Springfield Downpayment Assistance Program
Are you saving to buy a house? Eligible homeowners may qualify for up to $25,000.*
The Springfield Downpayment Assistance Program provides no interest loans of up to $25,000 for first time home buyers to cover a portion of the down payment/closing costs associated with their purchase of a home.
Frequently Asked Questions
How much is it?
Eligible house may apply for up to $25,000
What is the income eligibility?*
Your household gross income must be at or under 80% of the Area Median Income (AMI) based on your household size. Her the following income limits per household sizes:
Household Size of 1 - $49,950
Household Size of 2 - $57,050
Household Size of 3 - $64,200
Household Size of 4 - $71,300
Household Size of 5 - $77,050
Household Size of 6 - $82,750
What is the other eligibility?
- Be a “first-time homebuyer.” That is, you cannot have owned a home in the past three years.
- Purchase with the City of Springfield city limits
- Purchase a single-family home, or a manufactured home on owned land
- Must have 50% of the required downpayment
- Occupy the home as your primary residence
- Income at or under 80% Area Median Income (AMI)
- Pre-approved for a mortgage
- Additional loan requirements
What are the required to apply for downpayment assistance?
- Have your lender submit this application
- Attend DevNW’s Fundaciones de Comprar de Vivienda (Spanish) or Homebuying Foundations (in English). Sign up here to get started.
- Meet with a DevNW HUD-certified homeownership counselor.
Is there a cost for the required homeownership class and counseling?
Yes, $75.
What is down payment assistance and how does it work?
Downpayment assistance is a zero-interest loan for first-time homebuyers to help cover a portion downpayment and closing costs.
Is it a loan or a grant?
It’s a non-interest bearing loan. The loan is paid back at upon reselling the house or refinancing the mortgage.
If you have any additional questions, please email and put “DPA question” in the subject line.