Belchertown Down Payment Assistance

What is Belchertown Down Payment Assistance?

Belchertown Down Payment Assistance is a deferred second loan for homebuyers in Belchertown, Massachusetts.

• The Belchertown Down Payment Assistance Program is a town-funded (HOME/CDBG) 0% deferred second mortgage administered by Way Finders, the HUD-approved CHDO and CDFI for the Pioneer Valley. The Town of Belchertown contracts with Way Finders to deliver homebuyer education, intake, packaging, and loan servicing for first-time homebuyers purchasing within Belchertown.
• Up to $10,000 in down-payment and closing-cost assistance for income-eligible first-time homebuyers purchasing a single-family, condominium, or townhouse property in the Town of Belchertown. Funded by the Town's HUD HOME / CDBG award and administered by Way Finders, the regional Western Massachusetts CDFI/CHDO. Structured as a 0% interest deferred-payment second mortgage repayable upon sale, refinance with cash-out, or loss of primary residence per the HUD HOME affordability period.
• Funding comes from HOME, CDBG, Federal, and Local Government.

Do you have to pay it back?

Belchertown Down Payment Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Deferred 0% second mortgage, repayable upon sale, refinance with cash-out, transfer of title, or loss of primary-residence status, and HUD HOME recapture during the affordability period (5-15 years).
• The assistance is recorded in 2 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Belchertown Down Payment Assistance is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Belchertown Down Payment Assistance limits household income to 80% of the area median income, which varies by county and household size.

• Household income at or below 80% AMI Springfield HMFA (covers Hampshire County): ~$61,350 1-person, $70,100 2-person, $78,850 3-person, $87,600 4-person, up to ~$115,650 8-person (FY26).
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Belchertown Down Payment Assistance caps the purchase price as follows: Subject to HUD HOME 95% area median purchase price limits for Springfield HMFA.

• Eligible property types include Single-family detached, Townhouse, and Condominium.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Belchertown Down Payment Assistance serves buyers purchasing in Belchertown, Massachusetts.

How do you apply?

Applications for Belchertown Down Payment Assistance go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Way Finders First-Time Homebuyer Education (HUD-approved 8-hour pre-purchase course)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-come, first-served subject to availability; applicant enrolls in Way Finders FTHB class and works with a homeownership specialist., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.