Homebuyer Savings Plan
Own Your Own Home
Desert Mission Neighborhood Renewal helps individuals and families realize their dreams of homeownership by providing information on available down payment assistance programs.
One of these programs is 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 (subject to availability).
Who Can Participate
Individuals or families who:
- Have or save at least $1,000 toward a home purchase.
- 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 |
$36,900 |
|
2 |
$42,150 |
|
3 |
$47,450 |
|
4 |
$52,700 |
|
5 |
$56,900 |
|
6 |
$61,150 |
|
7 |
$65,350 |
Click here for other agencies that may have down payment assistance available. (PDF; requires Adobe Reader)
City of Phoenix Down Payment Assistance Program
For more information, contact Tracy Crouch at 602-331-5833 or tracy.crouch@jcl.com.
