From time to time our state, county or city will want to spark development. To do this they GIVE AWAY money. This money is used towards your down payment.
You can use it to get into your home with little or NO money down.
Pathway to purchase is a down payment assistance program
Of course you have to put in a loan application. This application must be done with a lender who works with the pathway to purchase program.
Here’s how you get started:
- Contact us we will put you in touch with a lender who works on the pathway to purchase program.
- Apply for a loan they will see if you qualify for the pathway to purchase program.
- Get a pre-qualificaiton letter use this to show sellers you are approved for a loan to purchase their home.
- Shop is qualifying area the program is for certain areas in the state.
- Purchase a home the program gives you up to 10% of purchase price or $20,000 towards your down payment.
What’s the catch?
- The down payment assistance from Pathway to Purchase shows up as a second mortgage on your house.
- You do not have to make any payments on it.
- Once you have lived in the home for 5+ years the second mortgage goes away.
- If you sell before the 5 years you have to pay back the down payment.
- Ask your lender for further details.
Pretty cool huh?
Make sure to contact us before the Pathway to Purchase funds run out.
A set amount of funds were provided for the program and it is first come first serve.