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
Assist low- and moderate-income households to become homeowners in the City of Springfield.
Conditions of Funding:
Zero percent interest forgivable loan of $2500, 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.
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.
Program funds may be applied to down payment or closing costs and are dispersed at closing.
Maximum Household Income
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.