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 with low and no downpayments.
| FHA Loans | VA Loans | Conventional Loans | |
| Backed By | Federal Housing Administration | 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 downpayment required | As little as 3% of purchase price, depending on credit score |
| Geographical Restrictions | None | None | None |
| Income Limits | None | None | None |
| Credit Requirements | 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, VA-approved condominiums, and 2-4 family homes | Single family residences, condominiums, and 2-4 family homes |
| Must Be Owner-Occupied | Yes | Yes | No |
| Mortgage Insurance Required | Yes | No | Required if down payment is less than 20% |
| Special Requirements | N/A | 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 |
Find out how much home you can afford, review our homebuyer checklist, and check rates.
