Pat Lairson

By Pat Lairson

The first step for any home buyer is to know what lending programs are available and to work with a great lender. Your Realtor can help put you in touch with a lender.

I spoke with Lisa Shepard of Prime Lending to discuss some of the no-down programs available right now. These Arizona E-housing Programs are available to assist buyers in achieving their dream of homeownership.

Lisa explained that there are attractive down payment assistance grants that range from 2 to 10 percent given to the buyer, depending on the program. There are three programs available right now, but we will focus on two of the programs because one, Home in Five, is for Maricopa County only.

The two programs available for Pinal County and Maricopa specifically are called Home Plus and Pathway to Purchase. Here is some interesting information for both programs and updates about the programs. See if you might fit into one of these lending programs.

Home Plus

  • Buyer is gifted 4-5 percent of the loan amount on a conventional loan and 3 percent on an FHA loan that can go towards closing cost and down payment.
  • Upon closing, the gift funds never have to be repaid.
  • Maximum annual income limit is $92,984.
  • Maximum purchase amount is $371,936.
  • No first-time buyer requirements but buyer cannot own any other real estate at the time of closing.

Pathway to Purchase

  • Available only with conventional financing
  • Receive up to 10 percent of the loan amount for down payment and closing costs up to a maximum of $20,000
  • Buyer must own the home for a five-year period otherwise the monies will need to be paid back.
  • No first-time buyer requirements but buyer cannot own any other real estate at the time of closing.
  • Manufactured homes and new construction are not allowed.
  • Maximum income is $92,984.
  • Maximum loan amount is $371,936.

As of this writing Pathway to Purchase had $13.25 million left from the $28 million original grant amount. Home Plus has $220 million left. That sounds like a lot of money, but the monies do move fast. If you are renting and are interested in pursuing one of these programs, act now.

The lowest-priced rental in Maricopa is $945 a month and there are 37 rental homes available. There are 310 active single family dwelling subdivision homes for sale. The lowest priced home for sale is $124,900 and the highest priced home is $435,000. With the lower inventory right now, it is a great time to list your home.

Pat Lairson Realtor


The Maricopa Real Estate Company

This column appears in the October issue of InMaricopa.


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