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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

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
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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 135% 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.
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