pathway to purchasePathway to Purchase Down Payment Assistance

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.

The AHFPFC / AzHFA “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 / AzHFA at the mortgage loan closing.

The ADOH “Pathway to PurchaseP2P 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, up to a maximum of $20,000.

Program Details:

  • 30-year fixed-rate mortgage – for today’s interest rates 4.125%.
  • 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 Pathway to Purchase first mortgage and is funded by AHFPFC / ADOH at the mortgage loan closing.

Homebuyer Eligibility Requirements:

  • Mortgage for the purchase of an Owner occupied, Primary Residences only.
  • Borrower(s) Income not to exceed $89,088.00.
  • Purchase Price limit not to exceed $356,352.00.
  • Available on Fannie Mae HFA Preferred mortgages only. o Maximum LTV of 95.0%

o Minimum Credit Score of 640

o Existing Single-Family, Townhomes or Condo’s – new construction is not allowed.

o Maximum 45% debt-to-income ratio and Fannie Mae HFA Preferred (variation of FNMA HomeReady) underwriting guidelines apply.

 

  • All homebuyers are required to complete a pre purchase homebuyer education course through a HUD-approved homebuyer education provider. Options include online, over-the-phone and in person.

 

Pathway to Purchase Eligible Cities:

  • The Program is limited to the following 17 Cities: o Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachuca City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Tucson and Yuma.

Call Or in house lender with questions

Maurice Cohn

Eagle Home Mortgage

Work – 623 383-2004

Cell – 949 246-1793

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