{"id":160,"date":"2015-05-28T11:32:03","date_gmt":"2015-05-28T15:32:03","guid":{"rendered":"http:\/\/www.buyspringfieldnow.com\/homes\/?page_id=160"},"modified":"2025-09-03T10:51:10","modified_gmt":"2025-09-03T14:51:10","slug":"homebuyer-assistance","status":"publish","type":"page","link":"https:\/\/www.buyspringfieldnow.com\/homes\/homebuyer-assistance\/","title":{"rendered":"Springfield Homebuyer Assistance"},"content":{"rendered":"

Looking for help buying your first home? Need help or guidance in the City of Springfield, or throughout the Pioneer Valley? Check out our Local Connections: Information on Homebuyer Education<\/strong>\"house\"<\/a><\/p>\n

Local Non-Profit organizations will provide first-time homebuyer education classes that are certified by CHAPA and HUD. And because you don\u2019t have to be a first-time homebuyer to participate in Buy Springfield Now, experienced homebuyers may attend these courses too. Take a moment to learn what else these groups have available for you!<\/p>\n

Way Finders                \"\"<\/a><\/h2>\n

Way Finders<\/a> \u2013 Homebuyer classes, resources, and referrals<\/strong><\/p>\n

Low-cost Loans for First-Time Homebuyers – www.mymassmortgage.org<\/a><\/p>\n

For anyone at the very beginning of the home buying process in Massachusetts, The Way Finders website is a great first step. Use budget and affordability calculators to determine your current status, search for lenders in the Massachusetts area, and take a look at mortgage products.\"SNHS\"<\/a><\/p>\n

Springfield Neighborhood Housing Services<\/h2>\n

Visit the Springfield Neighborhood Housing Services<\/a> web site to learn about additional assistance programs available to Springfield homebuyers.<\/p>\n

City of Springfield Office of Housing<\/strong><\/h2>\n

The City of Springfield Office of Housing proudly supports first time homeowners in the City with their “Down Payment Assistance”<\/a> Program.<\/p>\n

The Down Payment Assistance Program provides down payment and closing cost assistance ranging from $7,500 to
\n$35,000 for income-qualified, first-time homeowners purchasing a home in Springfield. The program provides a 0%
\ninterest deferred-payment loan, forgiven over ten years if the owner continues to occupy the home as their principal
\nresidence. There is no forgiveness during the first 5 years of ownership. Beginning with completion of the 6 th full year of<\/p>\n

owner-occupancy, one-fifth of the loan will be forgiven each year. Upon 10 years of owner-occupancy, the entire loan
\nwill have been forgiven.
\nIncome Eligibility
\nHousehold income of the occupant household cannot exceed 80% of the Area Median Income (AMI), as determined
\nannually by HUD. The following limits are effective June 1, 2025:
\n1 Person: $67,000 3 Person: $86,100 5 Person: $103,350 7 Person: $118,650
\n2 Person: $76,550 4 Person: $95,650 6 Person: $111,000 8 Person: $126,30<\/p>\n

 <\/p>\n

Program Requirements
\nThe applicant must meet the following eligibility requirements:
\n\u2022 Contribute a minimum of 1% of own funds toward purchase of the property<\/p>\n

\u2022 Successfully complete homebuyer education program from a HUD-certified housing counselor at a HUD\u0002approved housing counseling agency.<\/p>\n

\u2022 Meet City underwriting standards.
\n\u2022 Landlord training course required for properties containing two or more units
\n\u2022 Current on City of Springfield taxes, fees, fines or municipal liens.
\n\u2022 Must be a U.S. Citizen or have legal immigration status eligible to receive federal benefits<\/p>\n

Purchase Price limits (NOTE: purchases exceeding these limits may be eligible for a $7,500 forgivable loan)
\n                                     1 Unit                         2 Unit                                     3 Unit                                                   4 Unit
\nExisting Home         $271,000                  $347,000                             $420,000                                             $520,000
\nNew Construction   $321,000                  $411,000                              $498,000                                             $617,000
\nFor questions or additional information, please contact:        Patricia Montana: pmontana@springfieldcityhall.com  or Maritza Santiago:
\nmsantiago2@springfieldcityhall.com<\/p>\n

Valley CDC – Homeownership Services<\/h1>\n

First-time Homebuyer Grants in Amherst and Northampton<\/h3>\n
\"valley-cdc-logo\"The Valley CDC<\/a> has announced that there are grants available for first time homebuyers in Amherst and Northampton. There is up to $4,500 available for homes purchased in Amherst and $3,000 available for homes purchased in Northampton.<\/div>\n
\n

Income and eligibility restrictions apply. To learn more, please contact Donna at the Valley Community Development Corporation at 413-586-5855 x18 or email her at dc@ValleyCDC.com.<\/p>\n<\/div>\n

http:\/\/valleycdc.com\/homeownership-services\/<\/a><\/h4>\n

Additional Valley CDC Programs:<\/h1>\n

First Time Homebuyer and Pre-Purchase<\/h2>\n

Whether you are trying to determine if homeownership is a realistic goal for you or you need help planning for homeownership, we offer workshops and individual counseling that will help you navigate the complicated home buying process.<\/p>\n

Post-Purchase<\/h2>\n

We offer post-purchase workshops for homebuyers that focus on continued financial management and budgeting, home maintenance and repair, weatherization, and energy efficiency. Individual post-purchase counseling is also available.<\/p>\n

Foreclosure Prevention<\/h2>\n

If you are behind on your mortgage or you anticipate not being able to make consistent housing payments, let us help you. Meet one-on-one with our housing counselor who will look at your current mortgage and help you understand the terms of your loan as well as help you understand and work on your entire financial picture.<\/p>\n

We explore all viable options with you. In most cases, we are able to negotiate directly with the lender to modify your existing mortgage. In other cases, we may help you negotiate other options with your current lender or plan for a future refinance. In some situations, we may recommend that you sell the property. We will help you evaluate all options and plan your next steps in navigating the challenges.<\/p>\n

Lead Based Paint Hazard Reduction<\/h1>\n

The City of Springfield Office of Housing is accepting applications for a new Lead-Based Paint Hazard Reduction program. Lead abatement funding is available city-wide, for homes with qualifying households (earning up to 80% of area median income, with at least one child under the age of 6 years).<\/p>\n