The HomeTown 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 City of Portsmouth and Citizens Bank, N.A. to help eligible families overcome the financial barriers to homeownership. The program is administered by the Portsmouth Community Development Department.
At the time an applicant submits an application to Citizens Bank, N.A., the applicant, if eligible, will be invited to submit a HomeTown Application and Agreement. Community Development staff will review the applicant’s Application with a Citizens Bank, N.A. loan officer to determine whether you the applicant is eligible for participation in the HomeTown Program.
The level of HomeTown program assistance available to you is determined after first mortgage financing is pre-approved. A pre-approval letter will be issued by Citizens Bank, N.A. outlining the mortgage program for which you have been approved, the mortgage amount for which you qualify, your potential monthly repayment obligation and the amount of HomeTown financial assistance to be provided. Below is a description of the HomeTown financial assistance that may be offered.
• First mortgage financing is available at a fixed interest rate for a 30-year term through a Citizens Bank, N.A. Mortgage Program. The Citizens Bank, N.A. loan officer will help you determine which first mortgage financing option best suits your situation.
• Down payment assistance is available through HomeTown in the form of a deferred loan at 0% interest secured by a second mortgage on the home purchased.
• Additional down payment assistance, if necessary, is available in the form of a “sleeper” 3rd mortgage loan at 0% interest through HomeTown. This loan is due upon sale of the property. The amount of assistance offered to you is based on your income and assets. The chart on the following page identifies the maximum amount of assistance available to households in different income brackets. The HomeTown Program reserves the right to adjust the income guidelines and other eligibility requirements as warranted.
A HomeTown staff person will contact all individuals and families who purchased homes through the HomeTown Program within six months of their closing date. The goal of this effort will be to help you, as a new homeowner, address financial or home maintenance issues that may have arisen since your home purchase.
Inquire about this program by calling 757-466-1009
Exit Realty is one of the largest real estate companies in North America with thousands of independently owned and operated offices in Canada and the United States. The company’s leaders have been recognized internationally as pioneers and strategic thinkers both within the real estate industry and in business.
Commercial And Special Markets Alliance
Exit Commercial and Special Markets Alliance is a group of commercial agents across multiple Exit Realty franchises who have standardized professionalism and training in commercial real estate. The Alliance utilizes a collaborative, consultative approach with our clients. We believe in working closely with our clients, forming long term, mutually beneficial relationships. We cross train our agents to identify the needs and opportunities for our clients and team with appropriate specialists to meet those needs and opportunities.
Services offered by Commercial and Special Markets include:
Property Acquisitions and Dispositions
Site Feasibility Analysis
Portfolio Analysis (Examining the risk and return of different properties within a real estate portfolio)
Tenant and Landlord Representation
Market Demographic Research and Forecasting
In conducting the above services, we often assist our clients with vendor relationship and management, financing, development, and facilities management, including property management.
Tim Churchwell received his BSBA in finance from East Carolina University and his CRPS from the College of Financial Planning. He later earned his CCIM (Certified Commercial Investment Member), arguably the highest designation in real estate and has sat on the Executive Board for the Mid Atlantic chapter of CCIM. He is the founder and managing director of the Commercial and Special Markets Alliance. He has taught and consulted nationally on commercial real estate and guest lectured at Regent Law on commercial real estate. During his career, he has earned numerous local and international awards.
Prior to entering real estate, Tim was a licensed New York Stock Exchange branch manager and was the founder and the managing director of The Cornerstone Advisory Group, a holistic financial planning division for a New York Stock Exchange firm.
He has sat on the board of directors for several organizations, including a federal credit union, an automobile buyer agency firm, and the Jefferson Davis Enterprise Zone and Business Incubator. He has consulted to organizations such as an international medical supply company, school district, financial services firms, real estate companies, and printing companies.
He is devoted to his family and community. Some of his community involvements include Charter Member of the Huguenot Trail Rotary Club, board of Chesterfield CASA (Court Appointed Special Advocates), and President of the Smithfield Rotary Club. When not working, he can often be found doing community activities with his children or hiking, boating, and traveling.
