SPRINGFIELD, Mo. – CU Community Credit Union here has received a $30,000 grant from the Federal Home Loan Bank of Des Moines’ Urban First-time Homebuyer Fund – and the credit union said it will distribute $3,000 to 10 eligible homebuyers to help them make down payments on a home.
“If the buyer is able to use the grant money as down payment assistance, they can get into a house in Springfield with no money as long as they negotiate that the seller pay their closing costs,” said CEO Judy Hadsall. “There is no program out there right now that will allow this to happen.”
Households at or below 80% of the area median income that are purchasing an owner-occupied unit in an urban community can use the funds for a down payment, closing costs, counseling or rehabilitation assistance.