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First-Time Home Buyer Mortgages

Your dream requires our commitment to helping you fulfill it.

Buying your first home is a major accomplishment and milestone. As a community bank invested in our Massachusetts and Rhode Island neighbors, BankFive lowers the barriers to homeownership by offering special mortgage products with favorable terms, including options for low or no down payments.

Options for first-time homebuyers:

  • FHA Loans have relaxed credit restrictions, and low down payment requirements, helping to make homeownership more accessible.
  • If you're interested in more rural living*, consider a USDA Loan with no down payment requirement.
  • Our VA Loans are structured to help military veterans purchase homes in Massachusetts and Rhode Island with no down payment requirement.
  • Our conventional mortgages allow for a down payment as low as 3% of the purchase price, depending on your credit score.

November 30
I recently refinanced my home through…
I recently refinanced my home through BankFive. From beginning to end, Jim Hanewich was informative, extremely thorough and attentive to my unique situation. What could have been an incredibly stressful and difficult process, was in fact smooth and seamless. Jim's professionalism is top notch. I highly recommend him for any and all of your mortgage needs. Keri Brandariz
Keri Brandariz
November 24
Claudette Vickery is as good as it gets
Claudette Vickery is as good as it gets. Very efficient, professional, and trustworthy. Don’t go anywhere else as you won’t do any better.
Bud Noyes
November 10
Top Marks for Monica Botelho
My husband and I received not only exemplary professional service from Monica Botelho and the team at Bank 5 involved with our refinance; Ms. Botelho was extremely attentive to our numerous questions and we felt our experience was as important if not more so than the business we were providing the bank.
Kathleen Genthner
November 03
Fantastic Experience!
Great Experience! Very Sufficient easy straight to the point! Definitely a 5 Star!
Maria Lopes
October 27
Monica Botelho was such a pleasure to work with
Monica Botelho was the best person we ever had work with us throughout our home buying process . She is kind , patient and she knows what she is doing . She is great at what she does . Always kept me up to date on how my mortgage loan was moving along . We are so happy we went through bank five with Monica for our mortgage loan . She made sure to find us the best rates . Thank you so much for helping us get into our first home . ❤️
Sara Soares
October 19
Excellent service done fast and easy!
Monica Botelho and the Bank Five team were an absolute pleasure to work with! The process was fast and easy. Monica definitely exceeded my expectations! I will undoubtedly recommend Bank Five and Monica to any friends or family looking for a home loan or refinance. Thank you for all of your help! -Derek M.
derek milewski
October 18
Outstanding service….Monica Botelho was…
Outstanding service….Monica Botelho was very professional and highly knowledge in the mortgage process she went above and beyond for us. I would recommend Monica with bank five to anyone and everyone!!!!!
October 06
Happy repeat customer
We've used BankFive for several mortgage/home equity transactions. Each time, the process proceeded without a hitch. Excellent follow up and service from Michelle, our account representative. The automation/technology and superior customer service on BankFive's part made our part of the effort easy peasy!
September 20
Monica Botelho is amazing!
When I first started to plan for a home purchase over a year ago, I was introduced to Monica at BankFive. I am so grateful that I was. Her help during our recent home purchase was truly amazing. I can't recommend her highly enough to anyone in need of a mortgage. She's fantastic, knowledgeable, trustworthy and dedicated to her customers. She was always available to answer any question, no matter the day or time. She made this entire process so much easier and I am grateful for her work.
September 15
Everything was smooth and went well one…
Everything was smooth and went well one of the better closings that I’ve ever had
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First-Time Homebuyer Mortgages
FHA Loans USDA Loans VA Loans Conventional Loans
Backed By Federal Housing Administration United States Department of Agriculture United States Department of Veterans Affairs Federal National Mortgage Association (commonly referred to as "Fannie Mae") and Federal Home Loan Mortgage Corporation (commonly referred to as "Freddie Mac")
Down Payment Requirement As little as 3.5% of purchase price No down payment required No down payment required As little as 3% of purchase price, depending on credit score
Geographical Restrictions None In eligible rural communities as determined by the USDA None None
Income Limits None Income cannot exceed U.S. median income None None
Credit Requirements Minimum credit score of 620 Minimum credit score of 620 Minimum credit score of 620 Minimum credit score of 620
Property Types Single family residences, FHA-approved condominiums, and 2-4 family homes Single family residences and condominiums Single family residences, VA-approved condominiums, and 2-4 family homes Single family residences, condominiums, and 2-4 family homes
Must Be Owner-Occupied Yes Yes Yes No
Mortgage Insurance Required Yes No No Required if down payment is less than 20%
Special Requirements N/A Property must be located in an eligible rural area Must have served 90 consecutive days of active service during wartime, or 181 days of active service during peacetime, or have more than 6 years of service in the National Guard or Reserves, or be the spouse of a service member who has died in the line of duty or as a result of a service-related disability N/A
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* Property must be located in an eligible rural area.

Mortgage Resources
Find out how much home you can afford, review our homebuyer checklist, and check rates.