IDA Savings Program
Saving for a home can be difficult. That's why we'll help you. CP Federal Credit Union will match the dollars you save 2-to-1 toward the purchase of a home.
That means if you save $1,000, we'll add $2,000 on top of that for a total of $3,000. This program is eligible to low-income members, and is designed to make the dream of home ownership a reality for everyone.
- Summary
- CP FCU matches $2 for every $1 you save toward home purchase
- Will make matches for savings up to $1,000 (total CP FCU contribution of $2,000)
- Matching funds are paid directly to title company at time of closing
- IDA Savings account earns an additional 1.00% APY* over our base savings rate
- Time frame for participating is 6 months to 3 years
- Funds federally insured just like savings accounts
Eligibility
- Eligibility is based on member income levels
- Participants must deposit a minimum of $25 per month
- No withdrawals allowed without prior approval
- Must attend ownership workshops
Members must meet all eligibility requirements. Some restrictions may apply. Limited number of accounts available, accounts will be approved on a first come, first served basis.
*APY = Annual Percentage Yield
