Arizona Department of Housing Announces “Pathway to Purchase” Home Loan Program to Creditworthy Arizonans

Program Features Down Payment Assistance to Homebuyers

PHOENIX–(BUSINESS WIRE)–The Arizona Department of Housing (ADOH), acting jointly with the
Arizona Home Foreclosure Prevention Funding Corporation (AHFPFC),
announced that it has launched Pathway to Purchase, a new loan program
for Arizonans statewide looking to become homeowners in select cities.

“With the escalating increase in rents, many creditworthy renters are
finding it more and more difficult to save for a down payment,” said
Reginald Givens, with the Arizona Department of Housing. “With the
Pathway to Purchase program, this obstacle has been removed. Pathway to
Purchase gives qualified buyers a true pathway to homeownership, with a
second mortgage provided as a deferred and potentially forgivable loan
that can be used for down payment and closing cost assistance.”

The ADOH Pathway to Purchase home loan program provides an attractive
30-year, fixed-rate mortgage with a down payment assistance (DPA) second
mortgage, equal to 10 percent of the purchase price (up to $20,000
maximum), to qualifying homebuyers purchasing a primary residence which
they intend to occupy in within the cities of
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 that can be used for the
down payment and closing costs. The five-year deferred loan will be
forgiven at the completion of five years with no payments and no
interest due. New construction and manufactured homes are not currently
permitted.

The Pathway to Purchase program is available to homebuyers with an
annual household income equal or less than $89,088, purchasing homes not
exceeding $356,352. First-time, boomerang and move-up homebuyers should
find the program especially helpful. Homebuyers must work through an
ADOH-approved and participating lender to obtain a Fannie Mae HFA
Preferred, 30-year fixed mortgage. Funding for the Pathway to Purchase
DPA Second Mortgage Program is provided by the U.S. Department of
Treasury’s Hardest Hit Fund and has a $48 million allocation through the
Arizona Home Foreclosure Prevention Funding Corporation (AHFPFC). Funds
are available on a first-come, first-served basis.

To learn more about AzHFA Pathway to Purchase DPA Second Mortgage
Program, please visit www.azhousing.gov
or call 602-771-1000.

About Arizona Department of Housing

The Arizona Department of Housing provides programs and critical
resources to the most vulnerable populations of the state, while serving
as a driver for economic development and leveraging private capital.
Whether it is through their work to provide safe and affordable housing,
assistance to help aid the homeless and special needs populations, or
their ongoing efforts to prevent Arizonans from losing their homes, ADOH
is committed to finding responsible and reasonable solutions to meet the
housing needs for the people of Arizona.

Contacts

PLUS
Ania Kubicki or Tobin Ernst
480-277-9245 or 480-322-3938
Lkush@Plusaz.com
or ternst@Plusaz.com