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Buyer's Assistance Program (BAP)

Holyoke, Massachusetts

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Income limit

80% AMI

Of area median income; varies by county and household size

Price cap

$606,000

Highest purchase price the program allows

Repayment

Deferred

No payments until the home is sold or refinanced

What is Buyer's Assistance Program (BAP)?

Buyer's Assistance Program (BAP) is a deferred second loan for homebuyers in Holyoke, Massachusetts.

  • The Holyoke Housing Authority Buyer's Assistance Program (BAP) is a HUD HOME-funded down-payment assistance program for first-time buyers purchasing a single-family home in the City of Holyoke. The HHA, working with the City of Holyoke, has assisted 150+ first-time buyers since program inception. BAP provides up to $4,999 as a 0% deferred-payment second mortgage. Buyers must be at or below 80% HUD AMI, demonstrate financial need, maintain debt ratios within 30/43%, and complete a HUD-approved homebuyer workshop series. Properties must be priced at or below $271,000.
  • Up to $4,999 in down-payment and closing-cost assistance for income-qualified first-time buyers purchasing a single-family home in the City of Holyoke. Provided as a 0% interest deferred-payment second mortgage repayable upon sale, refinance, transfer, or loss of owner-occupancy.
  • Funding comes from HOME, Federal, and Local Government.

Do you have to pay it back?

Buyer's Assistance Program (BAP) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

  • Repayment is triggered by Due in full at sale, refinance with cash-out, transfer, or loss of owner-occupancy during the affordability period.
  • 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?

Buyer's Assistance Program (BAP) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: First-time buyer required (no ownership in past 3 years).
  • The home is occupied as a primary residence
  • On credit: Not formally published; lender minimums apply (typically 620+ for conforming/FHA)
  • A completed homebuyer education course, through Way Finders, Springfield Partners for Community Action, and other HUD-approved/CHAPA-certified counseling agencies
  • Residency: Property must be located in the City of Holyoke and used as the borrower's primary residence.
  • Citizenship or immigration status: U.S. citizen or eligible non-citizen per first-mortgage product and HUD HOME rules
  • Must be a first-time homebuyer (no ownership in past 3 years). Income limit 80% HUD AMI for Springfield MSA. Must be purchasing a single-family home with a purchase price at or below $271,000 (effective July 1, 2023; refreshed annually). Buyer must demonstrate need for BAP assistance (assets must be insufficient for purchase without BAP). Debt-to-income ratio caps of 30/43%. Applicant must complete a HUD-approved first-time homebuyer education workshop series. Funded by HUD HOME funds passed through the City of Holyoke and administered by the HHA. Over 150 buyers assisted since program inception.

The program excludes

  • Manufactured homes
  • Purchases above the $606,000 price cap
  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Buyer's Assistance Program (BAP) limits household income to 80% of the area median income, which varies by county and household size.

  • Household income at or below 80% HUD AMI for Springfield MSA (FY2025): approx. 1-person $61,350 to 8-person $115,650.
  • 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?

Buyer's Assistance Program (BAP) caps the purchase price at $606,000.

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

Where does it apply?

Buyer's Assistance Program (BAP) serves buyers purchasing in Holyoke, Massachusetts.

How do you apply?

Applications for Buyer's Assistance Program (BAP) go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through Way Finders, Springfield Partners for Community Action, and other HUD-approved/CHAPA-certified counseling agencies.

  2. Contact the administering agency to reserve funds

    Funds are reserved through First-come, first-served via Holyoke Housing Authority upon completion of HUD-approved homebuyer workshop and pre-approval., and are subject to availability.

  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.

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