Virginia Individual Development Accounts (VIDA)

What is Virginia Individual Development Accounts (VIDA)?

Virginia Individual Development Accounts (VIDA) is a deferred second loan for homebuyers in Norfolk, Virginia.

• VIDA is a Virginia DHCD-funded matched savings (IDA) program; NRHA is one of the program's local administrators. Eligible first-time homebuyers save up to $2,000 over 6-24 months and receive a 2:1 match (up to $4,000), for a total $6,000 usable for home purchase down payment and closing costs.
• Virginia Individual Development Accounts (VIDA) is a state-funded matched-savings program: participants save up to $2,000 over a minimum 6-month period (typically 6-24 months) and receive a $2-for-$1 state match (up to $4,000), for a total of up to $6,000 toward home purchase, business start-up, or post-secondary education. NRHA is one of several VIDA program partner sites in Virginia and offers VIDA matched savings for first-time homebuyers in the Norfolk/Hampton Roads region.
• Funding comes from Virginia DHCD (state general funds plus federal AFI/Assets for Independence funds historically); administered locally by NRHA.

Do you have to pay it back?

Virginia Individual Development Accounts (VIDA) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Match funds are not repaid if used for qualified asset (home, business, education) and withdrawn for non-qualified use must be returned.
• The assistance is recorded in N/A (grant match, not lien) position.
• 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) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Virginia Individual Development Accounts (VIDA) limits household income to 200% of the area median income, which varies by county and household size.

• VIDA eligibility: household income at or below 200% federal poverty level OR 80% AMI per state DHCD VIDA program rules. Asset cap: net household worth under $10,000 (excluding primary residence/vehicle).
• The limit applies to total household income, not only the borrower’s.
• 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) can be used for Single-family detached, townhomes, condos (must be primary residence).

• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

Virginia Individual Development Accounts (VIDA) names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native buyers, educators, law enforcement officers, firefighters, healthcare workers, and buyers with disabilities among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Virginia Individual Development Accounts (VIDA) serves buyers purchasing in Norfolk, Virginia.

How do you apply?

Applications for Virginia Individual Development Accounts (VIDA) go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through VIDA-required financial education and asset-specific training (homeownership counseling); HUD-approved homebuyer education for purchase use.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Open enrollment subject to available match dollars; first-come, first-served, and are subject to availability.

3. 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.