IDA Program: Research that really pays off
So you're looking for assistance with your first home purchase. Well, the United Way of Southeast Michigan (UWSEM) has a program that will equip you to be an educated, endowed, and financially responsible homeowner. I am qualified to make this statement because I have gone through the Individual Development Account for first time home buyers, and I have found myself in a great home due to the blessings I received.
Research the Information
I found out about the IDA program through reading some Housing and Urban Development literature (HUD), which I received from my brother-in-law. This information is available free from the Federal Government and provides important information about the home buying process. I wanted to be prepared for my home buying purchase,and I'm sure you do too. So, I strongly suggest that you avail yourself of this information as well. Simply go to www.hud.gov and peruse the resources section they'll be glad to send you the information. Anyway, I read the material and on the last page there was a section that dealt with housing grants. The page said the I could go to www.idanetwork.org to find local programs which will give a "matching grant" to low income families interested in buying a home. (United Way offes one of the highest grant matches of 4:1.) On the site I found out about the Individual Development Account (IDA)program. It is a program operated by many agencies, and I called several of them in my area. But the United Way of Southeast Michigan was the first to really offer me a coherent and prompt response, so I went with them. Two years later I don't regret that choice.
The IDA program encourages you to save $1,000 towards your first home purchase, and requires you to take several financial literacy classes. After you do your part, they will match your savings 4:1. (The maximum amount of the grant is $4,000.) Then you can use the money to purchase you own home.
In later blogs I will deal with the financial literacy programs, challenges to procuring the matching grants, and finding other grant programs that can help you find greater assistance.
Research the Information
I found out about the IDA program through reading some Housing and Urban Development literature (HUD), which I received from my brother-in-law. This information is available free from the Federal Government and provides important information about the home buying process. I wanted to be prepared for my home buying purchase,and I'm sure you do too. So, I strongly suggest that you avail yourself of this information as well. Simply go to www.hud.gov and peruse the resources section they'll be glad to send you the information. Anyway, I read the material and on the last page there was a section that dealt with housing grants. The page said the I could go to www.idanetwork.org to find local programs which will give a "matching grant" to low income families interested in buying a home. (United Way offes one of the highest grant matches of 4:1.) On the site I found out about the Individual Development Account (IDA)program. It is a program operated by many agencies, and I called several of them in my area. But the United Way of Southeast Michigan was the first to really offer me a coherent and prompt response, so I went with them. Two years later I don't regret that choice.
The IDA program encourages you to save $1,000 towards your first home purchase, and requires you to take several financial literacy classes. After you do your part, they will match your savings 4:1. (The maximum amount of the grant is $4,000.) Then you can use the money to purchase you own home.
In later blogs I will deal with the financial literacy programs, challenges to procuring the matching grants, and finding other grant programs that can help you find greater assistance.
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