HomeTown, Portsmouth's First Time Homebuyer Program, provides financial assistance to qualified households who wish to purchase a home within Portsmouth city limits and who, without this assistance, could not do so. This program brings together the resources of the Community Development Block Grant Program, the Portsmouth Housing Endowment Fund, the New Hampshire Housing Finance Authority (NHHFA) and Citizens Bank NH to help eligible families overcome the financial barriers to homeownership.

Financial Assistance Available:

The level of HomeTown assistance available to program participants is determined once first mortgage financing is approved. Assistance is based on household size, income and assets. Financial assistance may include one or more of the following:

• Low interest first mortgage financing through the NHHFA Single Family Mortgage Program or the Citizens Bank NH Flexible Mortgage Program.
• Second mortgage financing for down payment/closing costs through the Portsmouth Housing Endowment Fund. Repayment of this 0% interest loan may be deferred up to 10 years.
• Third "sleeper" mortgage financing for down payment/closing costs through the Portsmouth Housing Endowment Fund or the CDBG program. This loan is due upon the sale or transfer of the property.
• Closing cost grant of $500 from Citizens Bank NH.

Eligibility Requirements

Eligibility Requirements A qualified individual or family is one:

• who is a first-time homebuyer who wishes to purchase a home in Portsmouth;
• who earns an eligible income; and
• who is a resident of Portsmouth and has lived here at least 2 years, or who has resided in Portsmouth for at least 10 years in the past and currently lives within 30 miles of Portsmouth, or who is a permanent full-time City of Portsmouth employee.

Eligible homebuyers must complete homebuyer training through an approved organization such as The Housing Partnership. This training provides homebuyers the tools they need to buy a home.

For More Information:

• HomeTown Program Guidelines Click Here
  
  
• Information for First-Time Homebuyers can be found in the Helpful Links section of the Community Development web site
  
  
• Interested households are invited to call David Moore, Assistant Community Development Director , Tel: (603) 610 7226 in the Portsmouth Community Development Department to schedule an appointment to discuss their eligibility for the program and request a program application.

back