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.

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 Repayment is triggered by Match funds are not repaid if used for qualified asset (home, business, education) and withdrawn for non-qualified use must be returned.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.

Virginia Individual Development Accounts (VIDA) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer required for home purchase use. On credit, the program states: No VIDA-specific minimum; first-mortgage product overlay applies for home purchase use. A homebuyer education course is required, through VIDA-required financial education and asset-specific training (homeownership counseling); HUD-approved homebuyer education for purchase use. Residency requirement: Virginia resident; property must be in Virginia for home purchase use. Citizenship or immigration status: U.S. citizen or qualified alien. Participant must have earned income and household income at or below 200% of federal poverty level OR 80% AMI (per VIDA program rules). Net household worth under $10,000 excluding primary vehicle and primary residence. Must complete required financial education curriculum and asset-specific training. Savings deposits made monthly into a dedicated VIDA savings account. Match released at qualified asset purchase (home, business, or education). Limits per VIDA state guidance from DHCD.

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.

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.

Virginia Individual Development Accounts (VIDA) names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native homebuyers, educators, law enforcement officers, firefighters, healthcare workers, and homebuyers 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.

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

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