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Military Home Loans

Proud to serve those who serve our country.

As a community bank, BankFive pays tribute to our active duty and veteran neighbors in Massachusetts and Rhode Island. We're committed to helping them find the right home financing solution to fit their budget and lifestyle by providing access to mortgage products that lower the barriers to homeownership.

Home loans that serve military members and their families:

  • Flexible down payment requirements
  • Competitive interest rates and fees
  • Multiple property types are eligible
  • Less stringent credit requirements than traditional mortgage products

Trustpilot
January 13
I originally went to BankFive to get a…refinance
I originally went to BankFive to get a quote to show my current mortgage company that I was refinancing with for about the 5th time. Jim was incredibly helpful even knowing I was working with another company. In the end Bank Five offered a better rate than the company I had been working with and refinanced with multiple times over many years. And Jim even found me discounts on closing costs that my prior lender had never told me about. The process was easy and efficient and there was great communication throughout. Their online portal made uploading documents simple. I have refinanced a lot and this was the best experience to date. I could not be more pleased with BankFive.
Jonathan
Trustpilot
January 13
My loan officer was the best
My loan officer was the best
Edward
Trustpilot
January 12
It was a pleasure working with…
It was a pleasure working with BankFive. Not only do they have great mortgage rates for both primary and investment property (and purchase and refinance), but their employees were very easy to work with, always available when I reached out, and completed both my refinances in good time given the number of refinances and purchase mortgages that they were dealing with. Thank you Mike Gorman for leading us through the process! I highly recommend BankFive!!
Rob
Trustpilot
January 12
Kept you informed
Kept you informed
Jose
Trustpilot
January 12
Friendly and efficient service
Friendly and efficient service. This was the easiest refinancing process I have experienced. Their rates were great. Michelle was knowledgeable and available to answer any questions and provided guidance throughout the entire process. I would definitely recommend Bank Five to anyone seeking to refinance their mortgage.
customer
Trustpilot
January 06
Excellent Service
Excellent Service Working with Bank 5 on my last 2 mortgages, the process was clear and efficient. James Hanewich was a pleasure to work with - available, experienced, understanding and efficient. I would definitely use James and Bank 5 again. Highly recommend.
Mike
Trustpilot
January 06
Arthur McCue and team are excellent
Arthur McCue and team are excellent I would work with them again any day
Shyamala
Trustpilot
January 05
Excellent experience with Bank 5
I had not heard of Bank 5 and Chris Craig before I started my Duplex Re-Fi with Cash out process. I had read on a real estate platform that Chris had done a deal for another Investor so I thought I would give him an opportunity. I called Chris he answered my questions and gave me his rates. They were more than competitive with the 2 other banks / brokers I have worked with in the past. Chris was true to his word all the way down to the closing of the loan and the expectations he set right from the outset were spot on. There was even a point in the process where I called Chris on a Friday afternoon and got his voicemail, I left a message and he called my back on a Sunday afternoon. ( Need I say More ) There was no stress in my dealing with Chris He told me what he needed and he got it done. I would highly recommend Chris Craig and Bank 5 to anyone needing a mortgage. His knowledge and professionalism is unmatched. Looking forward to working with Chris on future business. Mark C.
Mark
Trustpilot
January 05
Refinancing is not usually an easy…
Refinancing is not usually an easy process, but the people at BankFive made it as painless as possible! The point person/loan officer that I primarily worked with was receptive, responsive, and explained everything to me in layman's terms so that I could understand it. Excellent service, great rates, and I have already recommended Bank5 to others!
Michelle
Trustpilot
January 05
Great experience with knowledgeable…
Great experience with knowledgeable staff. A very satisfying refinance. Happy with outcome.
Edward
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Military Home Loans
VA Loans Home for the Brave Loans Operation Welcome Home Loans
Backed By United States Department of Veterans Affairs MassHousing MassHousing
Down Payment Requirement No down payment required As little as 3% for single family homes and 5% for multi-family homes No down payment required for eligible borrowers
Geographical Restrictions BankFive offers VA Loans for properties in Massachusetts and Rhode Island Properties in Massachusetts Properties in Massachusetts
Income Limits No income limits Borrowers may earn up to 135% of the median income in the city/town in which they are buying Borrowers may earn up to 135% of the median income in the city/town in which they are buying
Credit Requirements Minimum credit score of 620 Minimum credit score of 660 Minimum credit score of 660
Property Types Single family homes, VA-approved condominiums, and 2-4 family properties Single family homes and condominiums, as well as 2-4 family properties Single family homes and condominiums, as well as 2-4 family properties
Must Be Owner-Occupied Yes Yes Yes
Mortgage Insurance Required No Yes Yes
Special Requirements 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. Must be active-duty military, a Veteran of the U.S. Armed Services, or a spouse of a soldier, sailor, airman, or Marine killed while on active duty. May not own more than one home upon closing the loan. Must be an active duty military member, a Veteran who served honorably, a member of the National Guard or Reserves, or a Gold Star Family member. Must be a first-time homebuyer.
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