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- EIN 95-3685889
- (888) 983-2344
- 2140 Hoover Ave Apt 115 National City CA 91950-6517 USA
- springboard.org
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Nonprofit Overview
Causes: Homeless & Housing, Housing Support
Mission: Springboard cdfi is a 501(c)3 nonprofit corporation incorporated on february 25, 1982 with a mission to bridge the wealth gap in america by bringing scaled solutions and access to capital to underserved markets. Having been in the business for over 30 years, springboard cdfi walks first-time homebuyers through the process, making sure they understand every step, and delivering loans at the best rates and terms available. Springboard cdfi also operates as springboard home loans and leads the efforts of the nationwide mortgage collaborative as the host community development financial institution ("cdfi") and provider of technology, access to capital markets, and fulfillment solutions.
Programs: Through its combined products and services, springboard cdfi assisted 1,102 consumers in the homeownership process in 2017, deploying over $9m 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 observed 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.