Financial Literacy and the IDA Program
Most first time homebuyer, I would venture to say, are ingnorant of the processes that are involved in buying a home. There are two areas of home buying that the United Way's Idividual Development Account develop in you. Under the umbrella of financial literacy there is personal finance literacy and then there is home buying literacy. Both are essential to you in making a home purchase.
Personal Finance
The overwhelming number of foreclosures in the Southeast Michigan is no doubt connected to this lack of undestanding of either personal finances or mortgage lending. Don't go any futher with your home buying purchase without seeking some unbiased counsel. And the IDA program has it. First, you will need to go through some objective counseling about your ability to purchase a home. You'll need to report your income, determine your credit history, and assess that amount of income you have to afford a home mortgage. The better you budget and the condition of your finances determine how quickly you can move through the program. Remember the IDA program wants you to be an educated, endowed and financially responsible home owner, so they expect you to have your finances in order. The good thing is they'll help you in that area too.
The IDA program is run by the United Way, but they leave the financial matters to experts in the field. You will meet professionals in the field of life insurance, savings, and investments. The representatives that work with you are full of advice and they will not push you into some financial situation that is harmful to you. Furthermore they are accountable to you and your United Way IDA laison Sharon Davis. Talk to her if you have any issues.
The Home Buying Process
When you finish examining your personal finances you'll learn the matters of home buying. The classes are offered through another agency,(i.e. Faith Home Buyers)and they consist of credit assessment, mortgages,tax responiblity, and or course how to find a home. Even at this level you will be exposed to professionals in the field you can choose to work with them or not. However, I found that the professionals that work with the United Way seemed to be more communicative with prospective home buyers and have a heart to help you make an educated home purchase.
These are the two parts of the IDA programs financial literacy program that will qualify you for the match grants.
Personal Finance
The overwhelming number of foreclosures in the Southeast Michigan is no doubt connected to this lack of undestanding of either personal finances or mortgage lending. Don't go any futher with your home buying purchase without seeking some unbiased counsel. And the IDA program has it. First, you will need to go through some objective counseling about your ability to purchase a home. You'll need to report your income, determine your credit history, and assess that amount of income you have to afford a home mortgage. The better you budget and the condition of your finances determine how quickly you can move through the program. Remember the IDA program wants you to be an educated, endowed and financially responsible home owner, so they expect you to have your finances in order. The good thing is they'll help you in that area too.
The IDA program is run by the United Way, but they leave the financial matters to experts in the field. You will meet professionals in the field of life insurance, savings, and investments. The representatives that work with you are full of advice and they will not push you into some financial situation that is harmful to you. Furthermore they are accountable to you and your United Way IDA laison Sharon Davis. Talk to her if you have any issues.
The Home Buying Process
When you finish examining your personal finances you'll learn the matters of home buying. The classes are offered through another agency,(i.e. Faith Home Buyers)and they consist of credit assessment, mortgages,tax responiblity, and or course how to find a home. Even at this level you will be exposed to professionals in the field you can choose to work with them or not. However, I found that the professionals that work with the United Way seemed to be more communicative with prospective home buyers and have a heart to help you make an educated home purchase.
These are the two parts of the IDA programs financial literacy program that will qualify you for the match grants.
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