Ocean View is huge! You have a wide variety of fantastic areas to choose from! This is Norfolk’s Oceanfront! (It is really Chesapeake Bay front) North of the neighborhood is water! Lots of properties here have stunning views of the bay! To the West is Willoughby and Willoughby Bay. To the East is East Beach and Little Creek. And by Little Creek, we mean, Little Creek Channel and Joint Expeditionary Base Little Creek-Fort Story, otherwise known as Little Creek with the locals. South of Ocean View, you will find other residential neighborhoods like Colonial Heights, Hewitt Farms and Camellia Gardens. Access to Interstate 64 is going to be provided from Granby Street or on West Ocean View Ave at 15th View. and 4th View. There is a very handy 7-Eleven right there on 4th View and Ocean View Ave that sells gas, but you’ll be paying a premium for gas there. It’s definitely not a discount gas station. With quick access to Interstate 64, you can get to Old Dominion University, Naval Station Norfolk, Hampton University and Fort Monroe in a few minutes.
It’s the beach life here! 2 legendary spots are the highlights of the entertainment. Greenies is a great weekend hangout! They have great food offerings including burgers and subs. They, of course, have a variety of spirits and libations. And if scenery is your bag, their back deck features a wonderful view of the Atlantic Ocean waterfront. The other spot is the Ocean View Fishing Pier and Restaurant. You can rent a fishing pole and buy some worms and catch yourself some fish. You can also get some pretty decent dinner here! They obviously feature lots of premium seafood and they have a couple of non-seafood options as well. The East side of Ocean View features a couple of popular nightlife hotspots, including Mac’s Place on the Bay, AJ Gators Sports Bar and Grill, Mona Lisa’s Pizza and Sandfiddler Cafe. Jesse’s Taqueria is a highly rated Mexican restaurant. Convenience stores line E. Ocean View Blvd from East to West. And be sure to check out Shipwreck Sally’s and Beach Pub Lounge Pizza. Fast food and shopping is abundant at 1st View and the Blvd.
I would love to show you more about Ocean View! I can get you in to see any of the homes for sale here. I can call the listing agent and schedule a showing for you. And I can help you negotiate your price and terms! If you would like more information, please fill out the form on the right and let’s get started!
1 a : a right, claim, or interest existing or valid in
equity b : the money value of a property or of
an interest in a property in excess of claims
or liens against it c : a risk interest or ownership
right in property
Equity is the part of your property that you actually own. If you own property that’s worth $250,000, and you have a mortgage with a remaining loan balance of $100,000, your equity in the property is $150,000. Repeat home buyers usually rely to some extent on the equity in their current home to help buy their next home. The more equity you have, the larger the possible down payment for the trade- up home.
Home equity also equals security, especially at the beginning of a mortgage loan, so little of your payment goes to principal that equity builds slowly.
Naturally, building home equity comes at a price, usually in the form of larger payments. If building home equity means incurring debt to make ends meet, then you’ve defeated the purpose of building equity in the first place.
One way is to make additional principal payments. Additional principal payments make sense when you save more on your mortgage interest expense on an after-tax basis than you would earn on your investments on an after-tax basis.
If you are able to deduct your mortgage interest from your income taxes and your marginal federal income tax rate is 27 percent or higher, then your after-tax cost of mortgage debt is between 3 and 4 percent. For instance, if you earn 4 percent pretax on a five-year CD, and you’re in the 27-percent bracket for federal income taxes, the after-tax return is less than 3 percent.
Before you start making additional principal payments, use one of the many amortization calculators you can find on the internet to do the math – how much interest you would save if you made additional principal payments and how much it would shorten your loan and increase your home equity.
The other way to build home equity faster is to refinance. Recently, the reason most people have refinanced is to lock in a lower interest rate and/or lower their monthly payment. But you can also refinance to shorten the term of your mortgage, which builds equity.
If you had a $200,000 30-year ARM at 8.13 percent and replaced it with a 15-year fixed rate loan at 6.75 percent, your monthly payment would go from $1485.69 to $1769.82.
Most sellers use part of their equity to pay selling costs, such as brokerage commissions and transfer taxes. Also, if you are delinquent on your property taxes, or have other liens secured against the property, such as an IRS tax lien, these would have to be paid at closing.
Janette Woodruff has over 17 years of marketing, sales and real estate experience. Passionate about real estate and an investor herself, she can advise her clients on property management, repairs, renovations and more. As a former top producing mortgage banker, she understands the lender’s perspective. Janette is a longtime resident of Norfolk, she focuses her efforts on helping neighbors in the areas of Suburban acres and Norview of Norfolk along with Virginia Beach, Chesapeake.
