Grant money to buy your first home.

Grant Money is Now Available for Home Purchases in Lane County, Oregon.

Individual Development Accounts is designed to help build assets through a matched saving account. Individual Development Accounts (IDAs) provide financial skills needed to save for life-changing economic transformations such as home ownership or going to school to get a better job or to prepare for the purchase.

IDA participants earn a match for saving toward the purchase of an asset such as their first home, post-secondary education, a vehicle to maintain or attain gainful employment or to start a business.

An IDA works by providing a 3-to-1 match for your savings up to certain limits.

NEDCO (Neighborhood Economic Development Corporation) obtains state and federal funds to make the IDA program possible. The match money is a grant to you; it is not a loan and does not need to be paid back.

How Does the Program Work?

As an IDA participant, you have several responsibilities:

  • Complete a total of 16 hours of education – 8 hours of financial education (Financial Foundations) and 8 hours of asset-specific training. You must complete Financial Foundations prior to enrollment.
  • Demonstrate your ability to save by saving at least $25 in your own savings account for two consecutive months before applying for the IDA program (you can do this while you are completing the Financial Foundations course).
  • Work with a NEDCO Asset Building Specialist to create a budget based on 30 days of tracked expenses, reflecting your ability to save on a monthly basis to reach your savings goal.
  • Establish a savings goal and timeline for completion including making regular monthly deposits toward your goal in a joint/custodial account with NEDCO.
  • There is a $60 IDA application fee collected at the time of enrollment into the program.

How Do I Get Started?

The first step is to enroll in our Financial Foundations Education Series (required 8 hours of financial education).

Sign up below if you want to learn more about this program.

*You will be contacted by Stepping Stone Mortgage.

Mike Herborn
Mortgage Consultant
Stepping Stone Mortgage
272 W 11th Ave. Eugene, Or. 97401

NMLS 258803

Phone 541-683-3300
Cell 541-913-1414
available after hours and weekends
mike@steppingstonemortgage.com
www.steppingstonemortgage.com