At BankFive, we believe in rewarding those who have served our country, which is why we have several loan products available to military veterans.
We’re proud to offer mortgage products under the U.S. Department of Veterans Affairs' home loan program. Commonly referred to as VA Loans, these mortgage products are available (upon qualification) to honorably discharged veterans, active duty personnel, members of the Reserves and National Guard, and in some cases, their surviving spouses.
Some of the benefits of a BankFive VA Loan can include:
• No down payment requirement (you can finance up to 100% of the purchase price)
• Competitive rates
• Reduced closing costs
• More lenient credit history requirements compared to traditional mortgage products
• No monthly private mortgage insurance
There are also no income limits for our VA Loans, and they can be used to finance single-family homes, as well as 2- to 4-unit properties and VA-approved condos. BankFive also offers refinancing for existing VA Loans.
In partnership with MassHousing, BankFive also offers Home for the Brave Loans to veterans. These affordable mortgages allow veterans and their families to purchase their primary residence with a very small down payment. Eligible borrowers can finance up to 97% of the cost of a single-family home or condo, or up to 95% of the cost of a 2-, 3-, or 4-family home. Plus, if you’re a disabled veteran, we can help connect you with grants from the Veterans Administration to make accessibility upgrades to the property you’re buying. To learn more about these loans, visit https://www.bankfive.com/Personal/Borrow/Mortgages/Military-Home-Loans/Home-for-the-Brave-Loans.
Through Mass Housing, we also offer Operation Welcome Home Loans which combine a traditional 30-year, fixed rate mortgage with a no-interest, deferred down payment, as well as closing cost assistance for eligible borrowers. Operation Welcome Home Loans are offered to first-time buyers (however you don’t need to be a first-time buyer if you’re purchasing a home in Fall River, or other select cities), who are either active duty military, veterans who served honorably, members of the Reserves or National Guard, or Gold Star families.
Features and benefits of the Operation Welcome Home loan program include:
• Competitive interest rates and fees
• Non-spouse co-borrowers are allowed
• Eligible borrowers can qualify for MIPlus Payment Protection, which helps pay your loan for up to six months if you are deployed or lose your job, or if you’re a Reservist or National Guard Member who is called to active duty
For more information about the Operation Welcome Home program, visit to https://www.bankfive.com/Personal/Borrow/Mortgages/Military-Home-Loans/Operation-Welcome-Home-Loans
If you’d like to schedule an appointment with one of our Mortgage Specialists to discuss your military home loan options, simply fill out the form at https://www.bankfive.com/Personal/Borrow/Mortgage-Contact.
As always, BankFive thanks all of our nation’s veterans for their patriotic service to our country.