Special homeownership mortgage programs

Webster Five offers several unique money-saving mortgage loan programs for veterans and individuals or families with low to moderate incomes.

Masshousing mortgage loans

MassHousing provides below-market rate mortgages to income-eligible borrowers for the purpose of purchasing or refinancing a home. In addition to low interest rates, the program offers low down payment requirements (3%) and flexible underwriting guidelines, including no Private Mortgage Insurance (PMI) programs. Under this program, eligible borrowers can also refinance the first mortgage on their primary residence. Other restrictions may apply.

Home equity plus and mortgage combo

With a Home Equity Plus loan or line of credit in conjunction with a Webster Five mortgage, you can refinance up to 95% of your current home equity or borrow up to 95% to purchase a home. This solution is ideal for properties that don’t meet the down payment requirements of a standard mortgage or as an alternative to Private Mortgage Insurance (PMI). It’s simple, easy and flexible.

FHA mortgage

Mortgages issued by federally qualified lenders and insured by the Federal Housing Administration (FHA), FHA loans are designed for borrowers who would like to put as little as 3.5% down toward a new home.

Veteran’s administration (VA) loan

A product offered to veterans who meet specific eligibility criteria. The program requires no down payment with flexible underwriting guidelines. Some closing costs are paid by the lender. No income limitations.

Affordable “Home for the Brave” homebuyer program

A homeownership program offered by Webster Five in conjunction with the Mortgage Insurance Fund of the Massachusetts Housing Finance Agency. It provides first mortgages to income-eligible potential homebuyers who are veterans of the U.S. armed services. This program is also available to active duty military and the spouses of soldiers, sailors, airmen or marines killed while on active duty. No down payment is required for single-family homes and eligible condominiums. Other restrictions may apply.




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