Individual Development Accounts


Eligible homebuyers can receive $15,000 toward the purchase of a home, matching up to $3 for each $1 saved by the participant(s).

General Program Guidelines:

  • Must be a first-time homebuyer (haven’t owned a home in the past 3 years).

  • Must earn 80% or less of the HUD Area Median Income (AMI) - see chart below.

  • Must complete an approved homebuyer education and counseling program.

  • Funds may only be used toward down payment and/or reasonable and customary closing costs for purchase a primary residence.

  • Total debt-to-income cannot exceed 43%.

  • The funds are a forgivable loan secured by a Deed of Trust and
    Note - must live in the home for 5 years (repayment is prorated if less than 5 years).

  • Funds may be used anywhere in Maricopa County.

  • Must obtain a mortgage loan from a participating financial institution.

  • Participants pay Newtown a $435 administration fee: $35 at time of enrollment and $400 at closing when the home is purchased. The $400 fee is not charged if the Participant does not purchase a home and use IDA match funds.

Specific Program Guidelines - IDEA and WISH

  • To receive IDEA match funds, Participant must open an IDA savings account with a participating bank, make consistent monthly deposits ($20) for a minimum of 10 months and must open an escrow on a home purchase transaction within five years of enrollment in the IDEA program.  Gift funds are not allowed.  Savings must be from “earned income.”

  • To receive WISH match funds, Participant must deposit funds in an IDA savings account with a participating bank. Gift funds are allowed. Homebuyer must open escrow within one year of enrollment in the WISH Program. Use of another down-payment assistance program is no longer required.


Income Limits

Family Size 1 Person 2 Persons 3 Persons 4 Persons 5 Persons 6 Persons
Income $37,350 $42,650 $48,000 $53,300 $57,600 $61,850

FY 2010 Maricopa County Area Median Income

To enroll in Newtown's IDA Program call

(480) 517-1589


Newtown provides accessibility, participation, services and employment for all eligible persons regardless of race, color, religion, sex, handicap, familial status or national origin. Reasonable accommodations will be made upon request.


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