West Springfield Downpayment Assistance

West Springfield Downpayment Assistance is a deferred second loan for homebuyers in West Springfield, Massachusetts. The West Springfield Downpayment Assistance Program is a town-funded (HOME/CDBG) 0% deferred second mortgage administered by Way Finders. The Town of West Springfield contracts with Way Finders to provide homebuyer education, intake, packaging, and loan servicing for income-eligible first-time homebuyers purchasing within West Springfield. Up to $10,000 in down-payment and closing-cost assistance for income-eligible first-time homebuyers purchasing in the Town of West Springfield. Funded through the Town's HUD HOME / CDBG entitlement and administered by Way Finders, the 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 HUD HOME affordability rules. Funding comes from HOME, CDBG, Federal, and Local Government.

West Springfield Downpayment 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.

West Springfield Downpayment Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer (no ownership in prior 3 years) or displaced homemaker. On credit, the program states: Determined by first-mortgage lender; typical 620-640 floor. A homebuyer education course is required, through Way Finders First-Time Homebuyer Education (HUD-approved 8-hour pre-purchase course). Residency requirement: Property must be located in the Town of West Springfield and the buyer's primary residence for the HUD HOME affordability period. Citizenship or immigration status: U.S. citizen or eligible non-citizen per HUD HOME rules. First-time homebuyer (no ownership in prior 3 years); property must be in Town of West Springfield and primary residence; complete Way Finders 8-hour homebuyer education and counseling; household income at or below 80% AMI Springfield HMFA (~$55,800 1-person to $105,250 8-person FY26 - West Springfield uses tighter Springfield-City limits); minimum 1.5% buyer contribution; HUD HQS / MA lead-safe compliance; HUD HOME affordability covenant.

West Springfield Downpayment 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 per HUD West Springfield income limits: ~$55,800 1-person; $63,800 2-person; $71,800 3-person; $79,750 4-person; up to ~$105,250 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.

West Springfield Downpayment 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, Two-family, Three-family, Townhouse, and Condominium. New construction is eligible. Manufactured homes are not eligible.

West Springfield Downpayment Assistance serves homebuyers purchasing in West Springfield, Massachusetts.

Applications for West Springfield Downpayment Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-come, first-served subject to availability; applicant enrolls in Way Finders FTHB class and works with a homeownership specialist. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.