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A “Pathway to Purchase” for Phoenix Home Buyers

The Arizona Department of Housing released the “Pathway to Purchase” program promoting the purchase of homes in 17 areas surrounding Phoenix, Arizona which have been hard-hit by mass foreclosures.

In the spring of 2016, the Arizona Department of Housing (ADOH) released its Pathway to Purchase (P2P) program, which encourages the purchasing of properties in areas burdened by foreclosures in the wake of the U.S. Housing crisis. This program offers down-payment and refinancing assistance to first-time and existing home owners in 17 cities surrounding Phoenix, Arizona. The goal of the program is to decrease the number of vacant properties and encourage residency in these areas by offering incentivizing financing for potential home owners in the Phoenix area.


The “Pathway to Purchase” Program is a government program funded by the U.S. Department of the Treasury with a budgeted commitment of $48 million. Allotments will be made on a first come, first serve basis, to qualified homeowners in the designated cities outside of Phoenix who intend to use the property as a primary residence. 17 cities, most within an hour’s drive of Phoenix, are listed under the program guidelines.

Qualifications for the “Pathway to Purchase” buyer are geared toward enabling those who qualify for traditional loans through ADOH sanctioned lenders, but require assistance with the down payment and closing costs of a home purchase. The primary restriction on the purchaser is an income that does not exceed $92,984.

In order to alleviate the vacant housing problem, qualifying properties under the “Pathway to Purchase” program must be existing, previously occupied properties, meaning no new construction or spec homes. The sale price of P2P properties is also stipulated as being below a $371,936 limit.

Once a “Pathway to Purchase” buyer has qualified and the property selected, homebuyers are required to take a home ownership education course after which a P2P loan can be issued which will provide up to $20,000 toward the down payment. This loan can also be applied toward closing costs, furthering alleviating an initial financial hurdle for the buyer. In addition, the program provides a 30-year fixed-rate mortgage, which can be borrowed against as a second mortgage. Second mortgages on “Pathway to Purchase” homes are equal to 10% of the purchase price and are issued in the form of a forgivable lien against the property at 0% interest with no required monthly payments.

For a list of cities in the Phoenix, Arizona area included in the program, or for more information on “Pathway to Purchase” visit The Justin Haines Team website.


Phoenix Home Loan Rates Prime for Buyers

Second only to location, timing is pivotal to the decision to purchase real estate. Phoenix is a great location for investment and recent mortgage rate trends indicate that now is a great time to buy.

An Oasis in the Desert

Arizona is an arid state offering warm weather and sunshine most of the year, making it a great place to live, retire, or vacation. In addition to its enjoyable climate, the Phoenix area boasts its own desirable traits, particularly for professionals looking to buy homes. Phoenix and the surrounding areas have been listed in Forbes top 50 best places for business and careers with a low unemployment rate and job rates predicted to grow in the coming years. The Phoenix market is a growing and stable investment market, with a great tourist industry, a large military presence due to local Air Force installations, and a burgeoning tech industry as well as colleges. Home buyers in Phoenix pay an average of $184, 600 for a home, which falls below the national average.


Home Loan Rates are Trending in the Right Direction

According to Bankrate.com, mortgage rates in Phoenix have dropped this week to 3.46% down from 3.58% and falling below the national average. This news means that it is a great time for buyers to obtain a home loan at a lowered rate with a local Phoenix home loan officer. Not only are rates low, but data obtained from Zillow, a leading real estate database company shows that home values nationwide have risen 5.4% over the last five years and are projected to continue at a rate of 2.9% in the coming year. Prices have risen steadily in Phoenix, specifically, showing an average sale price of 206k between April and July of this year. The combination of low home loan rates and rising property values make this the prime time for those looking to enter into the housing market with the help of an experienced Phoenix home loan officer.

Finding a Phoenix Home Loan Officer

Mortgage rates are dropping across the board, allowing loan officers to offer more desirable loans to potential home buyers. Although buyers are often more familiar with the term ‘mortgage broker’, in order to take the best advantage of the situation I Phoenix, loan officers are a more savvy route. A loan officer works directly for the lending institution meaning that they are an expert in their company’s offerings and can help you obtain a loan that is tailored to your situation without the high commission cost associated with brokers.

Now that you understand the benefits of investing in Phoenix properties now, you can begin your search for a loan officer to help you achieve your real estate dreams.

Now that you understand the market, it’s now time to start your search for loan officer to help you get qualified for a mortgage.

http://thejustinhainesteam.com/ is the trusted and reliable source for efficient home loans to top real estate agents and home buyers. Let them partner with you to make your home buying process as stress free as possible.