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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.

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
March 04
Arthur is transparent and seamless as a…
Arthur is transparent and seamless as a mortgage broker. I highly recommend working with him.
Brandon
Trustpilot
March 03
My experience with BankFive was great
My experience with BankFive was great. Everyone was very friendly and helpful. Would definitely recommend them.
Escolastica
Trustpilot
February 24
The professionals were very cordial
The professionals were very cordial, experienced professional and honest. Everytime I called Susana, she answered and clarified my doubts very well. My experience with Bank Five was excellent.
Roberto
Trustpilot
February 23
I have had great experience with bank…
I have had great experience with bank five since following Jim Hanewich from Rockland.
Francesco
Trustpilot
February 05
Home refinance
you guys where great thank you.
Theodore
Trustpilot
January 26
Great ReFi with BankFive and Mr Gorman
BankFive and Mr. Gorman were awesome to work with for my refinance. Very helpful every step of the way!
AM
Trustpilot
January 13
I originally went to BankFive to get a…refinance
I originally went to BankFive to get a quote to show my current mortgage company that I was refinancing with for about the 5th time. Jim was incredibly helpful even knowing I was working with another company. In the end Bank Five offered a better rate than the company I had been working with and refinanced with multiple times over many years. And Jim even found me discounts on closing costs that my prior lender had never told me about. The process was easy and efficient and there was great communication throughout. Their online portal made uploading documents simple. I have refinanced a lot and this was the best experience to date. I could not be more pleased with BankFive.
Jonathan
Trustpilot
January 13
My loan officer was the best
My loan officer was the best
Edward
Trustpilot
January 12
It was a pleasure working with…
It was a pleasure working with BankFive. Not only do they have great mortgage rates for both primary and investment property (and purchase and refinance), but their employees were very easy to work with, always available when I reached out, and completed both my refinances in good time given the number of refinances and purchase mortgages that they were dealing with. Thank you Mike Gorman for leading us through the process! I highly recommend BankFive!!
Rob
Trustpilot
January 12
Kept you informed
Kept you informed
Jose
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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.