Down Payment | Closing Costs | Home Repairs

Are you dreaming of owning a new home, or perhaps fixing up the home you already own? The cost of buying or repairing a house can be challenging, but our matched savings account gives you a big extra boost to get you started on realizing your dreams.

TWO SAVINGS PATHS

THIS SOUNDS TOO GOOD TO BE TRUE…HOW DO I GET STARTED?

We believe that building generational wealth through homeownership is one of the most important things a person can do for their future.

1. Check Your Eligibility

To be eligible for matched savings, your current home address or the address of the home you plan to purchase must be located within the program eligible zone.

2. Apply

Once eligible, the following documents will be required during the application process:

A valid state-issued photo ID (state ID, driver’s license, U.S. passport, or military ID)
Social Security number
Proof of current homeownership or proof you are in the process of purchasing (property card from assessor’s office, copy of deed, or letter from mortgage lender)

3. Open Your IDA Account & Start Saving!

After completing the application, you will receive instructions on how to open your IDA account. Then, start saving!

4. Complete an eHome America Financial Management Course

After opening your account, you must complete a eHome America online Financial Management Course which costs approximately $99 for Homebuyer Education and $50 for the Post Purchase Homeowner Education. You will be reimbursed for this expense once you have completed the course. For questions, please reference the FAQs.

5. Submit your W-9 Form

To complete your registration, please download and fill out the W-9 form. The matched funds are considered taxable income, so the completion of a W-9 is required to receive these funds. For questions, please reference the FAQs.

WHAT CAN I USE THE MATCHED SAVINGS FOR?

The total funds after match ($2,000 or $4,000) may be used for the following:

Down Payment for home purchase
Closing Costs for home purchase
Home Repair(s) to an existing or new home

CHECK YOUR PROGRAM ELIGIBILITY

To determine your program eligibility, complete the form below. If eligible, you’ll be able to begin the application process immediately. If you are not eligible, you will be notified after completing this form.

Funding for this program is limited, and is available on a first come, first served basis.

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FAQS

What qualifies as a repair?

Renovations, repairs, additions, landscaping, energy efficiency upgrades, appliances, fixtures, and shutters.

Can the funds be used for a rental, or does it have to be the primary residence?

Use of funds is for owned primary residences only.

How long do IDA participants have to save?

From the account opening date, participants have a period of 6 months to reach their savings goal.

Is there a minimum saving time?

No minimum duration is required; however, participants must meet their savings goal and complete the eHome America Financial Management Course certification within six months of account opening.

When does the savings time period start?

The saving period starts when the IDA savings account is opened.

When/how does someone get the financial course reimbursement?

After opening an IDA savings account, participants can take the course and upload the completion certificate through the IDA savings portal. The course reimbursement fee will be transferred to the individual’s IDA account within 14 business days of completion.

If someone pays and completes the course but doesn’t save the money, do they still get reimbursed?

Yes, reimbursement is available to all IDA account holders, regardless of savings.

Is the course pass/fail OR just complete.

The course must be passed for a certificate to be produced. The certificate is required for reimbursement as the financial education component of the IDA savings program.

How often does someone need to make a savings contribution?

We suggest monthly deposits, but one-time or several lump deposits are allowable.

How much is needed as an initial deposit to open the account?

$20

How does someone obtain a property card?

To obtain a property card, also known as a property record card, contact the local county assessor’s office, either by visiting in person or accessing their online portal and provide the property address to retrieve the relevant information about the property; most counties allow public access to property records.

How can the eHome America course be taken?

On a smartphone or computer.

Can the matched funds be immediately transferred to a regular checking account?

Yes, the funds can be immediately transferred.

Once the matched funds are transferred, does the IDA account need to be closed?

The account will close once the account is at a zero balance. There isn’t any participant action needed.

How long can funds be left in that account?

Each participant has 6 months to use the funds.

Why is a W-9 form needed?

The W-9 form is required to report the match funds as taxable income to the IRS. This ensures compliance with tax regulations.

Are an individual's savings also taxed?

No, only the match portion of the funds is considered taxable income. A participant’s savings portion is not taxed.

What happens if someone does not submit a W-9 form?

Without a completed W-9 form, we cannot process the match funds, as we need to report these funds to the IRS.

How can participants make their required savings deposits?

Participants have the flexibility to make their required savings deposits in a single lump-sum deposit or multiple deposits made over the 6-month program duration.

Funds may be deposited into an IDA savings account using several methods: mobile payment apps like Venmo, CashApp, Zelle, and PayPal; mobile banking apps; or by mailing in a deposit.

Where is the routing number and account number for an IDA account?

The routing number and the account number can be found in the account documents.

How does someone obtain funds for the down payment and closing costs?

They will need to upload their closing disclosure into their IDA portal before the matching funds are transferred into their account.

QUESTIONS?

Email us at IDA@banksouthern.com

IDAs are FDIC insured accounts opened and maintained in Southern Bancorp Bank, Member FDIC, using matched funds provided by the U.S. Department of the Treasury’s Community Development Financial Institution Fund.