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.
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.
Listing and selling properties for our clientele is the mainframe of our business at EXIT Realty with one special feature added; sponsoring! Our salespeople have a unique advantage to earn huge revenues from helping to build the company. Here’s how: If John sponsors Mary into EXIT Realty whereby she is recruited by management as a sales agent and she, for example, generates $100,000 in gross earnings annually, he receives an mount equivalent to 10% of this as a special bonus paid out by EXIT Realty Corp. International as her transactions close. This amounts to $10,000 for that year and would total $100,000 in 10 years. If John sponsors in nine others with the same sales production (again as an example), his bonuses would amount to $1,000,000 in that same time frame, and that’s on top of his own commissions! Could you do anything with this?
WHAT ARE THE CHANCES f you having $1,000,000 in the bank in 10 years based on what you’re presently doing?
Call 757-466-1009 and ask for Ronda for a discreet appointment!
Welcome to this wonderful 4 bedroom 2.5 bathroom home with a welcoming first impression. The downstairs is open and full of light; the details will delight – crisp woodwork and trim, a build in desk, tray ceilings and grand columns. Upstairs is chock full of large bedrooms and ample storage space. This home is has a great kitchen with granite counter tops and stainless steel appliance and opens right up into the living room with its gas fireplace. Upstairs the huge master bedroom with spacious master bath not disappoint! With its large walk-in closet and jetted tub its perfect for relaxing after a long day. Outside you will find a great size yard with a deck that is perfect for entertaining. Come on by and check out your new home!
A native of Jamesville, North Carolina, Cynthia has been in the Hampton Roads area for 40 years. Being raised in a home of vulnerability, where there was much love, but not enough resources, her lifelong goal is to help people. Soon realizing her talent to fund raise Cynthia set out to make a difference the best way she knew how.
With that said, she has worked and touched the lives of many people in need through her efforts to
make a difference at the following non-profit agencies: The Samaritan House, (Director of
Development), The Up Center (Director of Development), American Red Cross of Southeastern Virginia (Major Gifts Officer), United Way of South Hampton Roads (Development Director) and the YWCA of South Hampton Roads (Acting Executive Director); EVMS Area Health Education Center (Public Relations
Coordinator & Director of Office Administration). Having now been certified as a Substance Abuse Counselor, Cynthia also served as Vice President of “Spiritual Blessings”, a substance abuse program at Ebenezer Baptist Church, Virginia Beach.
Cynthia currently serves as 1st Vice Chair of the Diversity & Inclusion Council (formerly Minority Advisory Council) for United Way of South Hampton Roads; is a former member of the board of directors for the Association of Fundraising Professionals Hampton Roads Chapter, where she also serves as Chair of the
Diversity & Inclusion Committee; is a former member of the Membership Committee for the Hampton
Roads Chamber of Commerce. She served as co-founder and co-facilitator of “Spiritual
Blessings”, a substance abuse support group.
Cynthia was honored for her dedication and outstanding leadership by the Diversity & Inclusion Council for United Way and at the Beta Theta Zeta Chapter Zeta Phi Beta Sorority, Inc. Finer Womanhood Observance as one of the “Five Pearls of Leadership”. She also served as President of the Greater Tidewater Churches Softball League for several years where she received the Coach of the Year Award, while playing softball as well.
Cynthia received her Master of Management Degree from Cambridge College majoring in Non-Profit & Public Organizational Management. She is
married, with one child and one grandson.
While there are many other accolades in her life, the above are the ones she is most proud of…serving
the needs of people.
Cynthia is highly knowledgeable in meeting the needs of people and would like to bring this talent to helping you buy or sell your home.