Home Mortgage Center

Home Mortgage Programs

BankFive offers many types of low down payment mortgages, rehab financing and first-time home buyer financing, land and condo financing all personalized to each Massachusetts or Rhode Island customer. Talk with one of our knowledgeable and friendly specialists about your dreams today.

Click here for our current rates.

MassHousing Mortgage Financing for 1 to 4 Units including Condominiums

Low down payments payments program for Massachusetts homeowners.

* Annual Percentage Rate (APR) is based on 20% down payment. Payments do not include insurance and tax escrows.

Program restrictions may apply,

Please contact the Mortgage Department at 800-679-4420 for eligibility.

Rates are subject to change.

Home Purchase and Rehabilitation Financing

First-Time Home Buyer Financing available to Massachusetts homebuyers

A First-time home buyer in Massachusetts is someone who has not had ownership interest in a principal residence within the past three years.

You do NOT have to be a first-time home buyer if you purchase a home in Boston, Cambridge, Chelsea, Everett, Fall River, Lawrence, Lynn, North Adams or Somerville.

* Annual Percentage Rate (APR) is based on 20% down payment. Payments do not include insurance and tax escrows.

The Purchase and Rehabilitation loan program provides mortgages that cover the purchase price of the home plus necessary rehabilitation costs. 

Program restrictions may apply.

Please contact the Mortgage Department at 800-679-4420 for eligibility.

Rates are subject to change.

Land Purchase Loans

Loans available for unimproved land in Massachusetts and Rhode Island with current satisfactory perc test.

3/1 Adjustable Rate Mortgage
Rate: 5.500% APR 4.591%
Annual percentage rate is based on 25% down payment with 1 point. The initial rate is a premium rate for the first three years at 5.500% with 36 payments at $8.17 per $1,000 borrowed, 143 payments at $7.32 per $1,000 borrowed, and 1 payment at $7.66 per $1,000 borrowed. Rate will adjust annually after the first three years subject to a 2% rate cap per review and 6% rate cap for the life of the mortgage. The index is the weekly average yield on U.S. Treasury Securities adjusted to a constant maturity of 1 year. Payments do not include insurance and tax escrows.

Payment of interest only for a maximum of 3 years with a balloon payment at end of term. Payments do not include insurance and tax escrows.

Rates are subject to change.