Webster Five offers a variety of personal mortgage loans for your 1-4 unit primary residence. Contact the Mortgage Department or send us E-Mortgage Lending Mail for further information on requests for second homes, non-owner occupied 1-4 unit investment properties, pre-qualifications, etc.
For your purchase or refinance request, this product provides a monthly principal and interest payment schedule that remains the same for the entire term of the loan.
3/1 or 5/1 Convertible Adjustable Rate Mortgage
This mortgage product provides the borrower with a slightly “lower” fixed rate payment for the first 3 or 5 years of the loan, then, if not “converted” to a permanent fixed rate at the specified date of option, becomes a 1-year adjustable rate loan that is reviewed on an annual basis.
Municipal "Live Where You Work"
A home ownership program offered in conjunction with the Mortgage Insurance Fund of the Massachusetts Housing Finance Agency. The program is intended for income-eligible municipal employees and offers a ZERO down payment option and reduced closing costs (other restrictions may apply). Please call Webster Five for rates.
Affordable “Take The T” (WRTA) 0% down - Home Buyer Purchase Program
A home ownership program offered by Webster Five, in conjunction with the Mortgage Insurance Fund of the Massachusetts Housing Finance Agency, which provides first mortgages to income-eligible potential home buyers who are regular or frequent riders of public transportation - WRTA (Worcester Regional Transit Authority). The program offers a ZERO down payment requirement and flexible underwriting guidelines. Please call Webster Five for rates.
First Time Home Buyers "MassAdvantage"
A program offered in conjunction with the Massachusetts Housing Finance Agency (MHFA) which provides below-market interest rate mortgages to income-eligible first-time buyer households. Low down payment options, flexible underwriting guidelines and acquisition cost limits may apply. Please call Webster Five for rates.
First Time Home Buyers "MassAdvantage100"
Similar to the MassAdvantage program, this product offers a NO-down payment mortgage loan for low- and moderate-income first-time buyers meeting general eligibility guidelines. The program is limited to single-family homes or condominium units only. (Other restrictions may apply.) Please call Webster Five for rates.
First Time Home Buyers "Webster Five"
For those first-time home buyers who may not be eligible for other products due to income and/or purchase price limits, this product offers “expanded” underwriting ratios and provides for a $500.00 credit to closing costs. Please call Webster Five for rates.
Residential Construction Loan
For the borrowers who might have arranged to have their primary residence built according to a schedule, this loan is made on a “proposed” structure, based on a review of plans, specifications, and budget. Funds are disbursed in installments as the construction progresses. (Refinances of existing homes may also be considered for major renovations and/or additions.)
