SPRINGFIELD, Mo. — A new city program will provide some first-time home buyers with a down payment assistance program, encouraging those buyers to buy homes in certain areas of Springfield.
According to a news release from the City of Springfield, the program provides those who are qualified a loan of up to $5,000 for closing costs in areas of Zone 1 and Zone 2.
It’s a 10-year zero-interest rate loan with no monthly payments needed unless you don’t primarily live in the home. After five years, half of the amount owed will be eliminated. During the next five years, the amount owed is reduced and after 10 years, you aren’t required to pay the loan back.
The U.S. Department of Housing and Urban Development is financing the program.
Household size and income limits
- 1-person = $33,600
- 2 -person = $38,400
- 3-person = $43,200
- 4-person = $48,000
- 5-person = $51,850
- 6-person = $55,700
- 7-person = $59,550
- 8-person = $63,400.
Not a first-time home buyer? You could also qualify as a single parent or displaced homemaker.