Community Lending
Are you in the process of searching for or buying a new home and are challenged by the amount of cash needed for a down payment, and affordability? The Savings Bank provides options to help you purchase a home and build credit.
Programs designed to make buying a home, building equity, or financing improvements easier and more affordable.
First-Time Homebuyer
If you are a First-Time Homebuyer looking for guidance to homeownership, our mortgage specialists will help you make your first home purchase with confidence. We offer flexible terms and more affordable down payment options.
Parameters
- No purchase price limit
- No form of ownership in residential property in the last 3 years
- Copies of last two years’ signed federal tax returns required
- 1 to 4 family owner-occupied
- No Construction Loans
- Condo Complex must be an established, existing project; no new construction allowed
- Condominiums must have a 50% owner occupancy ratio, a minimum of 600 square feet of livable space, and a minimum of 2 units in the association
Maximum Funding
- 95% with PMI on 1 family property and condominium with a maximum loan amount of $726,200
- 95% with PMI on 2 family property with a maximum loan amount of $800,000
- Any loan that requires Private Mortgage Insurance (PMI) must meet all guidelines established by the MI company including credit scores, property type & financial reserves
- 89% with NO PMI on a 1 and 2 family property with a maximum loan amount of $800,000
- 80% with NO PMI on a 3 and 4 family property with a maximum loan amount of $1,000,000
Reduced Closing Costs
- Approximately $1,500.00 – Includes attorney fee, plot plan, MLC and recording fees
- No appraisal fee, no credit report fee, no points, & no application fee
- Reduced title insurance: $2.00 per $1,000 for lenders coverage only -if you purchase an owners title insurance policy, cost will be higher
- Tax service fee ($98.00)
- Hazard tracking fee ($80.00)
- Employment/income verification fee ($200.00)
- Flood certificate fee ($14.50)
- Real Estate Tax Escrow and PMI
- 60-day rate lock – Other rate lock options are available
MassHousing Partnership
The Savings Bank proudly offers MassHousing Partnership’s One Mortgage product. Please call for more information.
City/Town Employee Loan Program
We offer a City/Town Employee Loan Program that is available to full-time employees who work in our Community Reinvestment Act (CRA) Assessment Areas. This program applies to both purchases and refinances of your primary residence.
CRA Assessment Areas:
- Andover
- Lawrence
- Lynnfield
- Melrose
- Methuen
- Middleton
- North Reading
- Reading
- Saugus
- Stoneham
- Wakefield
- Wilmington
Mortgage Loans
Available for First-Time Homebuyers and City/Town Employees
- Free appraisal
- Free credit report
- Reduced closing costs
Home Equity
Available for City/Town Employees
- Home Equity Line of Credit
– No attorney fee
– No flood certificate fee
– No credit report fee
– No automated value fee
– No recording fee - Fixed-Rate Equity Loan
– .25% discount on our already competitive rate
Where we lend
We are happy to consider a real estate loan request for properties located anywhere in the Massachusetts counties of Middlesex, Essex, Worcester, Suffolk and Norfolk, as well as, properties located anywhere in the New Hampshire counties of Rockingham, Hillsborough, and Cheshire.
Talk to The Savings Bank
To find out how The Savings Bank can help you achieve all your financial goals, visit one of our offices, use our contact form, or call us at 800-246-2009.
