First-Time Homebuyers

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Your dream requires our commitment to helping you fulfill it.

Buying your first home is a major accomplishment and milestone, and it can also be overwhelming. As a community bank invested in our Massachusetts and Rhode Island neighbors, BankFive aims to lower the barriers to homeownership by offering special mortgage products, programs, and resources for first-time buyers. From mortgage calculators to help you determine how much home you can afford, to down payment assistance grants, and mortgages with relaxed credit requirements, we’re committed to helping you buy your first home.

Homebuyer Grants

Grant programs to help eligible homebuyers with down payment and closing costs.

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Community Home Loans

Our MassHousing and Rhode Island Housing loans have lower credit score thresholds than traditional mortgages and have low- and no-down payment options.

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FHA Loans

These home loans have relaxed credit restrictions and low down payment requirements, to help make homeownership more accessible.

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VA Loans

Loans structured to help military veterans purchase homes in Massachusetts and Rhode Island with no down payment requirement.

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FHA 203K Loans

Buying a home that needs remodeling and repairs? Get the money you need to purchase your fixer-upper and turn it into a home, with a down payment as low as 3.5%.

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Conventional Mortgages

Our conventional mortgages allow for a down payment as low as 3% of the purchase price, depending on your credit score.

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How Much Home Can You Afford?

Our Mortgage Qualifier Calculator helps you get a sense of how much home you can afford, based on your current financial picture.

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	FHA Loans	VA Loans	Conventional Loans	MassHousing Loans	Rhode Island Housing Loans	FHA 203k 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")	MassHousing	Rhode Island Housing	Federal Housing Administration
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	Low- and no-down payment options	Low- and no-down payment options	As little as 3.5% of purchase price
Geographical Restrictions	None	None	None	Massachusetts	Rhode Island	None
Income Limits	None	None	None	Up to $126,900 depending on county	None	None
Credit Requirements	Minimum credit score of 620	Minimum credit score of 620	Minimum Credit Score of 620	Minimum Credit Score of 640	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	Single family residences, condominiums, and 2-4 family homes	Single family residences, condominiums, and 2-4 family homes	Single family residences, FHA-approved condominiums, and 2-4 family homes
Must Be Owner-Occupied	Yes	Yes	No	Yes	Yes	Yes
Mortgage Insurance Required	Yes	No	Required if down payment is less than 20%	Yes	There is an option for no private mortgage insurance for eligible first-time homebuyers	Yes
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	May not own more than one home upon closing	May not own more than one home upon closing	N/A
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Mar 14

Thank you everyone was very helpful and will recommend bank five to others

Sandra

Feb 07

Thank you Jeff and Robert for your hard work!

customer

Dec 06

Process was fast. Lender was available all times to answer questions.

Ronald

Sep 29

Monica Botelho got us a great mortgage rate in a really rough environment - not only that, but we closed on our house in what must have been close to record time! Thanks Monica! -Nick + Danie

Nick Ravs

Aug 10

Claudette and Nicole were so professional and easy to speak with. Even with my probably dumb questions, they were patient, prompt in their call backs and emails and very articulate. Nice job!

Robert

Jun 29

I worked with Wilfredo, Omar & Robert from BankFive on the lending loan of my mortgage. They were very helpful, patient and informative. Definitely happy with using this bank and I would recommend it to anyone I know.

Eliza Michelle Asturias

Jun 28

We have been with Bank Five, since they opened their Dartmouth Branch. Always: courteous, concerned, helpful and loyal to their customers and staff. A feeling of extra security in a Family atmosphere. What more could be said! Thank you Bank Five for ‘Being There!’ 🏦👍🗽

Robert & Sharon Morgan

Jun 22

Everyone from the leader to realtor to attorney ect all work as a team

William

May 24

Bank five looked at our situation as a whole to determine the positive outcome of approving our mortgage, and found ways to get things . Something that other lenders said they would do but could not deliver what was promised and caused more harm than good to our situation . James Hanewich was especially good with his job , He had clear communication the whole process and delivered on what he said at the end . Thank you all at Bank Five for helping families own homes and we look forward to a great relationship in the YEARS to come

Paul Aoun

Apr 11

Michelle Guertin and everyone else we worked with at Bank 5 was awesome. Very helpful and friendly. They made our loan process easy. Highly recommend them.

Tim McGee

Feb 01

We had a great experience obtaining a competitive land loan to ultimately be in position to build our dream house. The BankFive representatives were world class, personable individuals who were readily available and helpful each step of the way.

Dan

Feb 01

Prompt. Honest. Upfront. Need sensitive.

Uday

Feb 01

Everyone was very helpful throughout the process - Lindsay and Danielle were great.

Stephen

Jan 11

I encountered a issue with my mortgage payment and the bank couldn't have been more helpful. They actually reached out to notify of the payment issue something I wouldn't have noticed on my own. At a larger bank, it would have gone unchecked and potentially lead to penalties.

Michael

Sep 21

We needed a land loan, Bank5 was one of the only banks I could find for that loan. The process was quick and smooth. I would recommend them to anyone!

Joseph

Sep 15

Bank5 is very accommodating.

Frank

Aug 02

Was a good experience at all levels(from customer service - the Loan departments).

Mulu

Jul 13

I have used different banks over the years to finance my home, but I found BankFive's team to be -by far- the most efficient, effective and collaborative I have ever worked with. I never thought I would say this but getting a mortgage was a really good experience.

Dear Customer

Jul 13

Seamless operation. Very efficient; and very organized

David

Jul 07

Great People, Help me all the way through the loan process

Rosa