Skip to Main Content Skip to Sitemap

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.

Trustpilot
September 02
Our loan officer Jim Hanewich was…
Our loan officer Jim Hanewich was excellent and made the refi process easy. A great experience from beginning to end.
Joyce
Trustpilot
August 26
Best of the best.
Jim Hanewich and Edy are the best in the business. Jim provides fantastic rates and service, and Edy is responsive and organized. You’re an idiot if you don’t choose Jim and Edy.
Brendan
Trustpilot
August 25
Bankfive was excellent
Bankfive was excellent, Website and application process was easy to follow and fill out. Remortgaged with specialist Arthur McCue. Arthur is very knowledgeable and everything went according to how he explained things on the phone our first call. Kudos to Arthur.
Pierre
Trustpilot
August 22
Jim was excellent to work with…
Jim was excellent to work with throughout the entire process. I appreciated his honesty and hard work. The BankFive system was easy to use and truly streamlined the process.
customer
Trustpilot
August 19
Miracle workers
Andrew and the team at Bank Five literally accomplished a miracle for my family and I. Please contact them with all due haste, I can't recommend them highly enough.
William Aschenbach
Trustpilot
August 19
Process for our refinance was as…
Process for our refinance was as promised and the team at BankFive was great to work with. No suprises.
Richard
Trustpilot
August 11
Monica Botelho handled our refinance
Monica Botelho handled our refinance. She was amazing! The process was seamless. Communication was excellent. We have gone through the refinance process a couple times with other banks for past properties. This experience was the best. I have since recommended and will continue to recommend her to all friends and family in search of quality mortgage/refinance services.
Joshua Frias
Trustpilot
August 11
I would highly recommend James Hanewich…
I would highly recommend James Hanewich at bank 5! He is professional, knowledgeable, and works very fast. I've used James for multiple home loans and every transaction was smooth and what was expected
Glenn
Trustpilot
August 11
Lisa Celio is an excellent mortgage…
Lisa Celio is an excellent mortgage broker. She has helped me with several mortgages and I refer her to family and friends, highly recommend. 10 stars!
Karin
Trustpilot
August 11
Excellent service
Excellent service. The folks at Bank5 we’re professional, friendly and efficient.
Robert
Powered by

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
Learn More

Apply Now
Learn More

Apply Now
Learn More

Apply Now
Learn More

Apply Now

* 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.