Virginia Individual Development Account Program Available Via Piedmont Housing
According to a 2019 Wells Fargo study, more than one of every four adults (27%) say that a down payment is the biggest hurdle to homeownership. Jumpstart your homeownership goal by participating in the VIDA program!
The VIDA program – or Virginia Individual Development Account program – is a matched savings program to help Virginians save for a down payment or closing cost for a home. The VIDA program will match every dollar you put in with $8. They will match up to $4,000. If you save $500, VIDA will match that with $4,000 and you will have $4,500 to use for a down payment or closing cost for a home. Pair that with Piedmont Housing Alliance’s down payment loan assistance program and homeownership can be within your reach!
Here are some things you should know about the VIDA program:
- You have to save at least $25 per month.
- You have to participate for at least six months.
- You have to purchase your home within 24 months.
- You have earned income from full-time, part-time, and/or self-employment.
If this sounds like the opportunity for you, attend one of these online information sessions:
Questions? Email housingcounseling@piedmonthousing.org.