SAVE AND SUCCEED!

The IDA Program helps you open the door to homeownership.
The IDA program is a 4:1 match savings account. You, as a participant, save up to $1,000 and receive a match of $4,000. This gives you a total of $5,000 for down payment and closing cost assistance towards the purchase of your first home.

How does an IDA work?
The purpose of the program is two-fold: To help you establish savings and budgeting habits in preparation for homeownership, and to establish a relationship with a lending institution.

The process to homeownership through an IDA:

1. Enroll in the IDA Program through NeighborWorks® Montana (NWMT).

2. Open a savings account with at least $25 specifically for saving for the IDA program at a financial institution approved by NWMT.

3. Take financial education either online or in-person at locations around the state.

4. Take homebuyer education through an approved provider (found at www.nwmt.org).

5. Make monthly deposits to your IDA savings account.

6. After a minimum of 6 months of saving, begin planning your home purchase.

7. Qualify for and receive a Montana Board of Housing first mortgage.

8. Your savings will be matched and that money will be provided at the closing of your home puchase.

Don’t miss a great opportunity! Please call to see if you qualify. 1.866.587.2244

Matching funds for this project are provided by the Montana Board of Housing through their payment of lender origination fees.

Requirements for the IDA program
To participate in the program, you must:

1. Be a first time homebuyer.

2. Have some regular source of earned income.

3. Make consistent monthly deposits into the savings account.

4. Save for at least 6 months in the IDA program.

5. Participate in Homebuyer Education and Financial Fitness classes.

To qualify for the IDA program, household income must be a certain level. You need to have an income less than or equal to the maximum income for your family size, listed below.

Income Guidelines

Family Size	1	2	3	4	5	6	7	8
Maximum Income	$21,660	$29,140	$36,620	$44,100	$51,580	$59,060	$66,540	$74,020

This program, through cooperation with our partners around the state, is available for the entire state of Montana.
Through a partnership with Opportunity Link, an additional match is available in the following counties:
Blaine, Cascade, • Choteau, Glacier, Hill, Judith Basin, Liberty, Pondera, Phillips, Toole & Teton.

At the closing of your home, Opportunity Link will provide
an additional $1,000 to participants buying homes in the above counties.