Back to Main Page Back to Services SAFCU Individual Development Account T The SAFCU IDA program is a savings program that enables participants to save additional money to to purchase a home, go to college or start a new business. Specifically, the SAFCU IDA program matches savings on a three for one basis for up to $2000 per year for three consecutive years provided the funds are used to purchase a home, go to college, attend job training or to start a new business. Participants saving for a home that finance their home through SAFCU are eligible for additional assistance. IDA program participants must meet the income requirements listed below:
SAFCU IDA Example Suzy is saving to buy a house. In one year she saved $2000. As an IDA program member, Suzy can receive up to $6,000 in matching funds from SAFCU. So Suzy will receive an additional $8,000 to apply toward the purchase of a home. Additionally, if Suzy elects to finance her home with SAFCU she may be eligible additional closing cost and down payment assistance from the Federal Home Loan Bank/SAFCU First Time Home Buyer program.
Contact SAFCU staff for more details. 703-739-0652 |
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