Individual Development Accounts (IDA)

Your Savings + Our Match = Downpayment

The Individual Development Account or IDA program is all about getting you on the path to homeownership. It's all about giving you the tools and information you need--AND some help with your down payment!

You will open a special, IDA, savings account. Each month a minimum $20 deposit is required. If you save $1,000, we will give you between $3,000 to $4,000 depending on your county to be used toward the down payment on your new home!

The IDA program is free--the funds never have to be repaid. There are eligibility requirements--so if you are interested please call our intake specialist. There are limited openings available!

Call 1-800-318-0882 for more information


Common Questions About the IDA Program

  • How do I know if I am eligible?

    Our state and nationally certified staff will assist you to determine eligibility. However, in general, your household income must below 250% of the federal poverty level ($49,475 for a household of three), you must be a first-time homebuyer OR you must have not been on a mortgage for at least three years, and you cannot have assets over $10,000.

  • How long does the program take?

    Participants are required to be in the program for six months before they are eligible to receive their match dollars. The reason for this is to ensure there is ample time to take the required homebuyer education courses and for you to save your portion.

  • How does the program work?

    It's easy! Call our 800 number, our staff will screen you for eligibility. Once eligible, our staff will email, mail or allow you to download the application. The application is required by our funding sources.

    Once your application is complete, you will meet with our Housing Education Coordinator who will complete your enrollment and give you the information to open your account.

    Currently, Mid Michigan Community Action is partnered with Chemical Bank and Trust who holds the savings account. You must open the account with at least $20. Monthly deposits of at least $20 are required.

    Then you will schedule your times to receive information, education and materials regarding buying a home, credit, financial capability and other topics. These classes are broken up into manageable sections of one to three hours. This is a requirement.

    Once you have hit your $1,000 savings target (you have a maximum of three years to hit this goal), our staff will initiate the final steps and cut a check toward your down payment.

  • Am I limited to what house I buy?

    Due to funding source limitations, there are some restrictions on the type of home you purchase. Single-wide trailers are not allowable, and manufactured homes are only allowable if they are on a permanent foundation. Your financial institution will determine the mortgage you qualify for, and our staff will help you determine a realistic budget. IDA funds must be used on a down payment on a mortgage--land contracts are not allowable.

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