Frequently Asked Questions

What is an “IDA”?

IDAs are Individual Development Accounts. They are savings accounts that help people with low and moderate income put money towards small business ownership, higher education, or first time homeownership. The New Century IDA works predominantly with first time homeownership. Each IDA program is unique in nature; after successful completion of the program, the New Century IDA matches client savings 2:1 or 4:1.

Do I Have to Live in Forsyth County?

You do not have to live in Forsyth County to participate in the program, but you do have to buy a home in Forsyth County.

The home you purchase through IDA funds can either be a new home or a previously built home. You must also be able to qualify for an affordable first mortgage.

How many classes do I have to take, how long are the classes, and when and where are they?

Classes: Approximately 10-12 classes
Time: 6:00 - 8:00 pm (spanning 6 – 12 months)
Place: Experiment in Self-Reliance, 1550 University Court, Winston-Salem, NC 27101

How do they decide if I’m accepted or not?

Initial qualification is based on household size and income. Other eligibility criteria may be utilized.

You must be a first time homeowner or have not owned a home in the last three years.

For more information call Experiment in Self Reliance at: 336-722-9400.

Who Do I Contact to Apply?

Call Experiment in Self Reliance at (336) 722-9400.

What if I Have Bad Credit?

No one is turned away from the program. If you have extensive credit obstruction you will be referred to Consumer Credit Counseling Services of Forsyth County. They will work with you to rebuild your credit. If your income is too low you will be referred to either Habitat for Humanity of Forsyth County or Housing Authority of Winston Salem.

Does it Cost Anything?

There is a one time application fee of $25