First-Time Homebuyers

Your dream requires our commitment to helping you fulfill it.

Buying your first home is a major accomplishment and milestone, and it can also be overwhelming. As a community bank invested in our Massachusetts and Rhode Island neighbors, BankFive aims to lower the barriers to homeownership by offering special mortgage products, programs, and resources for first-time buyers. From mortgage calculators to help you determine how much home you can afford, to down payment assistance grants, and mortgages with relaxed credit requirements, we’re committed to helping you buy your first home.

Homebuyer Grants

Grant programs to help eligible homebuyers with down payment and closing costs. 

Community Home Loans

Our MassHousing and Rhode Island Housing loans have lower credit score thresholds than traditional mortgages and have low- and no-down payment options.


FHA Loans

These home loans have relaxed credit restrictions and low down payment requirements, to help make homeownership more accessible.

VA Loans

Loans structured to help military veterans purchase homes in Massachusetts and Rhode Island with no down payment requirement.

FHA 203K Loans

Buying a home that needs remodeling and repairs? Get the money you need to purchase your fixer-upper and turn it into a home, with a down payment as low as 3.5%.

Conventional Mortgages

Our conventional mortgages allow for a down payment as low as 3% of the purchase price, depending on your credit score.

How Much Home Can You Afford?

Our Mortgage Qualifier Calculator helps you get a sense of how much home you can afford, based on your current financial picture.

Mortgage Resources

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

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