Western Arizona Community Alliance (WACA) Individual Development Account (IDA)

Western Arizona Community Alliance (WACA) Individual Development Account (IDA) is a grant for homebuyers in Yuma, Arizona, administered by Western Arizona Community Alliance (WACA), an affiliate of Western Arizona Council of Governments (WACOG). WACA's Individual Development Account (IDA) is a matched-savings program that helps low-income Yuma County residents save toward the purchase of a first home (or higher education). For every dollar a participant saves, WACA contributes a $3 match, paid directly to the title company at closing. Participants must save for at least six months, make minimum monthly deposits, follow an action plan, and complete free financial-capability and certified 8-hour pre-purchase homebuyer classes. The program is risk-free with no penalty for early exit. Funding comes from IDA matched-savings program funds (administered by WACA/WACOG).

Western Arizona Community Alliance (WACA) Individual Development Account (IDA) is structured as a grant, so it is not repaid. Repayment is triggered by None - matched funds are a grant disbursed to the title company at closing (no repayment). The assistance is recorded in None (grant) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Western Arizona Community Alliance (WACA) Individual Development Account (IDA) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required, through WACA (free Financial Capability classes and a certified 8-hour pre-purchase homebuyer class). Residency requirement: Must be a Yuma County resident. (assistance_amount: 3:1 match on participant savings) Participant must be at least 16, have earned income, have household net worth under $10,000 (excluding one car and one home), have household income at or below 200% of the Federal Poverty Level, and be a Yuma County resident. Must open a no-fee savings account at a partner institution with a minimum $25 deposit, save for at least 6 months with minimum monthly deposits, follow an action plan, and complete financial and pre-purchase classes. Match is paid directly to the title company.

Western Arizona Community Alliance (WACA) Individual Development Account (IDA) sets its income limit as follows: Household income must be at or below 200% of the Federal Poverty Level; household net worth must be under $10,000 (excluding one car and one home). The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Western Arizona Community Alliance (WACA) Individual Development Account (IDA) can be used for First home (single-family primary residence).

Western Arizona Community Alliance (WACA) Individual Development Account (IDA) serves homebuyers purchasing in Yuma, Arizona.

Applications for Western Arizona Community Alliance (WACA) Individual Development Account (IDA) go through Western Arizona Community Alliance (WACA), an affiliate of Western Arizona Council of Governments (WACOG), which publishes the current terms and the application steps on its own site. Funds are reserved through Download and complete the IDA Application Packet, then call/email to schedule an enrollment appointment. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.