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Real Life Stories
Profile: Five Years of Homeownership for First IDEA Program Homebuyer, Monica Mims
Program: The Individual Development and Empowerment Account (IDEA) Program, a first-time homebuyer program that provides grants of up to $10,000 for downpayment and closing costs, with a 3-to-1 match for every dollar saved by the homebuyers.
Partners: National Bank of Arizona and City of Mesa Housing Services
Monica Mims of Mesa, Arizona, was extraordinarily determined to achieve a very specific goal: to purchase a 3-bedroom house with a backyard so that her young son would have a place to plant flowers and trees. Encouraged by her advocate at City of Mesa Housing Services to attend homeownership education and counseling programs offered by Housing for Mesa, a local affordable housing agency, Monica immediately recognized that knowledge about the home buying process was essential to reaching her goal. “I went to three weekend classes, even though only one was required,” she explains, “because I wanted more and more information.”
 “Their whole goal,” she explains, “is to make sure you are successful.” In light of the subprime mortgage crisis affecting many Arizona communities, Monica emphasizes the importance of being clear about what’s really affordable. “A counselor is looking out for your interests, making sure you don’t get a home and then, in five or six months you’re going into foreclosure,” she says.
There have been plenty of new challenges to meet in the five years since Monica purchased her house after receiving a $10,000 IDEA award through FHLBank of San Francisco member National Bank of Arizona. Pointing to the guest bathroom, Monica describes the day the toilet overflowed. “Actually a pipe had burst. I came home and the house was full of water. I cried a lot, because it was very expensive to get a plumber to come in and fix it, plus pay for all the clean-up and damage costs after that.” Her homeownership classes had emphasized putting money aside for an emergency, but this was a particularly costly event for Monica. “I just did one thing at a time,” she says.
And even though owning a home involves responsibilities that renters don’t have, Monica is still sure she did the right thing. “All the challenges I’ve been through in five years just don’t matter because it’s mine.” she says. Monica’s advice and encouragement for others who want to own a home: “Go through the proper process so you know what you’re getting into—but you can do it!”
In the yard where Manny, now 15, takes charge of tending the flowers he’s planted so his mother would have something beautiful to look at every day, Monica expresses how much both she and Manny appreciate the contributions of all the nonprofit organizations and financial institutions that helped her reach her goal. “What you guys do for low-income families is truly amazing,” Monica says. “You just don’t know how much this means to people. For someone like me to be able to buy a home is a big, big step. But it’s been worth every vacation I gave up to have what I have now. I love my house!”
Back to Real Life Stories
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Real Life Stories
Profile: Five Years of Homeownership for First IDEA Program Homebuyer, Monica Mims
Program: The Individual Development and Empowerment Account (IDEA) Program, a first-time homebuyer program that provides grants of up to $10,000 for downpayment and closing costs, with a 3-to-1 match for every dollar saved by the homebuyers.
Partners: National Bank of Arizona and City of Mesa Housing Services
Monica Mims of Mesa, Arizona, was extraordinarily determined to achieve a very specific goal: to purchase a 3-bedroom house with a backyard so that her young son would have a place to plant flowers and trees. Encouraged by her advocate at City of Mesa Housing Services to attend homeownership education and counseling programs offered by Housing for Mesa, a local affordable housing agency, Monica immediately recognized that knowledge about the home buying process was essential to reaching her goal. “I went to three weekend classes, even though only one was required,” she explains, “because I wanted more and more information.”
“Their whole goal,” she explains, “is to make sure you are successful.” In light of the subprime mortgage crisis affecting many Arizona communities, Monica emphasizes the importance of being clear about what’s really affordable. “A counselor is looking out for your interests, making sure you don’t get a home and then, in five or six months you’re going into foreclosure,” she says.
There have been plenty of new challenges to meet in the five years since Monica purchased her house after receiving a $10,000 IDEA award through FHLBank of San Francisco member National Bank of Arizona. Pointing to the guest bathroom, Monica describes the day the toilet overflowed. “Actually a pipe had burst. I came home and the house was full of water. I cried a lot, because it was very expensive to get a plumber to come in and fix it, plus pay for all the clean-up and damage costs after that.” Her homeownership classes had emphasized putting money aside for an emergency, but this was a particularly costly event for Monica. “I just did one thing at a time,” she says.
And even though owning a home involves responsibilities that renters don’t have, Monica is still sure she did the right thing. “All the challenges I’ve been through in five years just don’t matter because it’s mine.” she says. Monica’s advice and encouragement for others who want to own a home: “Go through the proper process so you know what you’re getting into—but you can do it!”
In the yard where Manny, now 15, takes charge of tending the flowers he’s planted so his mother would have something beautiful to look at every day, Monica expresses how much both she and Manny appreciate the contributions of all the nonprofit organizations and financial institutions that helped her reach her goal. “What you guys do for low-income families is truly amazing,” Monica says. “You just don’t know how much this means to people. For someone like me to be able to buy a home is a big, big step. But it’s been worth every vacation I gave up to have what I have now. I love my house!”
Back to Real Life Stories
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