Pathway To Purchase Down Payment Expires In March
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The P2P Program has a $48-million-dollar commitment and is available on a first come first serve basis. The allocated funds for Pathway to Purchase are expected to be depleted in late February/early March 2017.
The 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 the AHFPFC 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 $92,984.00
-Purchase Price limit not to exceed $371,936.00
-Existing, previously occupied properties only, new construction, including spec homes are 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, Yuma.
Tucson - The Industrial Development Authority of the City of Tucson will administer the Pathway to Purchase DPA Program in Tucson. Homebuyers interested in the Pathway to Purchase in the City of Tucson and the City of South Tucson need to visit http://www.ehousingplus.com/available....
If a homebuyer needs down payment assistance for a City not listed above, or the home is new construction, please see the HOME Plus Program.
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 through another HUD-approved homebuyer education provider.
First Step:
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 homebuyer to obtain a program qualifying mortgage and registration for the down payment assistance grant.
Please see Pathway to Purchase Participating Lenders for the program approved lenders.
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