Saving for HomeOwnership
Pathfinder Services HomeOwnership Center offers several resources for earning and saving money for buying a home. One option we offer is an Individual Development Account (IDA).
This is a matched savings account that allows eligible individuals and families to put some of their own money into an account and have it matched at four times the amount. The IDA money can then be used to purchase a home. Those who qualify can participate in an IDA for up to four consecutive years.
To be eligible for an IDA, participants have to be a resident of Indiana, be employed and have earned, taxable income, be able to save a minimum of $25 per month, register below 200 percent of the Federal Poverty Guidelines based on household size or receive Temporary Assistance to Needy Families, and meet the minimum screening requirements.
Money from IDAs can be used for buying a home. If a participant first used IDA money to buy a home, the money can also be used for paying down mortgage principal or repairs to the home.