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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.
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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.
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
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* 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.