Homeownership Services

Individual Development Account

Individual Development Account

ICCF Community Homes’ IDA Program helps first-time homebuyers save for the initial costs of buying a home and provides them with information and support along the way.

How does it work?

Homebuyers participate in pre-purchase counseling & save in a special IDA account for at least 6 months. When they’ve saved $1,000 in the account, completed all requirements, and secured a home to purchase, ICCF will grant $4,000 towards the buyer’s down payment and closing costs.

The ICCF Community Homes’ IDA Program is for individuals or families who meet the following criteria:

  • Current Kent County resident & participant in pre-purchase counseling with ICCF Community Homes
  • Earn at least $35,000 annually unless using a Section 8 homeownership voucher.
  • Have annual household income of less than 100% AMI
  • Credit score of 580 or higher
  • Less than $35,000 cash assets

View complete enrollment and completion requirements plus additional program notes on our IDA Frequently Asked Questions.

The IDA program is a supplemental program that is perfect for the final part of your homebuying journey–finishing up saving for initial costs and working through the pre-approval, home search, and purchase processes. But ICCF Housing Counselors can help you get to that point, too! Enroll in pre-purchase counseling for assistance getting your income, credit, savings, and knowledge ready for home purchase.

 

ICCF Community Homes IDAs are provided with a grant from Heart of West Michigan United Way.

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Homeownership Team

Housing & Family Services

Valid through April 2025

IDA Program Income Guidelines

Household size income for the previous 12 months cannot exceed:

Family Size Income Level
1 $70,500
2 $80,600
3 $90,700
4 $100,700
5 $108,800
6 $116,900
7 $124,900
8 $133,000
Each additional member $8,100
Process

Get Started

1

Take the Homebuyer Education Class

The first step toward participating in Housing Counseling and determining your eligibility for IDA is taking a Homebuyer Education Class.

Homebuyer Education Class
2

Receive Pre-purchase Counseling

Next, you can enroll in pre-purchase counseling by submitting the required documents.

3

Attend Housing Counseling & Open IDA Account

Your next step is to meet with an ICCF Housing Counselor for your initial intake appointment. If eligible, they will prompt you to open an IDA account.

4

Save & Find a Home

This program requires that you save for a minimum of 6 months. During this time, we encourage you to find an available home in Kent County. You will be able to utilize your IDA funds at closing.

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