Get up to $3,000toward the Purchase or Upgrade of Your Home!
With a matched savings account.
Are you dreaming of owning a new home, or perhaps fixing up the home you already own? Our matched savings account gives you a big extra boost to get started.
Two Savings Paths
Your savings can grow with IDA matching funds: save $500 plus an IDA match of $1,500 for a total of $2,000, or save $1,000 plus an IDA match of $3,000 for a total of $4,000.
You save
$500
IDA matches
$1,500
Total
$2,000
Or
You save
$1,000
IDA matches
$3,000
Total
$4,000
How to Get Started
How the IDA Program Works
There are two phases: a quick pre-screening form, then a guided application if your address appears eligible and the program looks like a fit.
Check Your Address
Start with the form below. It checks whether your current home address or planned purchase address is in the program eligible zone.
Submit a Short Inquiry
If the address check looks eligible, the form will ask for a few more details so our team can review your interest. This is not the full application yet.
We Review and Follow Up
A Southern Bancorp Community Partners team member will review your inquiry and contact you within 7 business days with next steps.
Begin the Application, If It Is a Fit
If the program is a fit, we will help you complete the application and walk through the later program steps: opening your IDA, saving, financial education, and the required W-9 form before matched funds are distributed.
Eligible Uses
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
Use matched savings toward a down payment for a home purchase.
Closing costs
Use matched savings toward closing costs for a home purchase.
Home repairs
Use matched savings for repairs to an existing or new home.
Check Your Program Eligibility
Start by confirming your address.
Complete the pre-screening form below to confirm whether your address is in an eligible area. If your address appears eligible, you will submit a short inquiry and our team will follow up within 7 business days.
This program is not currently accepting applications.
Funding for this program is limited and is available on a first come, first served basis.
There is a one IDA per household limit.
FAQs
Frequently asked questions
Typically, home repair generally covers essential structural, electrical, and mechanical hazards that impact health, safety, livability, and in some cases home enhancements qualify.
Use of funds is for owned primary residences only.
From the account opening date, participants have a period of 6 months to reach their savings goal.
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.
The saving period starts when the IDA savings account is opened.
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.
Yes, reimbursement is available to all IDA account holders, regardless of savings.
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.
We suggest monthly deposits, but one-time or several lump deposits are allowable.
$20
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 the online portal, and provide the property address to retrieve the relevant information about the property. Most counties allow public access to property records.
On a smartphone or computer.
Yes, the funds can be immediately transferred.
The account will close once the account is at a zero balance. There is not any participant action needed.
Each participant has 6 months to use the funds.
The W-9 form is required to report the match funds as taxable income to the IRS. This ensures compliance with tax regulations.
No, only the match portion of the funds is considered taxable income. A participant’s savings portion is not taxed.
Without a completed W-9 form, we cannot process the match funds, as we need to report these funds to the IRS.
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, Cash App, Zelle, and PayPal; mobile banking apps; or by mailing in a deposit.
They will need to upload their closing disclosure into their IDA portal before the matching funds are transferred into their account.
No, the program is limited to one person per address.
Questions?
Email us at [email protected]
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.
