Regions Bank

Regions Affordable 100 Fixed-Rate Mortgage

  • 100% financing for all-income borrowers who qualify.
  • No mortgage insurance required.
  • Purchase only.
  • Maximum 6% seller contribution.

Contact Regions Mortgage at 210-7083.

Habitat for Humanity of Springfield Home Buying Program

Habitat for Humanity of Springfield, MO partners with people who live or work in Greene, Christian, and Webster County, and who need quality, affordable homes. These partners must be willing to live where we are currently building and renovating homes in Greene County, Missouri. Habitat selects partners on the basis of need, ability to pay, and willingness to partner.

Visit habitatspringfieldmo.org to learn more or contact Nancy Williams at 417-829-4001 or nancywilliams@habitatspringfieldmo.org.

Missouri Housing Development Commission First Place Loans

Offered by MHDC-certified lenders.

The First Place Loan program offers first-time homebuyers and qualified veterans affordable mortgage financing, often at an interest rate lower than market rate loans. The loans are available from certified lenders for properties located anywhere in Missouri.

Homebuyers may also be eligible for non cash assistance or cash assistance loans. Cash Assistance Loans may be applied at closing to a portion of the down payment and allowable closing costs.

Fannie Mae HomeReady Mortgages

Offered by a variety of lenders:

  • 97% loan-to-value
  • Lower interest rates and mortgage insurance than traditional conventional financing
  • No upfront mortgage insurance
  • Income restricted in some areas

FreddieMac Home Possible Mortgages

Offered by a variety of lenders:

  • Borrowers desiring a low down payment solution with flexible sources of funds.
  • Very low- to moderate-income borrowers.
  • First-time homebuyers, move-up borrowers and retirees.
u s flag hanging from side of house

Federal Housing Administration Loans

Offered by FHA-approved lenders and insured by the FHA.
  • Designed for low-to-moderate income borrowers
  • Require lower minimum down payments and credit scores than many conventional loans. Borrowers can borrow up to 96.5% of the value of a home with an FHA loan (meaning you’ll need to make a down payment of only 3.5%).
  • Credit score of at least 580 to qualify. If your credit score falls between 500 and 579, you can still get an FHA loan provided you can make a 10% down payment.
  • Down payment can come from savings, a financial gift from a family member or a grant for down-payment assistance.

Veterans Administration Loans

Offered by VA-approved lenders and insured by the Department of Veterans Affairs.

  • No down payment as long as the sales price
    isn’t higher than the home’s appraised value (the value set for the home after an expert reviews the property)
  • Better terms and interest rates than other loans from private banks, mortgage companies, or credit unions (also called lenders)
  • The ability to borrow up to the Fannie Mae/ Freddie Mac conforming loan limit on a no-down-payment loan in most areas—and more in some high-cost counties. You can borrow more than this amount if you want to make a down payment.
  • No need for private mortgage insurance (PMI) or mortgage insurance premiums (MIP)
  • Fewer closing costs, which may be paid by the seller
  • No penalty fee if you pay the loan off early

Commerce Bank

Zero down payment

  • Get 100% financing for your home purchase
  • Retain liquid assets and increase purchasing power
  • Build equity faster than traditional 30-year mortgage term

Visit commercebank.com/mortgage to apply or call 1-800-453-2265.

the word 'home' on welcome mat with two feet touching edge of mat

Chase Bank

Chase Homebuyer Grant

Specific locations: Property must be located in low-to-moderate income census tract as defined by the U.S. Government.

  • Benefit amount $2,500
  • May be used for down payment and/or closing costs (Funds may not be used for down payment on an FHA or VA loan)
  • Homebuyer education is not required
  • Purchase of primary residence only.

Visit chase.com for more information and to apply.

Chase DreamMaker Mortgage

DreaMaker offers down payment options as low as 3% (all of which can come from an eligible gift or grant) and reduced mortgage insurance requirements that result in lower monthly payments compared to other options. If you elect to take homebuyer education, you could receive up to $500 for completing the program.

