Category Archives: Portsmouth

HomeTown: Portsmouth’s First Time Homebuyer Program

Money

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.

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• 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

4701 Templar Drive, Portsmouth, VA 23703

Front of House Located at 4701 Templar Drive, Portsmouth, VA 23703

WATERFRONT!

Property Details for 4701 Templar Drive, Portsmouth, VA 23703

Spacious traditional home with sunroom, deck, and dock all ready for waterfront enjoyment in all seasons. Home is move-in ready with opportunity for personal updates over time. Insulated siding, 2-zone HVAC and natural gas heat supplement when temps dip below 40degrees are definite pluses for energy efficiency and comfort. Two attic spaces with attic fans and extra space in garage add to the storage possibilities. All landscaping is bird-friendly. Easy access to shopping and highways/interstate.

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Your Checklist Before You Buy Your Next Home

hands, Pen and checklist featuring the words"Home Buying Checklist"
Home Buying Checklist

The time has come and you are ready to buy, but before you start searching for your next home review this checklist. This list helps you prepare your budget in advance and guide you to financial success in the future.

1. Reduce Debt & Increase Credit Score: Before you start looking for your next home you should request a credit report. This will give you a starting point on understanding your credit score before you request a loan. Your credit score will influence the interest rate of your loan.

2. Save Money to Set Yourself Up with a Large Down Payment: While it is possible to purchase a home without a 20% down payment it’s best to get as close as possible. This will allow you to have a smaller mortgage rate, Avoid PMI, and receive a better rate. If you do not have a 20% down payment you may qualify for a VA or FHA loan.

As you begin the process to find your next home checking these items off your list will provide you with a more successful home buying experience. Our team is here to help you! Let us know the area and/or neighborhood you are looking to live along with your top needs our team of professionals will assist with finding your next home.

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3512 Deep Creek Boulevard, Portsmouth, VA 23702

Front of property located at 3512 Deep Creek Boulevard, Portsmouth, VA 23702

Property Details for
3512 Deep Creek Boulevard, Portsmouth, VA 23702

Quality renovation! This charming and spacious Spanish style home is a gorgeous remodeled 4 bed, 3 bath with 2000 sq ft of living space. Inviting Large front porch. 1/2 Acre fenced in yard, deck and Storage Shed. Large living room and formal dining room. 9 ft ceilings. 1st floor bedroom and full bath. Large Master bedroom with full bath. Upgraded electrical, new light fixtures and ceiling fans throughout. All new plumbing throughout. New kitchen with 42″ high end cabinets with soft close and granite counters w/decorative back-splash. New Stainless Steel appliances package: Refrigerator, Electric Stove, over the range microwave and dishwasher. New double 9″ deep sink w/single faucet with sprayer and garbage disposal. Bathrooms with soaker tubs, Ceramic Tile to ceiling and high end vanities with granite/marble. Close to shipyard, bases, and interstate.

For More Information, Please Call 757-466-1009

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SOLD! 4002 Queenswood Drive, Portsmouth, VA 23703

Front of property located at 4002 Queenswood Drive, Portsmouth, Virginia 23703

OOPS! This One Is Already SOLD!

This magnificent home is located in the beautiful Merrifields neighborhood just 2 miles from us coast guard base Portsmouth. A well maintained home with a fresh coat of paint, new carpet and beautiful hardwood floors. Sit on the deck and enjoy your own private piece of nature in a nice size backyard. “as is where is”.

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Gone! 4409 Duke dr, Portsmouth, VA 23703

Front of property located at 4409 Duke Drive, Portsmouth, VA 23703

OOPS! This one is already gone!

Property Details for 4409 Duke DR, Portsmouth, VA 23703

MUST SEE INSIDE! You will enjoy this SPACIOUS KITCHEN with lots of natural light. Dishwasher is only 6 months old. Tidal/waterfront lot with boardwalk and small boat launch. Fully fenced backyard. Sunroom perfect for enjoying the water view. Bathroom upgrades. Master bedroom is king sized with jetted tub in the Master bathroom. The 4th bedroom could be used as an in-law suite. Carpet in 2 smaller bedrooms and laminate hardwood in living room, dining room and hallway is only 1-year old. Security System. Large lot. HVAC is less than 5-years old. 1-year old boiler and TANKLESS WATER HEATER. Close to Hospitals, Shipyard, YMCA, Restaurants, City Park and open to the Elizabeth River!

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