Way Finders administers the Belchertown Down Payment Assistance program which provides down payment and/or closing assistance of $5,000 to income-eligible borrowers purchasing a home in the town of Belchertown, MA. Homebuyers must also complete homeownership education.
Belchertown Down Payment Assistance funds are available as a 0% mortgage that is forgivable after 5 years as long as the home is not sold prior to this deadline. Loans will be available on a first-come, first-served basis until all funds are expended. This loan cannot be paired with FHA loans. Please reference the frequently asked questions below for additional information.
(100% Area Median Income - As of 5/30/2023)
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1 Person Household : $73,300 |
5 Person Household : $113,100 |
Are you looking for down payments assistance in another city or town?
Yes. You must attend a First-Time Homebuyer in-person or online workshop through Way Finders in order to meet your educational requirement. A list of workshops can be found on our calendar here.
To qualify for the Belchertown Down Payment Assistance program, applicants must be first-time homebuyers with a household income that is 100% or less than the area median income.
1 Person Household : $54,040
2 Person Household : $61,760
3 Person Household : $69,480
4 Person Household : $72,000
5 Person Household : $83,376
6 Person Household : $89,552
7 Person Household : $95,728
8 Person Household : $101,094
The $5,000 loan will be restricted to closing costs and/or the down payment for a home purchase and will be evidenced by a promissory note and secured by a mortgage.
Before applying for down payment assistance you must:
In addition, prior to purchase approved applicants will be required to obtain a satisfactory home inspection.
The $5,000 loan will be restricted to closing costs and/or the down payment for a home purchase and will be evidenced by a promissory note and secured by a mortgage.
All qualified clients will be eligible for a loan in the amount of $5,000 only. This is the standard loan amount for all participants in this program. You may not choose a different loan amount.
Yes; however, if you have not owned a home in the last 3 years you qualify as a first-time homebuyer for the purposes of this program. This policy may differ from other loan products so please ask your primary lender for additional information.
Belchertown Down Payment Assistance funds can be used in conjunction with other down payment assistance programs (layering of DPAs), as long as the maximum Combined Loan to Value (CLTV) per the first mortgage lending program is not exceeded. Please ask your primary lender for additional information.
The property you purchase must be your primary residence. You can purchase a single family home, a multi-family home, a townhouse, a condominium, a mobile home, or a co-op.
Belchertown Down Payment Assistance funds are issued to a client as a mortgage.
The loans will be interest-free and will be forgiven if the homeowner retains ownership of the home for at least five years after purchase; however, if the homeowner sells the home within the five year period, they will be required to repay the full amount (i.e. $5,000) less 20 percent for every full year of homeownership.
Yes. There are no restrictions regarding which lender you choose for your primary mortgage.
