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First Time Homebuyer Programs

With some support, you can afford a place of your own

Save money with reduced down payments, closing cost credits, and more

Fixed- and adjustable-rate mortgages available

Apply for grants to cover closing costs

Benefit from completion of home ownership course

Save money with no Private Mortgage Insurance options

Welcome to a better home loan experience

Given the high costs involved, some people may feel like the dream of home ownership is beyond reach. But at Webster Five Bank, we unlock doors every day with programs geared to first-time buyers. Our Worcester County, MA, lending team can introduce you to programs that offer everything from affordable mortgage loans to down payment assistance.

First-time homebuyer loan

  • Home-ownership program offered by Webster Five
  • Buyers benefit from low down-payment solutions, fixed- and adjustable-rate mortgages and discounted attorney fees
  • $500 closing cost credit available upon completion of a home ownership counseling course offered by MassHousing or Fannie Mae
  • No Private Mortgage Insurance (PMI) mortgage options available to qualified borrowers
  • Home-ownership program offered by Webster Five
  • Buyers benefit from low down-payment solutions, fixed- and adjustable-rate mortgages and discounted attorney fees
  • $500 closing cost credit available upon completion of a home ownership counseling course offered by MassHousing or Fannie Mae
  • No Private Mortgage Insurance (PMI) mortgage options available to qualified borrowers

FHLB Boston home equity builder program

  • Webster Five is a participating lender in the Federal Home Loan Bank of Boston’s Equity Builder Program (EBP)
  • Grants available to homebuyers who earn less than 80% of the area median income, as set by U.S. Department of Housing and Urban Development
  • Grants can be used to lower down payment and closing costs
  • Webster Five is a participating lender in the Federal Home Loan Bank of Boston’s Equity Builder Program (EBP)
  • Grants available to homebuyers who earn less than 80% of the area median income, as set by U.S. Department of Housing and Urban Development
  • Grants can be used to lower down payment and closing costs

Frequently Asked Questions

No, there is no fee for completing our application.

The interest rate is the cost to borrow money disbursed in the loan. The APR is a calculated rate that not only includes the interest rate, but also takes into account other lender fees required to finance the loan.

Yes, when you apply for a loan in advance, we issue a prequalification letter subject to you finding your new home. You can use the prequalification letter to assure real estate brokers and sellers that you are a qualified buyer. The prequalification process helps assure that you are looking in the right price range to comfortably fit your budget. Having been prequalified for a mortgage may also give more weight to any offer you make. When you find the perfect home, contact one of our loan officers or click here to get started on your application.

The maximum percentage of your home’s value depends on the purpose of your loan, how you use the property, and the loan type you choose. The best way to determine what loan amount we can offer is to complete our online application.

Closing costs include items like appraisal fees, title insurance fees, attorney fees, prepaid interest, and documentation fees – to name a few. These items are usually different for each customer due to differences in the type of mortgage, the property location and other factors. You will receive a Loan Estimate of your closing costs prior to your closing for review.

An escrow account requires borrowers to make monthly payments toward real estate taxes and/or home-related insurance as part of the regular monthly mortgage payment. Bills for the taxes and/or insurance are sent directly to the lender who makes the required payments on your behalf. Webster Five may not require an escrow account in all cases.

A rate lock gives you protection from financial market fluctuations that could affect your interest rate. You can choose to lock or not lock (float) your interest rate. On the date and time that you lock, that interest rate remains available to you for a set period of time. If you choose to float your interest rate, your rate will fluctuate with the up and down movements of the financial market. You must lock your rate at least seven business days prior to closing.

Tools to Help You Succeed

Home Equity Loans
Turn home value into possibility

Access the equity you’ve built and put it to work for upgrades, debt consolidation, or your next big goal.

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