Janette graduated top of her class from Old Dominion University. Her degree in Business Management taught her a wide range of valuable tools including marketing, finance and the science of managing complex processes and projects, like that found in real estate. Additionally, her second focus, Data Analytics, equips her with the advanced skills to analyze past market data, recognize trends and anticipate future market changes. These academic skill sets allow her to effectively determine a home’s optimum price, one of the most complex challenges of real estate.
Ms. Woodruff is a member of the National Association of REALTORS (NAR), Hampton Roads Association of REALTORS (HRRA), Suburban Acres and Norview Civic Leagues of Norfolk as well as Tidewater Real Estate Investors Group (TRIG). In her spare time, she enjoys riding her road bicycle, home staging, flipping houses and organic gardening. She is an avid animal lover and eagerly contributes to the Norfolk Society for the Prevention of Cruelty to Animals (SPCA). Further, she regularly supports Habitat for Humanity as does her company, EXIT Realty Central.
Here are some of what people have said about Janette
“I knew Janette personally for many years, but it wasn’t until I worked with her that I realized what a truly smart and intelligent person she really is. Even when I was burning up her phone with questions and concerns, she was always there with a reassuring answer. She is very knowledgeable in what she does and I am glad she was always there for me. I would highly recommend Janette to anyone looking to buy a home.” Susan R.
“I was a first time homebuyer and thanks to Janette, I am now I homeowner. This achievement was not an easy endeavor. It was fraught with trials, rejoicing, pitfalls and victories… However, through the delays, heartaches and heartbreaks, Janette suffered along with me. … She was encouraging and positive. … Her professionalism continued even when the seller did not want to cooperate. … When other companies turned their backs on me, Janette welcomed me and stood by me to the very end. … It is because of her dedication I have an inheritance for my daughter. GOD BLESS JANETTE!” –Melissa P.T.
“I would like to express my sincere appreciation to Janette for her commitment to excellence. … The dedication and attention to detail and family oriented friendly professionalism she possesses is comparable to none. Because of her consistent communication efforts, our professional relationship has blossomed. … She has given me the opportunity to save thousands in interest and financial hardship, this has saved my financial future. … I am thankful for her gracious and persistent efforts in managing my [real estate] portfolio throughout the years!” Suzanne S.
“Janette always puts ours needs first, and always remembered that she was working for us. … She was timely, knowledgeable, courteous, and diligent in her tasks to please us and get the job done to our satisfaction. She has a vast network of friends and associates to help her find a solution when a unique situation should arise. Her knowledge expands past the real estate industry, on may occasions. … She often finds a way around unfavorable conditions for her clients. We do not hesitate to recommend her.” Larry and Peggy R.
“I did not think I could buy with my financial past. But, after meeting with Janette and having her explain the process and a lot of the terms, I learned differently. … The whole process from first contact to closing has taken less than 4 weeks! WOW! It has been a whirlwind and one of the most wonderfully exciting and humbling experiences that I have had. I am so thankful to have met and worked with Janette – her knowledge and expertise of the real estate industry, her expedience and thoughtfulness are to be commended. I am appreciative of the fact that she has helped my family to recognize the dream of home ownership.” – Alesia K.
I have been serving my Community in the Real Estate Industry since 2006. Born and raised in Virginia Beach, I am knowledgeable in all the Hampton Roads cities. In 2009 I was the direct assistant to my Broker, Kimberly Plourde, assisting her with listing foreclosure properties for Bank of America, Fannie Mae, Chase, Wells Fargo & more.
I was in this role until July 2013 when I went on my own and began to work with Investors to buy & flip and buy & hold. These experiences have provided me with the tools & knowledge to continue my career in assisting 1st time home Buyers, move up Buyers, Investors, & Sellers with their real estate needs. I am passionate about real estate & can’t wait to get started helping you!
One of EXIT Realty’s true differentiators is our unparalleled support at all levels: Region, Franchise, Associate and Administration.
Offering abundant tools and resources is important but teaching agents how to use them to get, keep and grow their business is what really matters – EXITRealty excels at both. EXIT‘s Resource Center offers training modules available on demand and includes a comprehensive tracking system in “My Reports” where associates can view their own production and that of the people they’ve sponsored.
