Pathway to Purchase – 2 BIG Days

Pathway to Purchase - 2 Days That Count

Pathway to Purchase – 2 Days That Count

The Pathway to Purchase Program has a subtle little teeny weeny guideline that if overlooked can quickly derail an on-time P2P closing.   This minor rule gets overlooked quite often based on the fact that other popular Down Payment Assistance Programs such as HOME Plus or HOME in 5 do not have this extra layer.  P2P requires this extra step based on the fact that Pathway to Purchase uses a Silent 2nd lien whereas many other Down Payment Assistance Programs utilize a different funding mechanism.

2 Days That Really Count

In order for the Pathway to Purchase down payment assistance funds to be wired on time, ALL signed Pathway to Purchase closing documents must be uploaded to a specific site by a specific day.   All buyer signed Pathway to Purchase documents need to be uploaded to the Pathway to Purchase website by 4 pm 2 business days before the schedule close date in order to close on time.   This is the only way to make sure the down payment assistance funds arrive in time to close on time.

Who is Responsible?

Ultimately, your mortgage lender is responsible to make sure everything loan related happens on time.  However, the Title Company is responsible for having the buyer sign all documents.  Title is also the entity that uploads the signed documents to the Pathway to Purchase website.  But, it is critical that the accountability to orchestrate a seamless P2P closing rest primarily on your mortgage lender.  Title Companies are not well versed in the intricacies of the Pathway to Purchase program and need to be coached proactively by the buyer’s lender on what to do and when to do it.  It’s a matter of proactive communication by your lender versus reactive scrambling by everyone.

By Jeremy House

Speak Your Mind