Proud to serve those who serve our country.
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.
Flexible down payment requirements
Competitive interest rates and fees
Multiple property types are eligible
Less stringent credit requirements than traditional mortgage products
| VA Loans | Home for the Brave Loans | Operation Welcome Home Loans | |
| Backed By | United States Department of Veteran 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 downpayment 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. |
| 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.