Matched Savings Accounts
Individual Development Account (IDA)NeighborWorks Great Falls can help put you on the path to successful homeownership with our matched savings account program.
Asset building is an approach to overcoming poverty that emphasizes the value of enabling individuals and families to learn about and use sound family budgeting and money management practices, to address financial issues, and to plan for long-term success. Especially when combined with other support services, the asset building approach helps families set goals and progress toward financial stability.
“It wasn't difficult to save because we had a good reason – we wanted to own a home." ~ A single mom who, with the help of her children, earned her down payment through the matched savings program. The children even gave up things in order to make the goal.
How does it work?
This program matches your savings 3:1, which means you can save up to $1,000 and receive a match of $3,000. This would give you a total of $4,000 for down payment and closing cost assistance on your new home!
The purpose of the program is two-fold: To help you establish savings and budgeting habits in preparation for homeownership, and to form a relationship with a lending institution.
Contact us today and get started Saving for Your NEW Home!
(406) 761-5861 or send us an email.
Getting Started - What is the process?
- Apply and enroll in the IDA Program by Downloading a printable application packet.
- Open an IDA savings account with at least $25 at a financial institution approved by NeighborWorks Great Falls.
- Complete Homebuyer Education class at NWGF and attend Dollars & $ense class at Rural Dynamics, Inc.
- Make monthly deposits of at least $25 to your IDA savings account.
- Contact IDA coordinator monthly for goal assessment
- After reaching your goal and saving for a minimum of 6 months, continue making deposits while planning for your home purchase.
- Qualify and receive a first mortgage at a lender of your choice. .
- Your savings, up to $1,000, will be matched and provided at the closing of your home purchase.
What are the requirements?
- Be a first time homebuyer, (not having owned a home within the last three years).
- You must have some regular source of earned income of at least $18,000/yr.
- You must make consistent monthly deposits into the savings account.
- You must save for at least 6 months in the program
- You must participate in Homebuyer Education and Financial Fitness Classes.
To qualify for the IDA program, your household income must be less than or equal to the maximum income for your family size, listed below.
| Income Guidelines as of January 2016
If your income in over the maximum for your family size, we still have programs that could meet your need and assist you into homeownership.