Desert Mission Neighborhood Renewal helps individuals and families realize their dreams of homeownership by providing information on available home purchase assistance programs.
Individual Development Account Program
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).
City of Phoenix Neighborhood Stabilization Program
Homeownership program offers $15,000 loans for down payment, closing costs
The City of Phoenix Neighborhood Stabilization Homeownership Assistance Program provides funds and support to help families become homeowners in the city of Phoenix. The assistance is provided through the Housing and Economic Recovery Act.
The program includes a $15,000 loan for down-payment and closing-costs assistance to eligible buyers of foreclosed homes located in the city of Phoenix. The homeowner pays back the full amount of the loan (interest free) only when the home is sold or refinanced.
All homes come with a three-year home warranty, paid out of the $15,000 down payment and closing cost assistance, and must meet the U.S. Department of Housing and Urban Development (HUD) Housing Quality Standards.
Eligible families can earn up to 120 percent of area median income (AMI), which is based on family size (example: a family of four can earn $79,100 or less and still qualify). Desert Mission Neighborhood Renewal is offering Home Buyer Education Classes to help prospective buyers fulfill the program requirements. For more information, please call 602-262-6602 or visit phoenix.gov/nsphome.