Down Payment & Closing Cost Program

Requirements

Must purchase in the City of Portsmouth, Virginia
Must not have owned a home in the past three years
Must complete an educational seminar and financial counseling

Household income cannot exceed 80% of the area median income adjusted for family size, as shown below:

Family Size	Income limit
1	$35,900
2	$41,050
3	$46,150
4	$51,300
5	$55,400

Property must meet Section 8 Housing Quality Standards and other local housing codes
Property can be single-family detached or attached, condominium or manufactured housing
Appraised value not to exceed $150,000
Property must be your principle residence
Buyer must contribute 1% of purchase price

Terms

If you stay in the home for five years without defaulting on the terms of the grant, you will not have to repay the money. The terms are as follows:

A Promissory Note must be signed for the grant amount
At any time, you can repay the grant without a premium fee
If you sell, transfer, lease, deed or convey all or any part of the property or any interest within five years from the date of closing, then the note is in Default.
If after five years from the date of the note, default has not occurred, you will be under no obligation to repay any sums due and the note shall be cancelled

Checklist & Applications

If you’ve reviewed the general information about our Down Payment & Closing Cost Programs and you would like to apply for assistance, please call us at (757) 399-5261 to set up a meeting.

Here’s a checklist of what you’ll need to bring to the meeting and an application that you can fill out in advance if you choose.

Want more information?

Checklist of documents to gather

Application

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