WECO Fund Inc

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The WECO Ohio HomeOwnership IDA Program is administered by WECO Fund, Inc. in Cleveland, in partnership with various economic organizations throughout Ohio. Together we can show you how easy it is to make home ownership a reality. If you qualify for the program, you will attend and complete financial and homebuyer education classes. At the same time, you will need to save at least $100 each month. Once you have saved $750, your money will be matched 3 to 1, meaning you will receive an additional $2250. You can use the total amount of $3000 as a down payment, or to pay closing costs on a home mortgage loan.  WECO Fund has made arrangements with multiple Ohio financial institutions to service these restricted IDA accounts.  WECO will also work with existing Ohio IDA programs, housing organizations and community development corporations whenever possible.

You are eligible to apply if you:

  • Earn between $27,380 and $69,140, depending on the size of your family
  • Have at least one child under age 18 living with you
  • Have the ability to save $750 by June 30, 2009
  • Can complete financial and homebuyer education classes either in person or online
  • Can demonstrate appropriate credit scores and other factors to be "mortgage ready" by June 30, 2009

Participant Procedure

Enrollment:

  1. Request additional information via email or call our toll-free WECO number
  2. Complete application and required supporting documentation
  3. All documents are forwarded to WECO for final review
  4. WECO recommends acceptance or denial and sends status letter that includes next steps

 

Financial/Homebuyer Education and Saving:

  1. Participant begins financial/homebuyer education classes, either provided by a local community  organization or online
  2. Participant opens IDA account at a designated financial institution and begins saving while attending classes
  3. Participant obtains certificates of completion of financial/homebuyer education
  4. Participant submits certificates of completion to WECO
  5. WECO monitors certifications and savings and sends quarterly IDA account summary statements to participant
  6. Upon completion of program requirements, cash-out procedures will be initiated

For additional information, click on IDA Frequently Asked Questions or e-mail:

or call  1-866-IDA-WECO  (1-866-432-9326)