Strengthening our neighborhoods through homeownership
Strengthening our neighborhoods through homeownership
The communities we serve in Massachusetts and Rhode Island benefit when more people own homes and take pride in the area. BankFive is proud to work with MassHousing to offer housing assistance to qualified borrowers who would otherwise be denied a conventional mortgage. Together, we'll help you figure out which option is right for you, so you can realize your dreams of homeownership.
Low- and no-down payment options available
Lower credit score thresholds
Secured by Massachusetts and Rhode Island housing agencies
| MassHousing Loans | Rhode Island Housing Loans | |
| Backed By | MassHousing | Rhode Island Housing |
| Down Payment Requirement | Low- and no-downpayment options | Low- and no-downpayment options |
| Geographical Restrictions | Massachusetts | Rhode Island |
| Income Limits | Up to $126,900 depending on county | None |
| Credit Requirements | Minimum credit score of 640 | Minimum credit score of 620 |
| Property Types | Single family residences, condos and 2-4 family homes | Single family residences, condos, and 2-4 family homes |
| Must Be Owner-Occupied | Yes | Yes |
| Mortgage Insurance Required | Yes | There is an option for no private mortgage insurance, but only available to first-time homebuyers |
| Special Requirements | May not own more than one home upon closing | May not own more than one home upon closing |
| Learn More Open Online | Learn More Open Online |
Find out how much home you can afford, review our homebuyer checklist, and check rates.