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First-time home buyer programs in Springfield, MA

Quick answer

First-time buyers in Springfield, MA can use 3%-down conventional loans (up to the $832,750 Hampden County conforming limit), 3.5%-down FHA, or VA and USDA where eligible, plus 2 verified city, county or statewide assistance programs. On the $222,700 median home, 3% down is about $6,681 and the estimated payment is $1,936/month at 7.18%.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

Median household income: $51,339; value-to-income ratio 4.34. Springfield ranks 88 by home value and 3 by population among 89 places in our MA dataset.

What does a first-time buyer loan cost on a typical Springfield home?

ItemSpringfield
Median home value (Census ACS)$222,700
Massachusetts median home value$525,800
Down payment (3%)$6,681
Loan amount$216,019
Estimated monthly payment (PITI + MI)$1,936
Income needed (28% / 36%)$83,000 / $65,000
Hampden County 2026 conforming limit (1 unit)$832,750
Max purchase price at the limit$858,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Payment includes Massachusetts's 1.11% effective property tax rate (Census ACS), $2,134/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Springfield?

Springfield is in Hampden County. Conventional 3%-down loans go up to the $832,750 conforming limit (price ≈ $858,000); FHA loans go up to $541,287.

The Springfield median home value of $222,700 is 58% below the Massachusetts median, and within what the county limit supports.

Which down payment assistance programs can Springfield buyers use?

First-time buyer loans in nearby cities

ChicopeeLongmeadowWest Springfield TownAgawam TownHolyokeWestfield

First-time buyer loan FAQs for Springfield

On the $222,700 median: 3% conventional ≈ $6,681, 3.5% FHA ≈ $7,795, and 0% for eligible VA or USDA buyers. Conventional loans above $832,750 in Hampden County become jumbo loans.

At the $222,700 median value (below the Massachusetts median of $525,800), the estimated payment of $1,936/month at 7.18% needs about $83,000 a year under the 28% housing guideline, or $65,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 2 statewide programs are verified for this city (2 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.