Phoenix residents can get up to $24,500 in down payment assistance

Illustration: Annelise Capossela/Axios

BMO Canadian Bank expands its presence in Arizona by purchasing Bank of the West, which has several branches in the Phoenix metro area. Now, BMO is offering select Valley residents up to $16,000 for down payment assistance.

Why is this important: Record rental prices in the valley have made it difficult for middle-income people to save enough money to buy a house.

Details: People who live in majority minority census tracts (those with less than 50% non-Hispanic white residents) are eligible for a $13,000 grant from the bank.

  • Households earning less than $71,500 per year can get an additional $3,000.
  • There are also other installment programs which can be stacked with BMO grants for a total of $24,500.

What they say : “We’re offering such an aggressive amount because we know buying a home is such a challenge in markets like Phoenix,” Scott Freudenberger, BMO’s head of community reinvestment, told Axios Phoenix.

  • He says the bank’s biggest hurdle is convincing people who have given up on homeownership that it’s still within reach with programs like this.
  • He says participants often only have to contribute between $1,000 and $2,000 for the down payment and still end up with a monthly mortgage payment similar to what they pay in rent.

Be smart: You can apply for the program on line.

  • It has been extended until January 31, but BMO encourages people to apply as soon as possible.

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About Matthew R. Dailey

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