June 1, 2019
Portsmouth has a valuable resource in our community, HomeTown: First Time Homebuyers Program.
The HomeTown Program provides closing cost and downpayment assistance to eligible Portsmouth households who earn eligible incomes, meet residency requirements and who are first-time homebuyers. The assistance provided through the program includes:
- 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 mortgage on the property. Loan repayment will be deferred for 10 years.
- Additional downpayment assistance in the form of a “sleeper” loan secured by a second note on the same mortgage as the above. Loan repayment is required upon the sale or transfer of the home or if the customer fails to maintain the home as their primary residence.
An informational packet with guidelines is available on the City’s Community Development Department web page under the Hometown Program section of the site.