Virginia Individual Development Accounts (VIDA) Program - United Way of Henry County & Martinsville

Virginia Individual Development Accounts (VIDA) Program - United Way of Henry County & Martinsville is down payment assistance for homebuyers in Martinsville, Virginia, administered by United Way of Henry County and Martinsville (UWHCM). The United Way of Henry County and Martinsville administers the Virginia Individual Development Accounts (VIDA) program locally as a financial-education and matched-savings program to help working families make their first home purchase. Participants save $1,000 of their own money and earn a $10-for-$1 match, for up to $10,000 toward a down payment and closing costs (save $1 + earn $10 match = $11 toward savings, maximum $10,000 match). Participants also receive financial counseling, credit-building support, and homebuyer education (UWHCM partners with SERCAP in Roanoke for HUD housing counseling). The program serves residents of the City of Martinsville and Henry County. Matched savings (save $1,000, earn up to $10,000 match at 10:1). Financial counseling. Credit-building assistance. HUD housing counseling via SERCAP. Homebuyer education. Funding comes from Virginia DHCD Virginia Individual Development Accounts (VIDA) program.

Virginia Individual Development Accounts (VIDA) Program - United Way of Henry County & Martinsville offers up to $10,000 in assistance. Homebuyer contribution: Participant saves $1,000 of their own funds, matched at $10 per $1. Amounts are the program's published maximums, not an offer — United Way of Henry County and Martinsville (UWHCM) determines any individual award.

Virginia Individual Development Accounts (VIDA) Program - United Way of Henry County & Martinsville is down payment assistance and is repaid under the terms set by United Way of Henry County and Martinsville (UWHCM). Repayment is triggered by Match funds must be applied to a qualifying first home purchase. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Virginia Individual Development Accounts (VIDA) Program - United Way of Henry County & Martinsville is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Minimum credit score of 580; UWHCM will work with applicants to raise credit scores if needed. A homebuyer education course is required, through HUD housing counseling provided via SERCAP (Roanoke); UWHCM financial education. Residency requirement: Must live in the City of Martinsville or Henry County, Virginia. Citizenship or immigration status: Must be a U.S. citizen or legal resident and a Virginia resident. Matched-savings (IDA) program. Eligibility: U.S. citizen or legal resident and VA resident, 18+, earned income from employment/self-employment, minimum credit score 580 (assistance to improve), household net worth under $10,000, meet regional VIDA income limits. Serves City of Martinsville and Henry County only. Distinct from the Norfolk-area VIDA already in catalog. No special-population targeting.

Virginia Individual Development Accounts (VIDA) Program - United Way of Henry County & Martinsville limits household income to $62,500. 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.

Virginia Individual Development Accounts (VIDA) Program - United Way of Henry County & Martinsville can be used for Single Family.

Virginia Individual Development Accounts (VIDA) Program - United Way of Henry County & Martinsville serves homebuyers purchasing in Martinsville, Virginia.

Applications for Virginia Individual Development Accounts (VIDA) Program - United Way of Henry County & Martinsville go through United Way of Henry County and Martinsville (UWHCM), which publishes the current terms and the application steps on its own site. Funds are reserved through Applicants complete an interest form and are contacted by a UWHCM VIDA representative. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.