Homebuyer Savings Plan
Own Your Own Home
Desert Mission Neighborhood Renewal helps individuals and families realize their dreams of homeownership through the Individual Development Account Program (IDA).
IDAs are special savings accounts in which money saved is "matched" with additional money to increase the amount available for down payment and closing costs. Participants can earn a 3-to-1 match on the money they save toward the purchase of a home. For example: Save $5,000 and we can match your savings $3 for every $1 you save—up to a maximum of $15,000. In some cases, the maximum match amount may be even higher.
Who Can Participate
Individuals or families who:
- Save at least $50 per month for a minimum of 10 months (no withdrawals)
- Purchase their main home within the service area of Tatum Boulevard on the east to 35th Avenue on the west; Glendale Avenue to south and the Maricopa County line to the north.
- Pay a one-time application fee of $30 (includes credit check)
- Have not owned a home for the prior three years
The following program income guidelines apply:
|
Family Size |
Maximum Income |
|
1 |
$35.950 |
|
2 |
$41,100 |
|
3 |
$46,200 |
|
4 |
$51,350 |
|
5 |
$55,450 |
|
6 |
$59,550 |
|
7 |
$63,650 |
For more information, contact Tracy Crouch at (602) 331-5833 or tracy.crouch@jcl.com.