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The New Arizona Down Payment Assistance Program Called Pathway To Purchase
Rents in Arizona are continuing to escalate which make it difficult for many creditworthy renters to save for a down payment. Pathway to Purchase is a new program recently launched by the the Arizona Department of Housing and the Arizona Home Foreclosure Prevention Funding Corporation (AHFPFC) for Arizonans statewide looking to purchase homes in select cities. Pathway to Purchase gives qualified homebuyers a true pathway to homeownership with a second mortgage provided as a deferred and potentially forgivable loan that can be used for a down payment and assistance towards closing costs.
The Arizona Department of Housing (ADOH) Pathway to Purchase home loan program is a 30 year, fixed rate mortgage with a payment assistance down payment assistance (DPA) second mortgage equal to 10 percent of the purchase price with a maximum of $20,000, to qualifying homebuyers that will occupy as their primary residence. This program is only available for select cities in Arizona, which are: Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachuca City, Laveen, Maricopa City, Red Rock, Sierra Vista, Snowflake and Yuma. The DPA is provided as a second lien against the property. The five year deferred loan will be forgiven at the end of 5 years with no payments and no interest due. This program does not apply for new or manufactured homes.
The Pathway to Purchase program is available to buyers with an annual household income equal to or less than $89,088. The home to be purchased should not exceed $356,352. This is an excellent program for first time, move-up and boomerang home buyers. Applicants must work through a Arizona Department of Housing approved lender to obtain a Fannie Mae HFA Preferred 30 year fixed mortgage. The U.S. Department of Treasury Hardest Hit Fund is providing this $48 million allocation through the Arizona Home Foreclosure Prevention Funding Corporation (AHFPFC). These funds are on a first-come-first-serve basis, so now is the time to act.
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