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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.

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 Account & Start Saving!

  • After completing the application, you will receive instructions on how to open your 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. You will be reimbursed for this expense once you have completed the course. For questions, please reference the FAQs.

The total funds after match ($1,000 or $2,000) 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

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.

Address(Required)
This field is hidden when viewing the form
This field is hidden when viewing the form
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 my primary residence?

Use of funds is for owned primary residences only.

How long do I 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 do I get my 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 $99 course reimbursement fee will be transferred to the individual’s IDA account within 14 business days of completion.
If I pay and complete the course but don’t save the money, do I get my reimbursement?
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 do I have to make a savings contribution?
We suggest monthly deposits, but one-time or several lump deposits are allowable. 
How much do I need to open the account?

$20

Email us At IDA@banksouthern.com
IDAS are FDIC insured accounts opened and maintained in Southern Bancorp Bank using matched funds provided through the U.S. Department of the Treasury’s Community Development Financial Institution Fund.

    Down Payment

    Closing Costs

    Home Repairs

    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.

    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 Account & Start Saving!

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

    4. Complete a Financial Management Course

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

    The total funds after match ($1,000 or $2,000) 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

    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.

    Address(Required)
    This field is hidden when viewing the form
    This field is hidden when viewing the form
    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 my primary residence?

    Use of funds is for owned primary residences only.

    How long do I 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 do I get my 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 $99 course reimbursement fee will be transferred to the individual’s IDA account within 14 business days of completion.
    If I pay and complete the course but don’t save the money, do I get my reimbursement?
    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 do I have to make a savings contribution?
    We suggest monthly deposits, but one-time or several lump deposits are allowable. 
    How much do I need to open the account?

    $20

    Email us At IDA@banksouthern.com

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