Lairson: ‘Pathway to Purchase’ helps renters become homeowners

by -
Pat Lairson

By Pat Lairson

The Maricopa real estate market is holding steady with 424 active single-family dwellings available for sale as we enter the month of April.

Almost 20 percent of those listings are in Province with 82 homes available for sale in this subdivision. About 240 homes are currently pending on the MLS since February, and we have about a 90-day supply of inventory at this rate.

These numbers indicate a strong real estate market in both listings and sales. The rental market is still hot, hot, hot, with only 31 homes available to rent in Maricopa. This low availability of homes to rent makes it very difficult for some renters to find a home.

If you are a renter that would like to own a home but don’t quite have enough saved to get into a home, there is help for you. There is a new government grant loan program called “The Pathway to Purchase” available for renters who are ready to purchase.

The city of Maricopa is one of the cities chosen to receive these funds.

The buyer can receive up to 10 percent of the purchase price of the home up to $20,000 for down payment and closing costs. The buyer needs a minimum of a 640 FICO score. There are some other criteria the buyer needs to meet, but it is a pretty simple and straightforward loan.

For anyone with a qualified FICO score, this could be your ticket into buying a home. When the grant money runs out this type of loan availability will be over. So if you are interested ask your Realtor to direct you to a lender that can help.

Pat Lairson is a Realtor with The Maricopa Real Estate Company.

This column appeared in the April edition of InMaricopa.


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