Come HOME to Portsmouth

Come HOME to Portsmouth is a deferred second loan for homebuyers in Portsmouth, Virginia. Come HOME to Portsmouth is a HUD HOME program administered by HRPDC for the City of Portsmouth, providing forgivable second-lien down payment and closing cost assistance to first-time homebuyers within Portsmouth city limits. Come HOME to Portsmouth provides up to $20,000 in HUD HOME-funded down payment and closing cost assistance to income-eligible first-time homebuyers purchasing in the City of Portsmouth. Assistance is structured as a 0% deferred second-lien forgiven over a 5-year HOME affordability period. Funding comes from HUD HOME Investment Partnerships Program.

Come HOME to Portsmouth is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, transfer, refinance with cash-out, or loss of owner-occupancy during HOME affordability period and pro-rata forgiveness. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Come HOME to Portsmouth is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer (no ownership in past 3 years); HUD displaced homemaker/single parent exceptions. On credit, the program states: No published HRPDC minimum; first-mortgage product overlays typically 620-640. A homebuyer education course is required, through HUD-approved homebuyer education provider; 8 hours pre-purchase counseling required. Residency requirement: Must occupy as primary residence; property must be in City of Portsmouth. Citizenship or immigration status: U.S. citizen or qualified alien per HUD HOME. Property must be in the City of Portsmouth. Income up to 80% AMI, with assistance scaling for very-low-income households (down to 30-50% AMI starting around $35,250). Buyer must contribute minimum $1,000 of own funds. Property must meet HUD HQS and HOME after-rehab value limits. Pre-purchase counseling required.

Come HOME to Portsmouth limits household income to 80% of the area median income, which varies by county and household size. Tiered income limits based on AMI for Virginia Beach-Norfolk-Newport News HUD MSA. Lower tier reflects very-low-income / 30-50% AMI floor (approx $35,250) up to 80% AMI ($106,350 for 8-person). Limits adjusted annually by HUD. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Come HOME to Portsmouth caps the purchase price as follows: HUD HOME max after-rehab value (HUD 203(b) limit for Norfolk-VA Beach area). Eligible property types include Single-family detached, attached townhomes, condos (must meet HUD HQS) and existing or new construction. New construction is eligible. Manufactured homes are not eligible.

Come HOME to Portsmouth names veterans, active-duty service members, reservists and National Guard members, surviving spouses, American Indian and Alaska Native homebuyers, educators, law enforcement officers, firefighters, healthcare workers, and homebuyers with disabilities among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Come HOME to Portsmouth serves homebuyers purchasing in Portsmouth, Virginia.

Applications for Come HOME to Portsmouth go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-come, first-served subject to available HOME funds via HRPDC. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.