City of Springfield Down Payment Assistance Loan Program

City of Springfield Down Payment Assistance Loan Program is a forgivable loan for homebuyers in Springfield, Missouri, administered by City of Springfield Department of Planning & Development, Community Development / Housing Assistance Programs. The City of Springfield assists first-time homebuyers (or certain displaced persons) with down payment and closing cost assistance to purchase a primary residence within the Springfield city limits. Funding is provided by federal HUD (HOME/CDBG) funds for households at or below 80% of the Springfield median income. Assistance is a deferred, forgivable loan with no interest and no monthly payments. Up to $9,000 toward down payment and closing costs as a 0% interest deferred loan that is forgiven over a 10-year period as long as the home remains the buyer's primary residence. Funding comes from U.S. Department of Housing and Urban Development (HUD) federal funds.

City of Springfield Down Payment Assistance Loan Program offers up to $9,000 in assistance. Amounts are the program's published maximums, not an offer — City of Springfield Department of Planning & Development, Community Development / Housing Assistance Programs determines any individual award.

City of Springfield Down Payment Assistance Loan Program is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Loan is forgiven over 10 years; repayment owed if the home ceases to be the buyer's primary residence during the forgiveness period. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Springfield Down Payment Assistance Loan Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. Must be a first-time homebuyer or qualifying displaced person. Must be pre-qualified for a qualified first mortgage from a lender. Home must be located within Springfield city limits and be the buyer's primary residence. Income limits may change annually. Funding is limited. Confirm current amount/terms with the city before relying on figures.

City of Springfield Down Payment Assistance Loan Program limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% of the Springfield Area Median Income (limits change annually). Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Springfield Down Payment Assistance Loan Program caps the purchase price at $214,000.

City of Springfield Down Payment Assistance Loan Program serves homebuyers purchasing in Springfield, Missouri. The program gives priority to designated target areas, so the address matters as well as the county.

Applications for City of Springfield Down Payment Assistance Loan Program go through City of Springfield Department of Planning & Development, Community Development / Housing Assistance Programs, which publishes the current terms and the application steps on its own site. 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.