First-time Homebuyer Down-Payment Assistance IDAs
ECDI can help you open a savings account with ECDI for the purchase of a home, meet a savings goal and receive money from one of our valued funding sources, through ECDI's IDA Program.
Individual Development Accounts (IDAs) are matched-savings accounts for low-to-moderate income individuals that encourage first-time home buyer assistance. Customers must save up to $1000. These savings are matched 3:1 from local, state, and federal sources. The savings and matched dollars can be used towards home inspection, down payment, and/or closing costs.
*Certain restrictions apply and are subject to change. Upon the completion of the ECDI general application form and the submission of all required information to an ECDI staff member, you will be required to submit a non-refundable $25 application fee (in cash, check, credit card or money order) to enroll in an ECDI Individual Development Account.
ECDI currently has first-time home buyer IDA grant money available through the following funding source.
Ohio Department of Job and Family Services:
IDAs are available for first-time home buyer assistance. To qualify for this program, you must-
- Be 18 years of age or above, and be a resident of Ohio.
- Have at least one dependent, under the age of 18, living in the home.
- Be employed and have an annual household income at or below 200% of the Federal Poverty Level (see table below).
- Not have assets valued at or above $10,000 (excluding primary residence and one automobile).
- Enroll in and complete Home Buyers Training, ECDI’s Financial Literacy classes and Post-purchase Counseling.
2008 Federal Poverty Guidelines (200% Income Level)
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
200% FPG (monthly) |
$1,733 |
$2,333 |
$2,933 |
$3,533 |
$4,133 |
$4,733 |
$5,333 |
$5,933 |
200% FPG (annual) |
$20,800 |
$28,000 |
$35,200 |
$42,400 |
$49,600 |
$56,800 |
$64,000 |
$71,200 |
- Add $7,200 at 200% of poverty (annual) for each additional household member.
- Add $600 at 200% poverty (monthly) for each additional household member.
Additional Information
Qualified customers must complete 8 hours of ECDI Financial Literacy or comparable training as well as complete a qualified homebuyer’s education course, open a custodial savings account, and save an agreed upon amount of money. To remain eligible, customers must deposit $20 or more each month. Customers cannot withdraw funds from the IDA without ECDI’s authorization, but are authorized to make deposits. After saving the money, going through the proper steps for the purchase of a home, and obtaining a solid mortgage product, ECDI provides a check to the title agency on the day of closing to be applied toward the down-payment or closing costs on the home.
Please contact the ECDI Asset Development Department for more information.
