Assistance Program Search

NeighborWorks Montana's Individual Development Account (IDA) Savings Program
NeighborWorks Montana/NeighborWorks Great Falls
www.nwgreatfalls.com

Program Overview

NeighborWorks Montana's Individual Development Account (IDA) Savings Program is a program aimed at helping residents save money for closing costs or a substantial down payment for a home. The IDA program also assists in establish savings and budgeting habits in preparation for homeownership, and to establish a relationship with a lending institution For every dollar the resident saves, it is matched with four dollars from the program.

Who is eligible for this program?

Borrowers must make consistent monthly deposits into the account, save for at least 6 months in the IDA program, and participate in Homebuyer Education and Financial Fitness classes. Borrowers must have an earned income; An income must be equal to or less than the maximum income for your family size – for example Maximum Family Income for 4 member family $44,100* (See income guidelines at www.nwmt.org/incomeguidelines.html.) Is this program for first time buyers only? Yes

Property Eligibility Requirements

Participants in the IDA program are required to purchase a home in Montana with a MBOH first mortgage loan. Through a partnership with Opportunity Link, an additional match is available in the following counties: Blaine, Cascade, Choteau, Glacier, Hill, Judith Basin, Liberty, Pondera, Phillips, Toole & Teton. At the closing of your home, Opportunity Link will provide an additional $1,000 to participants buying homes in the above counties.

Benefit Details

Benefit: Participants save up to $1,000 and receive a match of $4,000 per individual. This would give you a total of $5,000/individual or $10,000/couple for down payment and closing cost assistance. Some of the match is used for loan fees paid to lender. Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes

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