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Cranston, RI Lending Office
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First-Time Home Buyer Mortgages
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First-Time Home Buyer Mortgages
Fixed and Adjustable Rate Mortgages
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Military Home Loans
Community Home Loans
Vacation Homes
Refinancing
USDA Loans
FHA 203k Loans
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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.
Get Pre-Qualified or Apply
Schedule a Consultation
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
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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.
Mortgage Qualifier Calculator
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