The Arizona Department of Housing (ADOH), acting jointly with the Arizona Home Foreclosure Prevention Funding Corporation (AHFPFC) and the Arizona Housing Finance Authority (AzHFA), to provide down payment assistance to qualified homebuyers purchasing a primary residence in 17 targeted municipalities in Arizona. The assistance is an incentive to purchase in targeted housing markets that have been hardest-hit by foreclosures.
Funding for the Pathway to Purchase Down Payment Assistance Second Mortgage Program is provided by the U.S. Department of Treasury through the Troubled Asset Relief Program; Hardest-Hit Fund. The Pathway to Purchase Program has a $71-million-dollar commitment and is available on a first come first serve basis.
Potential homebuyers looking for down payment and or closing cost assistance can access the HOME Plus down payment assistance program. Click here to be redirected to the HOME Plus information site.
The AHFPFC / ADOH “Pathway to Purchase” P2P Down Payment Assistance Program provides an attractive 30-year fixed-rate mortgage with a Down Payment Assistance (DPA) second mortgage equal to * 10% of the purchase price. The DPA second mortgage is a five–year forgivable lien against the subject property at a 0% interest rate and no required monthly payments. The down payment assistance (DPA) can be used toward the down payment and / or closing costs. DPA is only available in conjunction with a P2P first mortgage and is funded by AHFPFC / ADOH at the mortgage loan closing.
Additional Pathway to Purchase Program Highlights:
- Mortgage for the purchase of an Owner occupied, Primary Residences in targeted areas.
- Borrower(s) Income not to exceed $92,984.00
- Purchase Price limit not to exceed $371,936.00
- Existing, previously occupied properties only, new construction, including spec homes are not allowed.
- The DPA provided is 10% of the purchase price * up to a maximum of $20,000.
- Fannie Mae HFA Preferred mortgages only.
- The P2P Program is strictly limited to the following 17 Cities:
- Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachuca City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Yuma.
- Each borrower must complete a homebuyer education course before closing. The homebuyer education requirement may be met by taking a pre purchase course through an internet-based program developed by mortgage insurance companies through another HUD-approved homebuyer education provider. For more details, see the last page of the Pathway to Purchase Participating Lender List.
For more information, contact:
Reginald Givens at the Arizona Home Foreclosure Prevention Funding Corporation, dba SaveOurHomeAZ
Phone: (602) 771–1000
Email: [email protected]