********************************************************************************************** THE VIRGINIA HOUSING DEVELOPMENT AUTHORITY IS NOT ACCEPTING APPLICATIONS AT THIS TIME. WE EXPECT APPLICATIONS TO BE RE-OPENED IN MARCH OF 2012. PLEASE CHECK BACK AGAIN ***********************************************************************************************
NOVACO Financial Literacy Classes Celebrate Three Graduates
NOVACO - The Northern Virginia Coalition of Churches and Businesses would like to recognize the three latest graduates from our Sterling Financial Literacy class and VIDA savings program. The Virginia Individual Development Account (VIDA) program allows low-income families to begin a savings program they build monthly and offers a match for their savings of 2 to 1. Leena Bruno, Tibber Hamilton, and Sandra Owens all completed the 12-month 'Money Smart' educational program, together with a budgeting program that helped them learn to gain control of their monthly expenses and save up for their goals. All three graduates stated that they hope to use their savings and matching funds to purchase a home. At the graduation ceremony in May - Tibber announced she had in fact used her savings to purchase her own home.
 From left to Right - Victoria Neeley, Executive Director; Patricia Lopez, Financial Program Manager; Tibber Hamilton, Graduate; Leena Bruno, Graduate;
Nancy Orta, Financial Class Leader; Sandra Owens, Graduate.
|
Some highlighted quotes from our graduates:
Sandra - "I loved learning the budgeting. It made it easier to see what I was spending and to make my money go further every month." Leena - "I got the confidence I needed and the financial freedom I was looking for. This program gave me a sense that homeownership is possible!" Tibber - "I have to say that I made a commitment to myself to stick to it and attend the classes - no matter what came up in my life. Now I am a homeowner!" |
NOVACO is now offering VIDA classes in English for women only, the fourth Monday of the month, at our Fairfax location, King of Kings Lutheran Church, 4025 Kings Way, Fairfax, Virginia 22033.
Dinner & childcare provided at every class (RSVP a MUST)
Anyone planning to attend should RSVP to Patricia López, VIDA Financial Program Manager, at 703-218-3984, x224 or email VIDA@novaco.org.
The Virginia Individual Development Accounts (VIDA) Program is a special savings program that helps eligible individuals gain financial literacy skills and build assets. For every dollar the participant saves in a designated account, VIDA will match it with two dollars. Matching funds are limited to $4,000 per participant with a maximum of two participants per household. The combined savings can be used to:
|
|
In addition to the 2:1 savings match, participants also receive financial literacy training and budget counseling.
HOW TO BECOME A VIDA SAVER with NOVACO
The VIDA accounts are available on a first come, first served basis for all eligible Virginia residents. In order to be eligible, you must:
For the First Time Home buyer Savings Program:
For Starting your own Business and Education the above apply - plus:
(Click here for the Change of Asset Request Form)
NOTE: VIDA APPLICATION PROCESS IS CLOSED AT THIS TIME.
Income Requirements:| Family Size | Maximum household income allowed annually | Maximum household income allowed monthly |
| 1 | 21,780 | 1,815 |
| 2 | 29,420 | 2,452 |
| 3 | 37,060 | 3,088 |
| 4 | 44,700 | 3,725 |
| 5 | 52,340 | 4,362 |
| 6 | 59,980 | 4,998 |
| 7 | 67,620 | 5,635 |
| 8 | 75,260 | 6,272 |
| 9 or more: Add this amount to annual income for each additional person | 7,640 | 637 |
Virginia
Department of Housing and Community Development
The department has two first-time-home-buyer programs to help low- and moderate-income people with down payments. A home buyer can participate in one of the programs but not both.
Virginia Individual Development Account Program: The state will match every dollar saved by the home buyer with $2, for up to $4,000. If the home buyers save $2,000 on their own, they would be eligible for up to $4,000 from the state to help make their down payment. 888-843-2946.
Another program to help income-eligible families may provide first-time home buyers with up to 10 percent of the purchase price of the home to cover the down payment. That jumps to 20 percent in some higher-cost parts of the state through another fund. These programs are geared to help low income families with at least one child under 18 living in the home.
Virginia Housing Development Authority
877-843-2123
FHA Plus: First-time home buyers who are having trouble coming up with the 3 percent down payment required for FHA loans can tap into the state's housing financing program. The buyer would get a 30-year loan for up to 5 percent of the purchase price to cover the down payment and part of the closing costs.
Maryland
Department of Housing and Community Development
HOPE hotline (foreclosure prevention): 877-462-7555
More House 4 Less (for information on mortgage products): 800-638-7781
http://www.morehouse4less.com, http://dhcd.state.md.us
Down Payment and Settlement Expense Loan Program: Borrowers who qualify for the state's mortgage program may also qualify for a $2,500 loan that can be applied toward their down payment. It is a no-interest loan that is not paid back until the homeowner sells or refinances the home.
House Keys 4 Employees: Borrowers who receive a contribution from eligible employers can receive a grant worth up to $5,000 for down payment assistance.
Qualified borrowers may also be eligible to receive a grant worth 2 percent to 3 percent of the purchase price of their home that could be applied to their down payment or closing costs.
The District
Department of Housing and Community Development
202-442-7200
Home Purchase Assistance Program: First-time home buyers can qualify for a loan of up to $70,000 to cover their down payment on a home in the District. Repayment is deferred for the first five years.
Employer Assisted Housing Program: D.C. government employees, including teachers, police officers and firefighters, can apply for matching funds worth up to $1,500 for a down payment. The city also provides deferred loans of up to $10,000 for down payment assistance.
D.C. Housing Finance Agency
202-777-4663
Assisted-rate loans: Below-market-rate loans are available through the D.C. Bond Program. Buyers may also be eligible for a 3 percent grant for down payment and closing cost assistance.
Questions? email VIDA@novaco.org.