Overview

IDA, or the Individual Development Account'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.

Primary Goals:

1. For participants to enroll in homeownership and financial management education classes.

2. Provide case management needed for every client to succeed.

3. For participants to purchase an asset; their first home.

Requirements

• First time homebuyer
• Yearly family income levels cannot be higher than:
  • Family of 2 - $28,000.00
  • Family of 3 - $35,200.00
  • Family of 4 - $42,400.00
  • Family of 5 - $49,600.00
  • Family of 6 - $56,800.00
• For each additional person add $7,200.00.
• The eligibility guidelines are adjusted annually.
• Single parent, married, or divorced couples with at least one child under the age of 18 living with you at the time of acceptance is required.

Aspects

• 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 Homeownership Education Classes
• Commit to Your Overall Success in the IDA Program