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Shiloh of Alexandria FCU
Individual Development Account
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:
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# People in Household
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Maximum Income
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1
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$47,700
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2
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$55,500
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3
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$59,950
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4
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$69,400
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5
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$79,750
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6
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$89,100
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7
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$97,450
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8
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$99,800
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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, she may be eligible additional
closing cost and down payment assistance
from the Federal Home Loan Bank/SAFCU First Time Home Buyer program. (*IDA recipients must finance their home through
SAFCU/US Mortgage)
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Suzy's IDA Savings
Program
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Suzy's Personal Savings
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$2000
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SAFCU IDA
Dividend/Matching Funds
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$6000
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Total
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$8,000
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Contact SAFCU staff for more details.
703-739-0652
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