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Down Payment and Closing Cost Assistance Now Available for Portsmouth

Down Payment and Closing Cost Assistance Now Available for Portsmouth

In partnership with the City of Portsmouth, the HRPDC now offers down payment and/or closing cost assistance to qualified first-time homebuyers who desire to purchase a new or existing home in the city of Portsmouth, Virginia. The 2015-2016 HOME Program is funded by the U.S. Department of Housing and Urban Development (HUD) and designed to expand the supply of the affordable housing to low and moderate income families in Portsmouth.

For Portsmouth’s HOME program, potential buyers must meet certain income and eligibility requirements.

  • Must be a first-time homebuyer.
  • Not have owned a home within three (3) years.
  • Must purchase in Portsmouth, Virginia.
  • Certificate of completion from Virginia Housing and Development Authority (VHDA) approved First-Time Homebuyer Education Class.
  • Household income does not exceed 80% of the area median income limit-based on household size (see Table below).
  • Property must meet HUD Housing Quality Standards and other local codes.

2015-2016 Maximum Household/Income

1 Person

$39,700

2 Persons

$45,400

3 Persons

$51,050

4 Persons

$56,700

5 Persons

$61,250

6 Persons

$65,800

7 Persons

$70,350

8 Persons

$74,850

 

For more information on how to apply for assistance, the HOME program or other Housing assistance programs available in Hampton Roads, visit the HRPDC Housing webpage: http://www.hrpdcva.gov/departments/housing

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