City of Springfield’s First-Time Homebuyers Program

City of Springfield¡¯s

First-Time Homebuyers Program

Eligible first-time homebuyers can receive assistance of $2,500 to pay costs of acquiring a home.

Participants must meet the following income guidelines:

Maximum Household Income (effective of 6/6/2016)

1 person

2 person

3 person

$44,800

$51,200

$57,600

4 person

$64,000

5 person

$69,150

6 person

$74,250

Eligibility Requirements

?

Not owned a home during the previous

three tax years (some exceptions apply)

?

Property must be located within the City of

Springfield

?

Income may not exceed 80% of the area

median income (as detailed above)

?

?

Must contribute a minimum of 1% of own

funds toward the purchase of the property

Must successfully complete a HUDapproved or CHAPA-certified 8-hour

homebuyer education program

?

Landlord counseling and training required

with properties containing two or more

units

?

Housing expense-to-debt ratio above 30%

(does not apply to households earning less

than 60% of the Area Median Income)

?

Qualifying debt-to-income ratio may not

exceed 45% (exceptions considered on a

case-by-case basis)

?

Property must be the borrower(s) primary

residence

?

Price must not exceed 95% area median

purchase price for single-family properties

?

Maximum loan-to-value is subject to lender

program requirements but may not exceed

103%

?

Property must meet all applicable State &

local housing quality standards

Maximum Purchase Price (effective May 2, 2016)

Existing Homes

1 unit

$182,000

2 unit

$233,000

3 unit

$283,000

New Construction

4 unit

$350,000

1 unit

$228,000

2 unit

$292,000

3 unit

$353,000

4 unit

$438,000

City of Springfield, Office of Housing

1600 East Columbus Avenue, Springfield, MA 01103

Phone: (413)787-6500 ? Fax: (413)787-6515

___\___\__-----___\___\___\___

FOR MORE INFORMATION OR FOR ASSISTANCE CALL (413) 787-6500

OR VISIT US ONLINE AT housing

FIRST-TIME HOMEBUYER PROGRAM APPLICATION

PART 1: BUYER¡¯S INFORMATION

1. ADDRESS OF HOME TO BE PURCHASED: ____________________________________________

2. Complete the following for ALL BUYERS, as listed on the Purchase and Sale Agreement:

Buyer 1: ____________________________________________________________________________

Social Security Number:___________________ _______________________________ Age: _________

Buyer 2: ____________________________________________________________________________

Social Security Number:___________________ _______________________________ Age: _________

Home Phone: (

)________________________ Cell Phone: (

)___________________________

Current Address: _______________________________________________________________________

City: __________________________________ State: ____________ Zip Code: ____________________

3. Including the Buyer(s), how many people make up your household? ___________

4. Use the space below to list all other household members (include all adults and children):

Full Name

Relationship to

Applicant

Age

Social Security Number

5. Is the applicant, or one of its relatives, employed by the City of Springfield?

? No ? Yes, Describe relationship, which department(s) and in what capacity: ____________

______________________________________________________________________________

6. Has the applicant ever received assistance from the City of Springfield?

? No ? Yes, Explanation: ________________________________________________________

2

Updated July 19, 2017

City of Springfield, Office of Housing

1600 East Columbus Avenue, Springfield, MA 01103

Phone: (413)787-6500 ? Fax: (413)787-6515

___\___\__-----___\___\___\___

______________________________________________________________________________

______________________________________________________________________________

7. Has/Have the Buyer(s) owned a home in the past 3 years?

? No ? Yes

8. Is the Buyer a single parent and/or displaced homemaker?

? No ? Yes

9. Do you currently have a housing rental subsidy or live in public housing? ? No ? Yes

10. Are there closing costs to be paid by the seller? If yes, what is the amount? ________________

11. Are you receiving a type of purchase and rehab loan? If yes, what type? ___________________

______________________________________________________________________________

12. How did you learn about this program? ______________________________________________

______________________________________________________________________________

PART 2: PROPERTY INFORMATION

1. Address of Property to be Purchased: _______________________________________________

2. Type of House: ? Condominium ? Single Family ? Two-Family ? Three-Family

3. Is the property currently occupied? ? No ? Yes

If yes, is it occupied by the seller? ? No ? Yes

4. Purchase price of property: $_____________________

*Property appraisal supporting purchase price must be submitted prior to closing

5. Was the property built prior to 1978? ? No ? Yes

6. Does the property you intend to buy require repairs/improvements? ? No ? Yes

If yes, please describe: ___________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

3

Updated July 19, 2017

City of Springfield, Office of Housing

___\___\__-----___\___\___\___

1600 East Columbus Avenue, Springfield, MA 01103

Phone: (413)787-6500 ? Fax: (413)787-6515

PART 3: SOURCES OF INCOME

1.

In the space provided below, please list employment information for the buyer(s):

Buyer 1 Employer:______________________________________________________________________

Position Title: _________________________________________________________________________

Employer Address: _____________________________________________________________________

Employer Telephone:____________________ Date of Employment:______________________________

? Paid Weekly

? Paid Bi-Weekly

? Other: __________________

$_______ per ___________

Buyer 2 Employer:______________________________________________________________________

Position Title: _________________________________________________________________________

Employer Address: _____________________________________________________________________

Employer Telephone:____________________ Date of Employment:______________________________

? Paid Weekly

? Paid Bi-Weekly

? Other: __________________

$_______ per ___________

2. Select any additional sources of income for the buyer(s)?

? Pension

? Social Security

? Alimony

? Interest from Assets ? Child Support

? Other: __________________

3. If the Buyer¡¯s source of income has changed since the last filed income tax return, please explain

here: _________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

4. List all other income sources for all adult (18 or older) members of the household:

______________________________________________________________________________

______________________________________________________________________________

4

Updated July 19, 2017

City of Springfield, Office of Housing

___\___\__-----___\___\___\___

1600 East Columbus Avenue, Springfield, MA 01103

Phone: (413)787-6500 ? Fax: (413)787-6515

PART 4: INCOME INFORMATION

1. Use the chart below to list all monthly income. Income must be listed for all adult (18 or older)

household members.

Income Source

Buyer 1

Buyer 2

Wages from employer

Other Household

Members (18+)

Total

Social Security

Disability

Alimony

Interest from Asset(s)

Child Support

Other:

Total Gross Monthly Household Income:

TOTAL ANNUAL INCOME (x12):

2. If the buyer¡¯s anticipated income differs from the information listed above, please explain:

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

5

Updated July 19, 2017

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