Springfield Down Payment and Closing Cost Assistance Program
How much assistance
Up to $7,500 - $35,000 (Forgivable Loan)
0% interest deferred-payment loan forgiven in equal portions over 10 years if the owner continues to occupy the home as their principal residence. Repayment required if you sell or move before the forgiveness period ends.
Eligibility
- Income limits: Must not exceed income limits set annually by HUD; at or below 100% AMI
- First-time buyer required: Yes — Must not have owned a home in the past 3 years.
- Geographic restrictions: Must purchase a home within the City of Springfield. Eligible properties include single-family homes, duplexes, triplexes, and 4-unit properties with owner occupancy.
- Homebuyer education required: Yes
How to Apply for Springfield Down Payment and Closing Cost Assistance Program
Step 1: Complete a HUD-certified or CHAPA-certified 8-hour homebuyer education program. Get pre-approved for a mortgage. Find a home in Springfield. Apply for assistance through the City of Springfield Office of Housing. Must contribute a minimum of 1% of own funds toward the purchase. Contact Patricia Montana at pmontana@springfieldcityhall.com or call 413-787-6500.
Notes
Loan-to-value ratio must be 103% or less and debt-to-income ratio 45% or less, with case-by-case exceptions possible. Purchase price limits vary by property type and condition, ranging from $271,000 for existing single-unit to $617,000 for new construction four-unit.