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

United Way of Henry County and Martinsville (UWHCM) · Martinsville, Virginia

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Assistance

$10,000

The maximum the program publishes — not an offer

Income limit

$62,500

The household income limit the program publishes

What is 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.

How much assistance does it provide?

Virginia Individual Development Accounts (VIDA) Program - United Way of Henry County & Martinsville offers up to $10,000 in assistance.

  • Buyer 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.

Do you have to pay it back?

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.

Who qualifies?

Virginia Individual Development Accounts (VIDA) Program - United Way of Henry County & Martinsville 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
  • On credit: Minimum credit score of 580; UWHCM will work with applicants to raise credit scores if needed.
  • A completed homebuyer education course, through HUD housing counseling provided via SERCAP (Roanoke); UWHCM financial education
  • Residency: 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.
  • DRAFT (dpa-gap-finder 2026-06-12): pending admin review. 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. Unconfirmed: max purchase price, eligible loan products, savings period length.

The program excludes

  • Households above $62,500

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 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.

What kind of home can it be used for?

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

Where does it apply?

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

How do you apply?

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.

  1. Take a homebuyer education course

    Required by the program, through HUD housing counseling provided via SERCAP (Roanoke); UWHCM financial education.

  2. Contact United Way of Henry County and Martinsville (UWHCM) to reserve funds

    Funds are reserved through Applicants complete an interest form and are contacted by a UWHCM VIDA representative., 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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