Arizona’s Pathway to Purchase Program Provides Down Payment Help
The Arizona Department of Housing (ADOH), in collaboration with the Arizona Home Foreclosure Prevention Funding Corporation (AHFPFC), has developed the Pathway to Purchase (P2P) program. This initiative is specifically designed to support individuals who have previously experienced foreclosure and are now in the process of purchasing homes within designated areas. The program targets 26 specific zip codes across 12 cities in Arizona, offering a unique opportunity for homebuyers to re-enter the housing market.
Available Assistance: The P2P Down Payment Assistance program provides significant financial support in the form of a 30-year fixed-rate mortgage. Additionally, it includes a second mortgage for down payment assistance (DPA). This second mortgage is a five-year lien against the property and carries zero interest, making it an attractive option for homebuyers. The maximum assistance available through this program is $20,000, which can greatly reduce the financial burden of purchasing a home.
Eligibility Requirements: To qualify for the P2P program, applicants must meet several criteria set by the ADOH. Key requirements include:
- The home must be used as the primary residence of the applicant.
- The applicant’s annual income should not exceed $92,984.
- The purchase price of the property must be within a limit of $371,936.
- The program is applicable only for properties financed through Fannie Mae HFA Preferred Mortgages.
- Applicants are required to complete a HUD-approved homebuyer education course prior to the purchase.
Targeted Cities: The P2P Program is specifically available in the following Arizona cities, each chosen based on specific housing needs and market conditions:
- Bull Head City
- Casa Grande
- Glendale
- Green Valley
- Kingman
- Phoenix
- Rio Rico
- Sahuarita
- Sierra Vista
- Tucson
- Vail
- Yuma
These cities have been selected to maximize the impact of the program and address the specific needs of communities within these areas.
In summary, the Pathway to Purchase program is a significant initiative by the Arizona Department of Housing and the Arizona Home Foreclosure Prevention Funding Corporation. It aims to assist individuals affected by foreclosures in purchasing homes within targeted areas of Arizona. By providing a combination of a fixed-rate mortgage and down payment assistance, along with specific eligibility requirements, the program seeks to facilitate homeownership for those looking to re-establish themselves in the housing market. The focus on targeted cities ensures that the program benefits communities where the need for such assistance is most acute.
