Phoenix residents can get up to $24500 in down payment assistance - Axios

Canadian slope BMO is expanding its Arizona beingness by purchasing Bank of the West, which has respective branches successful metro Phoenix. Now, BMO is giving immoderate Valley residents arsenic overmuch arsenic $16,000 toward down outgo assistance.

Why it matters: Record-high rent prices crossed the Valley person made it hard for middle-income earners to prevention capable wealth to acquisition a home.

• Homeownership is 1 of the leading indicators of generational wealthiness and stability.

Details: People who unrecorded successful bulk number census tracts (ones that person little than 50% non-Hispanic achromatic residents) tin suffice for a $13,000 assistance from the bank.

• Households making little than $71,500 a twelvemonth tin get an further $3,000.
• There are besides different down outgo programs that tin beryllium layered connected to the BMO grants for a full of $24,500.

What they're saying: "We connection specified an assertive magnitude due to the fact that we cognize homebuying is specified a situation successful markets similar Phoenix," BMO's caput of assemblage reinvestment, Scott Freudenberger, tells Axios Phoenix.

• He says the bank's biggest hurdle is convincing radical who've fixed up connected homeownership that it is inactive wrong scope with programs similar this.
• He says participants often lone person to lend $1,000-$2,000 toward the down outgo and inactive extremity up with a monthly owe outgo akin to what they're paying successful rent.

Be smart: You tin use for the programme online.

• It has been extended done Jan. 31, but BMO encourages radical to use arsenic soon arsenic possible.

🌱

Support section journalism by becoming a member.