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Individual Development Account
Description
The idea of owning a house is exciting, but sometimes that excitement fades when thinking about the cost and responsibilities associated with home ownership. It can seem overwhelming, but ICCF wants to make it easier for you.
ICCF offers Individual Development Accounts (IDA) for qualified individuals. This savings program allows potential homebuyers to increase their financial resources so they can purchase their first home. For every dollar participants save for a home, up to $1,000, the IDA program will give $3. Confused? Think of it this way. If a client puts $1,000 in their IDA, they will receive an additional $3,000 from the IDA program for a total of $4,000 to put towards their first home!
$1 your savings
+ $3 IDA contribution
= $4 saved for a home!
Eligibility Criteria
To qualify for this program, participants need to:
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Agree to deposit at least $28 into the IDA program a month
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Complete Introduction to Home Ownership and Financial Management classes
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Review credit history and if necessary, resolve credit issues
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Fall within income guidelines
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Show proof of employment (savings must be from earned income)
Income guidelines
To be eligible for the IDA program, participants need to fall within these income guidelines:
Family Size Annual income
1 $22,980 or less
2 $31,020 or less
3 $39,060 or less
4 $47,100 or less
5 $55,140 or less.
6 $63,180 or less
7 $71,220 or less
8 $79,260 or less
Larger - add $4.020 for each person
Income guidelines are valid from October 01, 2012 through September 30, 2013.
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