January 2017, all one-time federal funding was fully subscribed.
Over the course of seven months, Pathway to Purchase helped 1,371 individuals and families purchase homes in Tucson and South Tucson. For more information on the program, see below.
Who does the program help?
Borrower(s) income cannot exceed $92,983. Purchase price cannot exceed $371,932.
What does the program provide?
A 30-year fixed rate mortgage plus a down payment assistance (DPA) second mortgage of 10% of the purchase price or $20,000, whichever is less. The DPA second mortgage is a five-year forgivable lien against the property at 0% interest with no required monthly payments. It can be used toward down payment, principal reduction and/or closing costs.
What does the program require?
- Live in the property as a primary residence for at least five years, after which the DPA second mortgage is forgiven
- Cannot own other residential property at the time of purchase
- Have a minimum credit score (FICO®) of 640
- Apply for the program through a participating lender when applying for a mortgage. Mortgage must:
- Be a Fannie Mae HFA Preferred™ mortgage
- Loan-to-value ratio (LTV) cannot exceed 95%
- Debt-to-income ratio (DTI) cannot exceed 45%
- Complete a Pre-purchase Homebuyer Education Workshop from a HUD approved agency
- Cannot have received a mortgage loan from the Industrial Development Authorities of the City of Tucson or Pima County in the past three years
- If buyer a non-permanent resident, Fannie Mae guidelines apply
The property must
- Be an existing single family home, townhouse or condo—new construction not allowed
- Be located in the City of Tucson (or one of 16 other cities)
HUD approved agencies
These HUD approved agencies offer Pre-purchase Homebuyer Education Workshops.
|CHICANOS POR LA CAUSA||Phone: (520) 882-0018
|2550 E Ft Lowell Rd
Tucson, AZ 85716
|FAMILY HOUSING RESOURCES||Phone: (520) 318-0993
|1700 E Ft Lowell Rd
Tucson, AZ 85719
|MGIC||Phone: (800) 424-6442
|Online only||English, Spanish|
|OLD PUEBLO COMMUNITY SERVICES||Phone: (520) 546-0122
|4501 E 5th St
Tucson, AZ 85711
|PIO DECIMO CENTER||Phone: (520) 622-2801
|848 S 7th Ave
Tucson, AZ 85701
|ASL, English, Other, Spanish|
|THE PRIMAVERA FOUNDATION, INC.||Phone: (520) 882-5383
|151 W 40th St
Tucson, AZ 85713
Where does the program funding come from?
Program funding provided by the U.S. Department of the Treasury through the Troubled Asset Relief Program Hardest-Hit Fund. The State of Arizona has a $48-million-dollar commitment for Tucson, which is available on a first come, first served basis.
To learn more
Find participating lenders with locations in Tucson here.
Visit http://www.pimatucsonhome.org/ or call (520) 882-5591, ext. 126.