Skip to Main Content Skip to Sitemap

First-Time Home Buyer Mortgages

Your dream requires our commitment to helping you fulfill it.

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 for low or no down payments.

Options for first-time homebuyers:

  • FHA Loans have relaxed credit restrictions, and low down payment requirements, helping to make homeownership more accessible.
  • If you're interested in more rural living*, consider a USDA Loan with no down payment requirement.
  • Our VA Loans are structured to help military veterans purchase homes in Massachusetts and Rhode Island with no down payment requirement.
  • Our conventional mortgages allow for a down payment as low as 3% of the purchase price, depending on your credit score.

Trustpilot
August 11
Monica Botelho handled our refinance
Monica Botelho handled our refinance. She was amazing! The process was seamless. Communication was excellent. We have gone through the refinance process a couple times with other banks for past properties. This experience was the best. I have since recommended and will continue to recommend her to all friends and family in search of quality mortgage/refinance services.
Joshua Frias
Trustpilot
August 11
I would highly recommend James Hanewich…
I would highly recommend James Hanewich at bank 5! He is professional, knowledgeable, and works very fast. I've used James for multiple home loans and every transaction was smooth and what was expected
Glenn
Trustpilot
August 11
Lisa Celio is an excellent mortgage…
Lisa Celio is an excellent mortgage broker. She has helped me with several mortgages and I refer her to family and friends, highly recommend. 10 stars!
Karin
Trustpilot
August 11
Excellent service
Excellent service. The folks at Bank5 we’re professional, friendly and efficient.
Robert
Trustpilot
August 05
Smooth Mortgage Process and Excellent Customer Service
I have completed three transactions with Bank Five within less than a year. Each transaction was smoother than expected, especially, the ones closed during COVID-19. Elizabeth Tetzner is quite knowledgeable on mortgage products and her service turnaround was timely. She provided clear explanations to my questions, which made it easier for me to make final decisions. I must mention also that the team of people who worked on my mortgage products, also played a role in making sure all my closings were timely. Bank Five's mortgage rates are unbelievable, compared to many others I shopped. Looking forward to expanding my real estate portfolio and building a stronger relationship with Bank Five. Thank you for your timely service.
Carol P.
Trustpilot
August 05
Michelle Guertin is the best!
Michelle Guertin is the best!! She is very friendly and informative which helps make stressful situations a lot less stressful. Always willing to talk and discuss our concerns at anytime. Would recommend her and Bank Five to anyone!
Ryan W.
Trustpilot
August 04
Monica Botelho - A+ service
My mortgage officer was Monica Botelho. From the start she was an absolute pleasure to work with. She maintained good communication throughout. While I may have missed out on a "good" refinance rate at the start, she continued to monitor rates until it was once again favorable - almost three months later! Once the process was started, it was seamless from the loan processor to the attorneys. Even after the close, she kept contact to make sure the close went smoothly. If Monica is representative of all the employees at Bank5, no doubt in my mind, it is a great institution. I would definitely reach out to her again for my mortgage needs.
Gerard K
Trustpilot
July 31
The process was very simple
The process was very simple. working with everyone was a pleasure, from beginning to end this by far the easiest mortgage my wife and I have done. Thank you.
Phillip
Trustpilot
July 31
Refinancing our home.
My husband and I just refinanced our home we had Monica Bothelo at bank five we highly recommend her. Monica was really helpful and answered any of our questions. She quickly replied to any messages,she made the whole process quick and easy. We will definitely recommend Monica to any of our friends and family.
Christine Marcelino
Trustpilot
July 29
Refinance during COVID
My loan officer was Monica C. Botelho. I've refinanced my house a couple times in the 25+ years I've lived at my current house. Never has a refinance gone smoother than this last one with Monica and Bank 5. I never had to wait more than just a couple minutes to get answers on any and all questions I had. Sorry to say, but that included nights and weekends when I was done working and had time to focus. Monica kept me informed of what to expect during the entire process and followed thru on everything to make sure I understood what was going on. Could not be happier and I have already given Monica’s contact information to a couple friends who are contemplating a refinance.
Neal
Powered by

First-Time Homebuyer Mortgages
FHA Loans USDA Loans VA Loans Conventional Loans
Backed By Federal Housing Administration United States Department of Agriculture 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 down payment required No down payment required As little as 3% of purchase price, depending on credit score
Geographical Restrictions None In eligible rural communities as determined by the USDA None None
Income Limits None Income cannot exceed U.S. median income None None
Credit Requirements Minimum credit score of 620 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 and condominiums 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 Yes No
Mortgage Insurance Required Yes No No Required if down payment is less than 20%
Special Requirements N/A Property must be located in an eligible rural area 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
Learn More

Apply Now

* Property must be located in an eligible rural area.

Mortgage Resources
Find out how much home you can afford, review our homebuyer checklist, and check rates.