Anyone using an IDA or other "down payment assistance"?

[gabbyraja]

We're saving our down payment and I'm ALL about looking for ways to drum up cash. Preface to say that while DH earns a respectable income, we have 5 kids so we're considered low income. Therefor we qualify for a lot of "assistance" programs. One I learned about on our state housing development website was an Individual Development Account. Basically, we go through their home ownership classes and put $1000 into savings (over the period of a year) for the down payment and they'll match it with another $3000. I think this sounds great, but I'm wondering if anyone has done this and has tales to tell? Any other such programs out there that give you money and/or education about home ownership, how to get a good loan, etc?

[DallasLoanGuy]

lots of programs like this.

 

what state? or county/city is this thru?

[gabbyraja]

MI. I'm in the city of Lansing, atm, and there is a program if you buy within the city, but we'd rather be just outside.

[theknowerofstuff]

I'm in MI too and just bought my home in December with http://www.michigan.gov/mshda/0,1607,7-141-45866_45870-172114--,00.html they give you up to $7500 down for going to a class that was about an hour long.

It's WONDERFUL!

[angeleyeskkhr]

Are there any programs like this in South Texas?

[gabbyraja]

I'm in MI too and just bought my home in December with http://www.michigan.gov/mshda/0,1607,7-141-45866_45870-172114--,00.html they give you up to $7500 down for going to a class that was about an hour long.

It's WONDERFUL!

Ooh, I forgot about that already, thank you. I'm afraid they'll tell me you can't have more than one kind of DP assistance, but it doesn't hurt to ask.

[gabbyraja]

Are there any programs like this in South Texas?

 

http://www.tdhca.state.tx.us/htf/single-family/homebuyer-assistance.htm

 

There may be others on this website, but this was the one I found quickly that was similar. Up to $10,000!

[Dplymkr88]

Anything for VA?

[gabbyraja]

Anything for VA?

 

Haven't checked he links here, but it looks like this is the page. http://www.vhda.com/Programs/Pages/Programs.aspx

 

FYI, for anyone else interested, I'm just googling "[state] housing authority" to find these pages.

[na2]

what about chicago?

[gabbyraja]

what about chicago?

 

http://www.ihda.org/

http://data.cmap.illinois.gov/chicagoareahousing.org/AssistPgm_Detail.asp?newlayout=

Edited June 21, 2011 by gabbyraja

[clambert1273]

think you found your new calling gabby lol

 

I checked VA already... I am not NEAR close enough to median income or poverty level to qualify

[na2]

Thanks gabbyraja. Hopefully i will find something

[azurecrayon]

i am in MI too, in saginaw, and am purchasing my first home. i am currently waiting for approval on a HOP grant (Homeownership Opportunities Program) through my lender. its similar to the IDA program, except its not a savings account. you can get up to $7500, based on the cost of the home you are purchasing and the lending institution. its for low to moderate income first time homebuyers (some people who have owned previously are still accepted under specific circumstances).

 

the HOP grant comes from the Federal Home Loan Bank of Indianapolis through its member institutions, and there are lots of members here in MI and other states. here are a couple links, to the FHLBI HOP program description

http://www.fhlbi.com/housing/HOPGuidelines.pdf

and click on the "click here" to get a list of member institutions at this site

http://www.fhlbi.com/about/mbrdirsp.asp

 

i looked into the IDA program, but was planning to purchase my house within 2 months which put me a bit too soon to use an IDA for homeownership. according to the woman i talked to at my local IDA support office, there wasnt a problem with using both IDA and the HOP grant since the HOP money never comes into my possession and goes straight to my lender.

 

i also looked into the MSHDA DPA programs, especially as i have two disabled people in my household and qualify for the disability version, however i was told you cannot get both IDA and DPA. i didnt try for the DPA since i had already gotten pre-qualified with my lender and they dont do MSHDA loans. i chose not to take the time to find another lender who did both MSHDA loans and HOP grants. i am not positive these two would work together, but it seems likely.

 

if i had to do it all over again, i would try to find a lender who did both MSHDA loans and HOP grants, assuming you can do both. if i had more time, i would have done the HOP grant and IDA to maximize the "free money" possible.