Skip to Main Content Skip to Sitemap
masthead image

Military Home Loans

Proud to serve those who serve our country.

As a community bank, BankFive pays tribute to our active duty and veteran neighbors in Massachusetts and Rhode Island. We're committed to helping them find the right home financing solution to fit their budget and lifestyle by providing access to mortgage products that lower the barriers to homeownership.

Home loans that serve military members and their families:

  • Flexible down payment requirements
  • Competitive interest rates and fees
  • Multiple property types are eligible
  • Less stringent credit requirements than traditional mortgage products

Have questions? Schedule an appointment with one of our expert mortgage specialists today.

Military Home Loans
VA Loans Home for the Brave Loans Operation Welcome Home Loans
Backed By United States Department of Veterans Affairs MassHousing MassHousing
Down Payment Requirement No down payment required As little as 3% for single family homes and 5% for multi-family homes No down payment required for eligible borrowers
Geographical Restrictions BankFive offers VA Loans for properties in Massachusetts and Rhode Island Properties in Massachusetts Properties in Massachusetts
Income Limits No income limits Borrowers may earn up to 135% of the median income in the city/town in which they are buying Borrowers may earn up to 100% of the median income in the city/town in which they are buying
Credit Requirements Minimum credit score of 620 Minimum credit score of 660 Minimum credit score of 660
Property Types Single family homes, VA-approved condominiums, and 2-4 family properties Single family homes and condominiums, as well as 2-4 family properties Single family homes and condominiums, as well as 2-4 family properties
Must Be Owner-Occupied Yes Yes Yes
Mortgage Insurance Required No Yes Yes
Special Requirements 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. Must be active-duty military, a Veteran of the U.S. Armed Services, or a spouse of a soldier, sailor, airman, or Marine killed while on active duty. May not own more than one home upon closing the loan. Must be an active duty military member, a Veteran who served honorably, a member of the National Guard or Reserves, or a Gold Star Family member. Must be a first-time homebuyer.
Learn More

Apply Now
Learn More

Apply Now
Learn More

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