Home ownership has long been a cornerstone of the American Dream, and can create opportunities to build equity and achieve greater financial security. Some may assume that, due to the recent economic uncertainty, few people – particularly younger generations – still aspire to homeownership. However, the vast majority of people across all generations say homeownership is a priority. (source: Merrill Lynch Retirement Survey )
Not sure if you can afford to buy a home? Regardless of what state you live in there is probably a HUD approved organization that offers first time homebuyer training which in itself could help qualify you for various financial assistance programs that may be available to help get you into your first home.
Just yesterday for example, I received a letter from David Moore, the Assistant City Manager for Special Projects/Community Development Director for the City of Portsmouth, reminding me that the city has valuable resources available for citizens. For example. A program called HomeTown.
What is HomeTown?Home Town is a program designed to make financial assistance available to individuals and families who wish to purchase a home in Portsmouth, NH. The program brings together the resources of the City of Portsmouth and Citizens Bank to help eligible individuals and families overcome the financial barriers to home ownership. The program is administered by the Portsmouth Community Development Department* in partnership with Citizens Bank.
What assistance is available?Click Here for Full Details
- First mortgage financing at a low fixed rate for a 30-year term.
- Down payment 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 down payment assistance in the form of a "sleeper" loan secured by a mortgage on the property. 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.
Who is eligible to apply?You are eligible to apply to this program if you:
- Want to purchase a home in Portsmouth, NH
- Are a first time home buyer (or haven't owned a home in the last 3 years)
- Earn within the eligible income guidelines**(see below) and
- Are a resident of Portsmouth and have lived here at least 2 years, or have, in the past, resided in Portsmouth for at least 10 years and currently live within 30 miles of Portsmouth, or are a permanent, full-time City of Portsmouth employee.
- Have completed an approved Home buyer training*** (see list of approved providers below)
**Household Size Maximum Eligible Income
One Person $72,324
Two Person $82,656
Three Person $92,988
Four Person $103,320
** Based on U.S. Department of Housing and Urban Development Income Guidelines.03/06/2015. Subject to change annually.
***Eligible home buyers must complete home buyer training through an approved organization such as:
The Housing Partnership (603) 766-3129 Education Link Click Here
New Hampshire Housing Finance Authority (800) 649-0470 - Upcoming Events Click Here
York County Community Action (207) 324-5762 - Education Link Click Here
For full details on this program please visit the city of Portsmouth website at www.cityofportsmouth.com then look under the Community Development section of the site (click here ) for link to the Home Town Guidelines.
What is home buyer training?Buying a home requires knowledge about housing finance, realtors, home inspections, insurance,
maintenance, and budgeting. Homebuyer education training programs that address these areas will
fulfill the HomeTown homebuyer education requirement.
Training programs offered by agencies listed above meet the HomeTown homebuyer training
requirement. You can learn about training program schedules and locations by calling the numbers
above or linking to their website and requesting information about their homebuyer education training program.
Weichert Realtors Points East Yankee Trader - believes 100% in Buyer Consultations -Regardless of whether you are a first time home buyer or a seasoned pro, owning a home is something many people continue to want for themselves and/or for their loved ones. Having an experienced professional at your side and knowing who to talk to and where to turn for advice is half the battle. At Weichert Realtors Points East Yankee Trader, we encourage our customers and clients to participate in our one-on-one Buyer Consultation meetings to understand the many steps involved in the buying and selling process. Should you choose to apply for a program such as Home Town we would be happy to assist you in the process of finding the right home and walking you through the process towards a successful closing on YOUR new home.
*The Community Development Department is funded, in part, by the U.S. Department of Housing and Urban Development Community Development Block Grant Program.
The Home Town Program information for the City of Portsmouth is being posted as a community service for those individuals who may wish to find out more about what the City has to offer.
Debbie Mae Kershaw - Realtor
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