IDA

What’s an IDA? An IDA (Individual Development Account) is a unique savings program setup between HomeFirst and SunTrust Bank. The goal of this program is to teach financial literacy skills and create self-sufficient homeowners.

So how does it work? You establish a relationship with HomeFirst and start saving. You put money in the IDA Account setup through HomeFirst and SunTrust will match that amount. The amount matched is greater than the amount you would generate from simple interest.

So what’s the catch? The money in this account can only be used for purchasing your home. It is a great way to start planning and saving for homeownership and you have someone giving you money for it.

This is just one way that HomeFirst can help you reach your goals faster. Remember... Dreams of homeownership are achieved, not denied!

FAQ's

How long will take me to become financially healthy if I have credit challenges?
The answer depends on your commitment to your financial health. Through our educational programs and counseling, we will provide you with the skills and tools to lighten your credit burden. It is up to you to apply these lessons and implement our strategy. The more focus, the less spending, the quicker you will become a homeowner.

How do I start an IDA?

You must attend the Homebuyer Education Workshop and meet with our certified counselor. Once this is completed, we can access your situation and determine if you are eligible (there are income requirements). If you are eligible, we will work with you to setup your account. If you are not eligible, we can link you to other agencies who provide resources for various income levels and situations.