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Virginia Individual Development Account (VIDA) Program (VHCDC)

Virginia Housing and Community Development Corporation (VHCDC) · Suffolk, Virginia

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Assistance

$10,000

The maximum the program publishes — not an offer

Income limit

80% AMI

Of area median income; varies by county and household size

What is Virginia Individual Development Account (VIDA) Program (VHCDC)?

Virginia Individual Development Account (VIDA) Program (VHCDC) is down payment assistance for homebuyers in Suffolk, Virginia, administered by Virginia Housing and Community Development Corporation (VHCDC).

  • VHCDC's Virginia Individual Development Account (VIDA) program is a matched-savings program that helps qualified first-time homebuyers save for a down payment. Eligible participants receive training, support, and match funding on their savings at a rate of $10 for every $1 saved, up to $10,000 in match. VIDA is offered in conjunction with VHCDC's Home Ownership Assistance Program (HOAP), and enrollees must complete 15 hours of housing counseling/education. Participants must purchase a home in Virginia within 24 months of enrollment.
  • Matched savings ($10 match per $1 saved, up to $10,000 match).
  • Financial education and counseling.
  • Credit and budget coaching.
  • Homebuyer education.
  • Funding comes from Virginia DHCD Virginia Individual Development Accounts (VIDA) program.

How much assistance does it provide?

Virginia Individual Development Account (VIDA) Program (VHCDC) offers up to $10,000 in assistance.

  • Buyer contribution: Participant must make regular personal savings deposits (matched at 10:1).
  • The program can be combined with Can be combined with VHCDC HOMEownership DPA, Virginia Pilot DPA, SPARC, and Transition Assistance Grant (TAG).
  • Amounts are the program's published maximums, not an offer — Virginia Housing and Community Development Corporation (VHCDC) determines any individual award.

Do you have to pay it back?

Virginia Individual Development Account (VIDA) Program (VHCDC) is down payment assistance and is repaid under the terms set by Virginia Housing and Community Development Corporation (VHCDC).

  • Repayment is triggered by Matched funds must be used toward a qualifying home purchase; non-completion forfeits the match.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Virginia Individual Development Account (VIDA) Program (VHCDC) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • A completed homebuyer education course, through VHCDC First-Time Home Buyers College (15 hours of housing counseling and education)
  • Residency: Must be a resident of Hampton Roads, Central Virginia, Northern Virginia, or Southside Virginia (VHCDC service area) and purchase a home in Virginia.
  • Citizenship or immigration status: Must be a U.S. citizen and 18 years or older.
  • DRAFT (dpa-gap-finder 2026-06-12): pending admin review. Matched-savings (IDA) program: $10 match per $1 saved up to $10,000. Eligibility: U.S. citizen, 18+, verifiable earned income, net worth under $10,000, less than $10,000 in liquid assets, meet VIDA income limits, complete the program within 24 months, purchase a home in Virginia, fully compliant with VHCDC VIDA enrollment policy. No special-population targeting. Unconfirmed: minimum monthly savings amount, max purchase price.

The program excludes

  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Virginia Individual Development Account (VIDA) Program (VHCDC) limits household income to 80% of the area median income, which varies by county and household size.

  • 2025 Adjusted Household Income Limits (4-person): Accomack County $62,900; Hampton Roads $85,200; Franklin City $75,000; Henrico County $90,800; Isle of Wight County $85,200; Northampton County $68,300; Petersburg $90,800; Pittsylvania County $62,500; Richmond $90,800; Southampton County $75,000; Surry County $77,050; Northern VA/DC/MD $106,800. Full 1-8 person tables published on the program page.
  • The limit applies to total household income, not only the borrower’s.
  • The program lists a maximum household size of 8.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Virginia Individual Development Account (VIDA) Program (VHCDC) can be used for Single Family, Condo, and Townhouse.

Where does it apply?

Virginia Individual Development Account (VIDA) Program (VHCDC) serves buyers purchasing in Suffolk, Virginia.

How do you apply?

Applications for Virginia Individual Development Account (VIDA) Program (VHCDC) go through Virginia Housing and Community Development Corporation (VHCDC), which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through VHCDC First-Time Home Buyers College (15 hours of housing counseling and education).

  2. Contact Virginia Housing and Community Development Corporation (VHCDC) to reserve funds

    Funds are reserved through Enrollment through VHCDC HOAP; subject to funding availability., and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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