ADOH P2P

adoh-p2p-logo     ADOH –  “Pathway to Purchase” (P2P) Down Payment Assistance Program 
Note – for details, see the Guidelines under GUIDE & FORMS

adoh-p2p-logo     Pathway to Purchase Program Information2                                                               
PROGRAM FUNDS
  • $48 million – First Come First Serve
RESERVATIONS
  • Reservation/Locks- OPEN 7:00AM – 5:00 PM MST (10-8 EDT)
  • eHP System available 24/7
  • If you need assistance, click here
ELIGIBLE AREAS
  • Conventional Mortgages in select cities – Arizona City, Avondale, Buckeye, Casa Grande, Coolidge, Douglas, El Mirage, Fort Mohave, Goodyear, Huachua City, Laveen, Maricopa, Red Rock, Sierra Vista, Snowflake, Tucson, Yuma.
  • Tucson reservation – accepted by the IDA’s of Pima County / City of Tucson. click here
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY

  • Timeline
    • Reservation to UW Certification: 10 days
    • Reservation to Close and delivery of closed files to eHP and US Bank: 35 days
    • Reservation to Loan Purchase: 60 days
EXTENSION
  • If a Mortgage Loan is not purchased within such sixty (60) day period, an extension is available for a fee that is applicable to the extension time necessary.  See guidelines for details.
ELIGIBLE MORTGAGE TYPES
  • Conventional – Fannie Mae HFA Preferred
ELIGIBILITY CRITERIA
  • There is no first-time homebuyer requirement
  • Borrowers must occupy the property as their primary residence and reside in the subject property within 60 days of closing
DPA 
  • Hardest-Hit Funds  (U.S. Department of the Treasury through the Trouble Asset Relief Program)
  • 48 Million – First Come First Serve
  • DPA Second Mortgage is 10% of the subject property purchase price up to a maximum of $20,000.
  • DPA Second Mortgage is a lien against the subject property with the following components,
    •  Five-year, deferred loan 100% forgiven after five years
    •  0% interest rate
    •  No monthly Payment
  • DPA is table-funded by ADOH-HHF  at the mortgage closing
INCOME LIMIT CRITERIA
  • $92,984– all borrower(s)
  • Borrower(s) income= 1003 Credit Qualifying Income (not co-signor’s)
HOME ACQUISITION LIMITS
  • $371,936
  • Previously occupied residential real estate
HOME BUYER EDUCATION
  • Required for borrower(s) prior to closing
    • Through HUD approved housing counseling agency. view
    • Other options include online, over-the-phone and in person. (see guidelines)
FICO / DTI / LTV  REQUIREMENT
  • Minimum Credit Score –  640
  • Max DTI – 45%
  • Maximum LTV/CLTV –  95%/105%
THE MASTER SERVICER 
  • US Bank
  • Servicer Lender Guides, Click here
  • If you need assistance getting to the Servicer Lender Guides, Click here. To contact US Bank Lender Help Desk, Click here.
 For loans reserved before 11/4 – the process has NOT changed 
FORMS & GUIDELINES
  • All forms are located within the eHP system at the loan level (once logged in to eHP system)
  • Program Guidelines & Sample Forms can be found under the Guide & Forms Tab
DPA WIRE REQUEST
  • the form is system generated and is located within the eHP system at the loan level 
  • DPA Funds are requested prior to closing
PROGRAM ADMINISTRATOR
For loans reserved on/after 11/4 – the process HAS changed 
DPA REGISTRATION
  • P2P DPA requires an additional registration
  • Lender creates registration by importing FNMA 3.2 file   click here
  • All program documents are generated from the registration site
  • For Step-by-Step process on P2P DPA 2nd Mortgage  click here
  • If you need assistance, please email sohazsupport@azhousing.gov
PROGRAM ADMINISTRATION
  • ADOH
  • Program Guidelines, Sample Forms and Documents can be found at the ADOH website  click here

 

Reservation/locks are available on Business days between 7am-5pm MST (10-8 EDT)

Current Rates & DPA

 Options / Offerings  Min FICO  DPA Lock Rate Effective Date Origination Points Lender Fee (SRP)
  Fannie Mae HFA Preferred
  LTV 95% or Less  640 HHF 10% of Purchase Price up to $20,000      4.625%      1/4 0 2.50%

 

  • 30 Year, Fixed Rate, Amortized
  • manufactured homes not allowed
  • Interest rate buy-ups or buy-downs are not available     
DPA
Hardest Hit Funds – HHF

  • Assistance is 10% of Purchase Price up to 20,000
  • the DPA is reserved as a second Mortgage
    •  Five-year, deferred loan 100% forgiven after five years
    •  0% interest rate
    •  No monthly Payment
  • DPA is table-funded by ADOH-HHF  at the mortgage closing.

For Loans reserved on/after 11/4 – click here

For loans reserved prior to 11/4, see below

Program GuidelinesEXTERNAL_LINK_EHOUSINGPLUS_32x32       (9/2) 3/31    (  For loans reserved prior to 11/4 )     For Loans reserved on/after 11/4 – click here

  • Provides the web-based program loan reservation and management system, Program forms, Lender Program and System Training, Compliance Support to Lenders, Reviews Compliance Files, Timelines, Works with the Agency and Master Servicer on Program Goals.
  • Need help, Click here

form Program Information   (6/9)

 

 Program Forms for loans reserved prior to 11/4

Program Updates
  • 11/3 – Effective with 11/4 reservations, all P2P DPA forms will be at click here. For loans reserved on/prior to 11/4 the process has not changed.
  • 6/9- New Income Limit $92,984 & New Purchase Price Limit $371,936
  • Easy Steps to adding the HHF 
  • 3/7  – The Pathway to Purchase Down Payment Assistance Program (the “P2P”) is being implemented by the Arizona Department of Housing, with the Arizona Home Foreclosure Prevention Funding Corporation (the “AHFPFC”) and the Arizona Housing Finance Authority (the “AzHFA”). In addition to the provisions set forth in these Program Guidelines, the provisions set forth in the Mortgage Origination Agreement shall also apply; in the event of a conflict, the provisions of the Mortgage Origination Agreement shall control.
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