Way Finders administers the West Springfield 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 West Springfield, Massachusetts. Homebuyers must also complete homeownership education by a CHAPA certified agency.
West Springfield 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. Five(5) 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.
Apply for West Springfield Down Payment & Closing Cost Assistance
(80% Area Median Income - As of 5/30/2023)
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1 Person Household : $55,800 |
5 Person Household : $86,100 |
Are you looking for down payments assistance in another city or town?
Yes. You must attend a First-Time Homebuyer workshop through a CHAPA certified agency in order to meet your educational requirement. Way Finders and other community organizations offer workshops that can help fulfill this requirement.
To qualify for the West Springfield Down Payment Assistance program, applicants must be first-time homebuyers with a household income that is 80% or less than the area median income.
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1 Person Household : $47,850 |
2 Person Household : $54,650 |
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:
1. Complete a first-time homebuyer workshop.
2. Have a completed purchase and sales agreement.
3. Have secured the primary mortgage on your home.
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.
West Springfield 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.
West Springfield 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. Your primary mortgage cannot be an FHA loan.
