Down Payment Assistance
Access to homeownership for many households can be an impediment for many desiring to acquire their own home. A critical barrier for many prospective homebuyers is an inability to provide a sufficient down payment or pay closing costs to purchase a home. The Office of Housing makes homebuyer assistance loans available to help expand home ownership opportunities for low and moderate-income households.
Program Description: Down Payment Assistance Program
Purpose: | Assist low- and moderate-income households to become homeowners in the City of Springfield. | ||||||||||||||||
Assistance: Conditions of Funding: | Zero percent interest forgivable loan of $4,000, fully forgiven after 5 years. The owner-occupant must use the home as the primary place of residence and remain in the home for a minimum of five years. | ||||||||||||||||
Repayment: | Pro-rated loan repayment is required if the homeowner sells, refinances, transfers title to the property; or if the home no longer serves as the owner’s primary residence. | ||||||||||||||||
Eligible Costs: | Program funds may be applied to down payment or closing costs and are dispersed at closing. | ||||||||||||||||
Eligibility:
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Maximum Household Income
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Additional Requirements:
Target Area: | This program is funded by multiple sources. Households with income below 80% AMI must meet the following additional requirements (imposed by the funding source):
The program is available city-wide. |
Click on this link to download a Down Payment Assistance Application