New 10% Arizona Down Payment Assistance Program Available
If you are currently looking at Arizona homes for sale but are not sure that you have the up front cash saved up, this new down payment assistance program may be the answer for you!
The Pathway to Purchase loan program provides down payment assistance to qualified homebuyers purchasing a primary residence in 17 targeted Arizona cities.
Request a free rate quote and get more down
payment assistance information HERE
The 'Pathway to Purchase' Arizona down payment assistance makes for an excellent first time homebuyer program!
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 10% 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.
The AHFPFC / AzHFA “Pathway to Purchase” P2P Arizona 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 / AzHFA at the mortgage loan closing.
Pathway to Purchase Program Highlights:
Mortgage for the purchase of an Owner occupied, Primary Residences in targeted areas.
Borrower(s) Income not to exceed $89,088.
Purchase Price limit not to exceed $356,352.
Existing properties only, new construction is 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, Tucson, Yuma.
If a homebuyer needs down payment assistance for a City not listed above, please see the HOME Plus Down Payment Assistance Program offered by the Arizona Housing Finance Authority.
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, such MGIC or Genworth Financial or through another HUD-approved homebuyer education provider. For more details, see the last page of the Pathway to Purchase Participating Lender document.
The homebuyer MUST work through one of ADOH approved and participating mortgage lenders. The lender will be your point of contact through the process working with the you to obtain a program qualifying mortgage and registration for the down payment assistance grant.
Funding for the Pathway to Purchase Down Payment Assistance Second Mortgage Program is provided by the U.S. Department of the Treasury through the Troubled Asset Relief Program; Hardest-Hit Fund. The Pathway to Purchase Program has a $48-million-dollar commitment and is available on a first come first serve basis.
For more information on this Program, book a down payment assistance consultation HERE
Program information for this article sourced via housing.az.gov
**QUALIFYING AREAS, PROPERTIES, INCOME AND CREDIT FACTORS APPLY
Fairway Independent Mortgage Corporation. NMLS #2289. Copyright ©2016. All right reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. All rights reserved. Arizona Mortgage Banker License No. 0904162.