Programs

  • Program 1 [2018]

    THROUGH ITS COMBINED PRODUCTS AND SERVICES, SPRINGBOARD CDFI ASSISTED 150 CONSUMERS IN THE HOMEOWNERSHIP PROCESS IN 2018, DEPLOYING OVER $10M IN SPECIALTY MORTGAGE FINANCING.SPRINGBOARD CDFI IS A US TREASURY CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, PROVIDING DOWN-PAYMENT, FIRST MORTGAGE, AND CLOSING COST LOANS FOR THE PRIMARY BENEFIT OF LOW TO MODERATE INCOME (LMI) FIRST-TIME HOMEBUYERS IN COMMUNITIES GENERALLY UNDERSERVED BY TRADITIONAL LENDERS. SPRINGBOARD CDFI OFFERS A VARIETY OF LOAN PROGRAMS IN PARTNERSHIP WITH FINANCIAL INSTITUTIONS AND OTHER PARTNERS AND ALSO ORIGINATES OR SERVICES A VARIETY OF DOWN-PAYMENT AND SPECIAL PROGRAMS, EITHER FROM ITS OWN FUNDS, BROKERED THROUGH BANK LENDING PARTNERS, OR AS THE ADMINISTRATOR ON BEHALF OF GOVERNMENT OR NONPROFIT ENTITIES.THE LOAN ASSETS OF SPRINGBOARD CDFI WERE ORIGINATED UNDER THE FOLLOWING PROGRAMS:COST ASSISTANCE SUPPORT FOR HOMEBUYERS (CASH):THIS LOAN PROGRAM PROVIDES DOWN-PAYMENT AND CLOSING COST ASSISTANCE FOR QUALIFYING FIRST-TIME HOMEBUYERS WHO HAVE SOME LIQUID ASSETS, BUT STILL NEED ADDITIONAL FUNDS. SPRINGBOARD CDFI CHARGES A LOW FIXED INTEREST RATE UNDER THIS PROGRAM WHEREBY THESE LOANS ARE FULLY AMORTIZED WITH TEN-YEAR TERMS AND CAN BE DEFERRED FOR UP TO FIVE YEARS BASED UPON THE BORROWER'S ABILITY TO PAY.CALHOME:CALHOME LOAN FUNDS ALLOW FIRST-TIME HOMEBUYERS EARNING LESS THAN 80% OF AREA MEDIAN INCOME TO OBTAIN FULLY DEFERRED DOWN-PAYMENT LOANS AT 3% INTEREST. REPAYMENT OF THESE LOANS IS DEFERRED UNTIL THE SALE OR REFINANCING OF THE PROPERTY.
    Geographies
    Not indicated
    Dates
    Jan 1, 2018 – Dec 31, 2018
    Source
    990
    No causes provided
    No populations provided
    –
    $1.8M