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The Arizona Department of Housing along with other government agencies have come together to provide down payment assistance to qualified homebuyers purchasing a primary residence in 17 selected cities in Arizona. This assistance is given to give an incentive to buy homes in those cities that were hit the hardest by foreclosures.
This assistance is called “Pathway to Purchase” and comes with a competitive 30-year fixed-rate mortgage. The amount of the grant is in the form of a second mortgage equal to 10% of the purchase price. However, The second mortgage is a five–year forgivable lien against the subject property at 0% interest rate and there are no required monthly payments. This grant can be used toward the down payment and / or closing costs.
Below are some of the Program Highlights when purchasing a home via the Pathway to Purchase Program:
- Must be a Primary Residences.
- Borrower(s) Income cannot exceed $89,088.
- Purchase Price cannot exceed $356,352.
- Resale Properties only. New construction is not allowed.
- The Grant provided is 10% of the purchase price * up to a maximum of $20,000.
- This is a Fannie Mae mortgage.
- The Grant is only available in the following 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.
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Each borrower must complete a homebuyer education course before closing. Please talk with our Real Estate or Lending Team for more info about the course.
Important to note:
This Grant is funded by Funding by the U.S. Department of the Treasury through the Troubled Asset Relief Program; Hardest-Hit Fund. This is available on a first come first serve basis.
For all other cities, Home In Five will allow you to purchase a home with a down payment as low as Half a Percent Down. Contact us for more specifics on this other program.