Pathway to Purchase To Help Homebuyers in Foreclosure-Hit AZ Cities

In order to provide qualified homebuyers a “Pathway to Purchase” (P2P) their home, the Arizona Department of Housing (ADOH), in conjunction with the Arizona Home Foreclosure Prevention Funding Corporation (AHFPFC), to provide down payment assistance toward a primary residence in seventeen specific municipalities in AZ. The goal is to provide incentive to buyers who have been avoiding housing markets hit hardest by foreclosures.

FIND A PATHWAY TO PURCHASE LOAN OFFICER

The ADOH P2P Down Payment Assistance Program aims to lure buyers with an appealing 30-year fixed-rate mortgage with a Down Payment Assistance (DPA) second mortgage equal to a 10% of the purchase price with a cap of $20,000.

The DPA second mortgage is a five-year, forgivable lien against the subject property at a 0% interest rate with no required monthly payments. The DPA can be used toward the down payment and/or closing costs. DPA is only available in accordance with a Pathway to Purchase first mortgage and is funded by AHFPFC/ADOH at the mortgage loan closing.

Homebuyer Eligibility Requirements

P2P Eligible Cities

The program is limited to the following cities:

The first required step for the Pathway to Purchase program is working through one of ADOH-approved and participating mortgage lender. Said lender will be your contact point throughout the whole process, working with the buyer to obtain a program-qualifying mortgage and registration for the down payment assistance.

FIND A PATHWAY TO PURCHASE LOAN OFFICER

Funding for the Pathway to Purchase DPA Second Mortgage Program is provided by the U.S. Department of the Treasury through the Troubled Asset Relief Program; Hardest-Hit Fund. The P2P Program has a $48-million-dollar commitment and is available on a first come first serve basis.

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