Individual Development Account’s or IDA’s, mission is to assist low to mid-income families in obtaining a down payment on their very first home.
Participants must commit to a minimum of 6 months in the program during which they will save at least $20.00 per month until the maximum of the $1000.00 savings goal is reached.
The IDA Program will then match the savings 3 to 1 for a combined sum of $4000.00 down-payment.
- For participants to enroll in home ownership and financial management education classes.
- Provide case management needed for every client to succeed.
- For participants to purchase an asset; their first home.
- First time home buyer
- Yearly family income levels cannot be higher than:
- Family of 1 – $24,120.00
- Family of 2 – $32,480.00
- Family of 3 – $40,840.00
- Family of 4 – $49,200.00
- Family of 5 – $57,560.00
- Family of 6 – $65,920.00
- The eligibility guidelines are adjusted annually.
- 10+ hours of financial education
- Credit inspection and repair
- Mortgage readiness
- Educational classes are offered with a mission to promote safe, affordable, clean housing to the low to moderate income residents of the State of Michigan.
- Selection Process:
- Participants will be selected for this program following a two session orientation, a formal application, and a personal interview.
- To ensure success, Housing Services provides case management services for each participant.
How to Be Successful in the IDA Program
- Maintain stable employment
- Establish a Mortgage Qualifying Credit Rating and be able to repair credit
- Be able to save on a monthly basis
- Commit to completing Financial and Home Ownership Education Classes
- Commit to your own overall success in the IDA Program