EXIT provides many tools and resources to assist with brokerage administration. Training modules are available in the Resource Center 24/7, and webinar training with a support rep is available on EXIT‘s proprietary production software, MEMO. Once administration training is complete, unlimited ongoing support is available. EXIT‘s Resource Center contains many useful and customizable documents including an Administration e-Manual, helpful and mandatory forms, job descriptions, and much more to assist in the effective and efficient running of a brokerage.
EXIT Realty’s experienced, professional support team is dedicated to helping associates and offices understand the various programs and resources EXIT has available. A support representative can be reached Monday to Friday, 10 hours a day, by phone, email or via live, online chat.
Feel like your brokerage dropped the ball on support? We love that! Come see how our company is geared from the ground up to support our agents! Call 757-466-1009 for Ronda and schedule a confidential meeting!
House, barn and fencing set up for you to move in and enjoy paying less taxes than you would in VA. Property is only a mile over the state line. Come enjoy this 4 Bed 2 full bath upgraded construction home with Anderson windows and geothermal heating and central AC. Master bedroom has his/her closets, double sink, a jetted tub and separate shower. Large formal room and a separate den area for relaxing. Screened porch leads out to the deck where you can watch your horses in the backyard. 4 large stalls with concrete base in the barn. One is currently used as a feed/tack room. 2 stalls attached to the side that face out to a shed row covering are large enough to be brooding stalls. Pastures are divided for easy rotation. Hunters will enjoy the full processing station with its own sink and hot water heater. Gardeners will enjoy the raised flower beds.
Ghent is a fantastic area! There is always something happening here! On the South end,the Hague is a picturesque body of water with an arching land mass with high end homes lining the shore. The Hague also provides an unobstructed, beautiful view of the Chrysler Museum. Monticello Ave runs the length of the eastern side. The North end of the neighborhood has some interesting boundaries. 23rd street is listed on Google as the last street included in Ghent. There’s Jeff Robertson Park, Weyanoke Bird and Wildlife Sanctuary, Lambert’s Creek and the Mallory Country Club. Access to Interstate 264 is going to be straight down Brambleton Ave. Locals will know to turn right onto Waterside Drive which also heads right out to I264. Trying to head North to Interstate 64 or 564? Your best option is to head up Granby to one of the many entrances. Trying to get to Naval Station Norfolk? Head right on up Hampton Boulevard.
The Weyanoke Bird and Wildlife Sanctuary was established in 1979 when Audubon members noticed a Purple Gallinule on the land. This was such a super rare visitor to our area, the Norfolk and Southern Railroad gave the land to the Cape Henry Audubon Society. Many birds frequent the park because it’s neighbor, Lamberts Creek is a wonderful place for them to feed. Ghent is park-rich with Jeff Robertson Park, Westover Memorial Park, Graydon Park, Redgate Playground, Yellow Fever Park, Greenway Court Park, Medical Center Park, EVMS Greenspace, Raleigh Avenue Playground, Riverside Park, Beechwood Park, Botetourt Gardens, Ghent Dog Park, Van Wyck Mews, and Olney Road Park. The residence of Ghent are serious about their parks!
All of the coolest, hippest businesses are in the area. There’s several Starbucks of course. If you like independent coffeehouses, Fairgrounds coffee is on Colley Ave. Shopping is eclectic. Enjoy large grocery stores, Harris Teeter, Farm Fresh and Fresh Market. Colley avenue has the Naro Cinema. They play a mix of independent films and oldies. The Ghent neighborhood has plenty to offer in the way of restaurants! There’s Chipotles, YNot, No Frill Bar & Grill, Noodles and Company, Kelly’s Tavern, IHOP, The Skinny Dip, Luna Maya, Papa John’s, Subway, 7-Eleven, Chanellos. Don’t forget about The Taphouse, Red Dog Saloon, Colley Cantina, Peck and Pour, Norfolk Coffee and Tea Company and Doumars! Doumars is a local landmark that has been around since 1904 known for its barbecue and ice cream cones!
The schools for the area are W.H. Taylor Elementary School, Blair Middle School, and Granby High School. Old Dominion University is quite close by. That opens up a bunch more opportunities for food and nightlife. Ghent is a very popular neighborhood with alumni and professors!
I would love to show you more about this neighborhood! I can get you in to see any of the homes for sale here. I can call the listing agent and schedule a showing for you. And I can help you negotiate your price and terms! If you would like more information, please fill out the form on the right and let’s get started!