If you meet the low–to–moderate income requirements, you may be able to take advantage of Chase’s DreaMaker mortgage. These fixed–rate loans are available for a 30–year term and can be used to purchase or refinance an owner–occupied 1– to 4–unit up to $484,350 for a single unit, higher for 2– to 4–units.

A 3% down payment of $4500 on a 30-year, fixed- rate mortgage, with a loan amount of $145,500 and an interest rate of 4.5% (5.610% APR), would require 360 monthly payments of $1,076.73. This payment example excludes mortgage insurance.

This example assumes a purchase transaction in Ohio, 60-day lock, 97 LTV, 680 FICO, single family, owner-occupied, .375 points, $30 hazard insurance, real estate taxes $94, and $0 homeowner’s dues. Rates can change daily.

Visit chase.com for more information and to apply.

BancorpSouth Mortgage

Right@Home Mortgage

  • Reduced fees
  • Can be used in conjunction with down payment assistance programs
  • No mortgage insurance
  • 100% max loan to value
  • Flexible sources for down payment and closing costs
  • Homebuyer education and counseling
  • Professional, dedicated service by an experienced loan officer.

Visit BancorpSouth.com/mortgage to find the lender nearest you, or call 1-888-797-7711.

OakStar Bank

Refinance or Purchase your Home with OakStar!

Various loan products are available. To learn more, please visit oakstarbank.com, call Susan Bisson at 417.447.7907 or email her.

Drew Lewis Foundation’s Blue House Project

The Blue House Project is working to reduce barriers to home ownership one homeowner at a time in the Grant Beach neighborhood.

The goal of The Blue House Project is to make homeownership an achievable goal for low-income families in north Springfield. The Drew Lewis Foundation purchases and renovates north side properties to offer a lease-to-buy option for participants in the RISE (Reaching Independence through Support and Education) program, which focuses on providing resources and empowering families to increase self-sufficiency and stability. The goal is transitioning the tenants to homeowners within two years.

Visit drewlewis.net/programs or call 417-200-2223.

Federal Home Loan Bank HomeStart

Offered through a variety of partner banks.

  • Provides up to $7,500 grant toward down payment and closing costs
  • Forgivable after five years as long as you live in the home.
  • Household income must be at 80% of area median income.
  • Funds are available periodically by Federal Home Loan Bank of Des Moines.

Commerce Bank Grant

  • Provides $1,500 in closing costs assistance
  • Borrowers must be at or below area median income.
  • Home being purchased must be in low-to- moderate income census tract.

Visit commercebank.com/mortgage or call 1-800-453-2265.

Missouri Housing Development Commission

  • 4% down payment assistance
  • Secured by a forgivable second mortgage up to 10 years.
  • No first-time buyer requirement.
  • Liberal income and purchase price limits.

Visit MHDC.com/homes for more information.

City of Springfield Down Payment Assistance Program

This program assists first-time homebuyers or certain displaced persons with down payment and closing cost assistance to purchase their primary residence. Funding is provided by Federal Housing and Urban Development funds for households with income less than 80% of the Springfield Median Income.

Contact the Planning Dept. at 417-864-1031.

Habitat for Humanity Creating Healthy Homes Grant Program

A loan program funded by the Federal Home Loan Bank of Des Moines, and administered through its local member, Guaranty Bank, in partnership with Habitat for Humanity of Springfield, MO. Repair work for these projects is completed by professional contractors and includes roof repair or replacement, mechanical system repair or replacement, repair or replacement of windows, doors, or siding, repair or upgrade of plumbing or electrical systems, and repairs to foundations, sewers and septic systems. The rehab is paid through a subsidy to the homeowner.

Visit habitatspringfieldmo.org to apply or contact Nancy Williams at 417-829-4001 or nancywilliams@habitatspringfieldmo.org.

HELP Program (Homeowner Emergency Loan Program)

HELP targets low to moderate income owner- occupied residential dwellings, located within the CDBG-eligible boundaries of the City of Springfield, with consultation and funding assistance towards making critical home repairs. Critical home repairs include those which pose an imminent threat to the home and inhabitants.

Contact the Planning Dept. at 417-864-1031.