10% Down Payment Assistance Program Available in 17 Arizona Cities
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 program makes for an excellent first-time homebuyer program!
The Arizona Department of Housing (ADOH) is 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 with 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 residence 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 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 served basis.
For more information on this Program, book a down payment assistance consultation HERE
*Fairway is an approved lender for this product and does not represent Fannie Mae or any governing agency. Visit Fannie Mae’s website for more information on governing entities.
About Fairway Independent Mortgage Corporation
Founded in 1996 by CEO Steve Jacobson, Fairway Independent Mortgage Corporation is a Top 10 ranked national mortgage lender. The company has more than 250 locations including several Arizona Mortgage Branches. At Fairway, customer service is a way of life. At Fairway, speed of response is the goal, with some of the fastest turn-around times in the industry. The goal is to act as a trusted advisor, providing highly personalized service and helping through every step of the loan process. It’s all designed to exceed expectations, guarantee satisfaction, and earn trust. For more information on Fairway Mortgage Arizona, please visit our website at www.FairwayArizona.com.