WEST SPRINGFIELD – West Springfield is trying to make homes as affordable as possible for residents who need help financially.

The town’s Office of Community Development has officially partnered with Way Finders to make home ownership more achievable in West Springfield. Low-moderate income residents may be eligible for a $5,000 Down Payment Assistance Loan if they follow the eligibility requirements that are listed on the Way Finders website.

“We aim to get low to moderate income people into homeownership, because typically, they don’t have the resources too” said Stephanie Welch, the community development director for West Springfield. “So what we’re trying to do is create resource equity by removing barriers.”

According to the Way Finders website, homebuyers in West Springfield must complete homeownership education by a Citizens’ Housing and Planning Association (CHAPA) agency in order to be eligible for the $5,000 loan. Way Finders offers these workshops that are free to the public.  There is also an income limit that determines whether or not a West Springfield resident is eligible for the down payment loan.  

According to Araceli Rivera, homeownership manager at Way Finders, the workshop teaches homebuyers about credit, budgeting, as well as the step-by-step process for buying a home.

“There’s a lender who comes in and speaks on the financing process of it,” said Rivera. “We also have a real estate agent come in that talks about searching for that home.”

An inspector and an attorney also join the workshops to offer assistance in their respective fields when it comes to first-time homebuying.

“When you own a home, you can’t call your landlord to say ‘ this is broken;’ these are now your responsibilities,” said Rivera. “It’s important to take that workshop to understand what to look for and what to expect.”

West Springfield residents can use the $5,000 loan for their closing costs or the down payment. A promissory note and a secure mortgage will have to be used as proof of where the loan went towards. Welch believes that, through this loan, West Springfield could become an even better community.

“We believe that through home ownership, you create equity within the community, which creates a better community,” said Welch, who also noted a large barrier to home ownership in general. “Getting to that 10 to 20 percent down is a huge fee. So what this does, is it gives people an opportunity.”

According to the Way Finders website, the West Springfield down payment assistance funds are available as a 0 percent mortgage that is forgivable after 5 years, as long as the home is not sold prior to that deadline.

“What we don’t want is somebody to unfairly benefit from [the loan],” said Welch. “We want to encourage people to stay in West Springfield.”

People will only have to pay back a portion of that loan if they stay for multiple years within West Springfield, according to Welch. For example, if a resident stays inside their home for four years, but sells it before year five, then the city will only ask for one years’ worth of that loan.

“We don’t want that money back in all honesty – we want you to stay,” said Welch, who explained that renting your whole life with a family could be extremely difficult, which is why home ownership is usually the best possible route. “What we’re trying to do is alleviate some of that stress.”

For anyone who would like to learn more about where they fall for eligibility with regard to the loan, visit the Way Finders website listed here: https://www.wayfinders.org/west-springfield-down-payment-assistance?. Five loans will be available on a first-come first-serve basis. You must have a completed purchased and sales agreement, as well as a secured primary mortgage to be eligible for a loan in West Springfield.

“We want to support everybody,” said Welch. “If you want a home in West Springfield, we really would like to support that dream.”