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.
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 |
Get Started
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 ClassReceive Pre-purchase Counseling
Next, you can enroll in pre-purchase counseling by submitting the required documents.
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.
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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