Under the auspices of the HomeTown Program, financial assistance is available to Portsmouth residents who wish to purchase a home in Portsmouth. Through this program, low interest first mortgage financing is provided through the New Hampshire Housing Finance Authority (NHHFA) and Citizens Bank. Downpayment/closing cost assistance is available directly through the City of Portsmouth’s HomeTown Program to eligible families. The HomeTown Program is administered by the City of Portsmouth with assistance from a Citizens Bank Loan Officer.

Financial assistance . . .
May include one or more of the following depending upon the applicant’s financial situation:

• First mortgage financing at a low fixed rate for a 30 year term.
• Downpayment assistance in the form of a 0% interest loan secured by a second mortgage on the property. Loan repayment is deferred for 10 years.
• Additional downpayment assistance in the form of a “sleeper” loan secured by a third mortgage on the property. Loan repayment is required upon the sale of the home. Closing cost assistance in the form of a grant.

Any assistance offered will be paid directly to the lender on the buyer’s behalf by the Portsmouth HomeTown Program.

A family or individual is eligible if they are . . .  

1. first-time home buyer who wishes to purchase a home in Portsmouth;
2. current Portsmouth resident or a past Portsmouth resident for at least 10 years currently living within 30 miles of Portsmouth; and
3. 1 to 2 person household earning less than $68,700 or a 3 to 4 person household earning less than $75,000*.

Call Dan Hartrey (ext. 299) or David Moore (ext. 226) in the Portsmouth Community Development Department at 431-2006 for more information. 

This program provides loan and/or grant funds to eligible property owners in Portsmouth to repair code deficiencies (plumbing, heating, electrical, structural and other problems) in residential units.  

A family or individual is eligible if they . . .
1) own a home in Portsmouth and
2) meet the low and moderate incomes guidelines set by the U.S. Department of Housing and Urban Development (HUD).

Financial assistance . . .
Includes low interest and no interest loans.Loan terms vary depending upon the applicant's income.  

For more information . . .
Call Dan Hartrey (ext. 299) in the Portsmouth Community Development Department at 431-2006.

The City of Portsmouth Community Development Department announces the availability of grant funds to non-profit organizations for the development of additional units of permanent affordable housing in Portsmouth.A total of $50,000 is available under this program to fund one or more projects that meet this purpose.Applications will be accepted and considered on a first-come, first-serve basis until all program funds are committed. 

Eligible Organizations
Organizations that have had a 501(c)(3) tax-exemption status for a minimum of 3 years.

Target Population
A minimum of 51% of the households obtaining housing as a result of this grant must earn very low, low or moderate incomes as defined by the most recent US Department of Housing and Urban Development income guidelines.

Purchase and/or rehabilitation of existing single family or condominium units for owner-occupied homeownership.

Purchase and/or rehabilitation of existing units for use as multi-family rental housing or single-room occupancy (SRO) rental units.

Eligible Uses of Funds
Grant funds may be used only for direct costs associated with the production and/or financing of additional units of affordable housing in the City of Portsmouth.  Examples of eligible uses include:
Acquisition of land and/or buildings.
Rehabilitation f existing buildings for use as affordable housing units.
Soft costs associated with the development of affordable housing including surveys, site and utility plans, and application processing fees.

For more information
Call David Moore (ext. 226) in the Portsmouth Community Development Department at 431-2006.

General

New Hampshire Housing Finance Authority www.NHHFA.org
Department of Housing and Urban Development www.HUD.gov

Information about How to Buy a Home

Department of Housing and Urban Development (HUD) website has 100 questions and answers about buying a home. Website:hud.gov/initiatives/homeownership/index.cfm

FANNIE MAE's corporate website offers information about all components of the homebuying process from selecting a realtor to getting a mortgage and closing on the property. A glossary of homebuying terms and a calculator to help you determine what you can afford is also provided. Website:homepath.com

Financing Programs for Homebuyers
Department of Housing and Urban Development (HUD) has information about programs for military veterans, the Federal Housing Administration, buying a HUD home and other programs for homebuyers. Website:hud.gov/initiatives/homeownership/index.cfm

Maine State Housing Authority has information about homebuyer programs for those interested in purchasing a home in Maine. Website:mainehousing.org

New Hampshire Housing Finance Authority provides information about homebuyer programs for those interested in purchasing a home in New Hampshire. Website:nhhfa.org,

U.S. Rural Development provides information about their homebuyer programs. Website:rurdev.usda.gov/nh/

Counseling Services

Consumer Credit Counseling Service of NH and VT provides information about their credit counseling services. Website:ccsnh-vt.org

Homebuyer Education Programs and Schedules

New Hampshire Housing Finance Authority provides information about their homebuyer education programs. Website:nhhfa.org,

The Housing Partnership provides information about their homebuyer education programs. Website:housingpartnership.org

Realtor Information

Seacoast Board of Realtors provides a list of member realtors and links to realtor agencies on the Seacoast. Website:seacoastboard.com