Program Description
Participants in this special Individual Development Account (IDA), can receive up to $1,500 in matching funds* to apply toward the purchase of a home.
The Key Home SavingsMatch plan was developed in conjunction with WECO Fund, Inc. in Cleveland and the Economic and Community Development Institute of Columbus**.
Ohio residents applying for the program must meet the following eligibility criteria:
- Currently earning between $19,600 and $67,200, depending on family size
- Individual or family must have at least one child
- Must have ability to save a minimum of $750
- Must complete financial and homebuyer education classes
- Must have the ability to demonstrate appropriate credit scores and other factors to be "mortgage ready" by December 31, 2007
How to Apply
- The applicant submits an application form along with verification of income at a KeyBank branch.
- Applicant signs a credit report authorization form and release of information form. KeyBank refers the information to WECO so it can evaluate each application to determine eligibility.
- WECO sends a letter to inform applicants if they are accepted. Participants bring the letter to a KeyCenter to initiate the Key Home SavingsMatch plan and open a Key Saver Account with Key with a minimum of $50.
- Key will waive the low balance monthly fee on the Key Saver Account for accountholders for 18 months.
How does it work?
- If an applicant qualifies for the Key Home SavingsMatch Plan, they will attend and complete financial and homebuyer education classes.At the same time, they will need to save at least $750 in a Key Saver Account by December 31, 2007.
- Once they've saved $750, the investment will be matched two to one, meaning that they will receive an additional $1,500*. The total amount of $2,250 can be used as a down payment, or to pay closing costs on a home mortgage loan.
- When the participant is ready to purchase a home, they may be referred to REALTORS® or community development corporations that assist individuals with finding a home. KeyBank is able to provide mortgage services for most participants and referrals are easily made to a Key mortgage advisor.
For more information about the Home SavingsMatch Plan: Call 1-866-IDA-WECO (1-866-432-9326) or 1-800-KEY-2-YOU (1-800-539-2968).