A Great Savings Opportunity

300% return on your savings. WHAH??!! A typo? Too many zeros?


This is no joke. Utah Individual Development Account Network (UIDAN -- visit uidan.org) has a buying program that matches a buyers savings 3 to 1. The maximum amount they will shell out is $4,500. So if you save $1,500 (maximum savings) over a specified period of time, they will give you $4,500.

Unfortunately, this cannot happen instantaneously. There are some time constraints before you can get the maximum value of $4,500. The most you can deposit in the savings account per month is $62.50. This means it takes two years of using the account to get the maximum return. If a buyer saved for one year, the maximum the program would pay is $2,250 for your $750 savings ($62.50 x 12).

This program is perfect for an individual/family that is planning on buying a home down the road, maybe after finishing school or vocational training or waiting to repair your credit. While you are wating, simply save $62.50/month in this account and in two years, you'll have $6,000 (enough for the FHA required down payment for a $170,000 home).

The program is for first-time home buyers but that definition is broader than you might think. Anyone who has not owned a home in the last 3 years is considered a first-time home buyer. And since this program takes a year or two to really accumulate savings, people who may have just sold a home and don't plan on buying for a couple years, could really benefit. This is the perfect scenario for anyone who may have bad credit from a recent short-sale, foreclosure, bankruptcy etc. This is the greatest money saving vehicle while your credit is repaired.

The qualifications are as follows:

-Have less than $10,000 in total assets (one car is exempt)
-There is an income limit (you can't make a lot of money)
-You have to live in Utah
-You have to have a Social Security Number
-You have to be over 18
-Save $15 and no more than $62.50 per month
-Save in the program for a minimum of 12 and a maximum of 36 months
-Attend a personal finance and money management workshop series
-Complete asset-specific training for selected asset goal prior to purchase
-Regular contact with case manager
-Agree to address any credit issues that would inhibit you from purchasing a home
-Agree to abide by the program’s rules

To take the qualification quiz, go to:
http://www.uidan.org/quiz.aspx

The program also works for someone who wants to save for more education or for a business.

For more details on the program go to:
http://www.uidan.org/