Special Mortgage Programs
Money-saving programs for veterans, first-time homebuyers and others
Lower down payment possibilities
Flexible credit guidelines in many cases
Construction and land loans available
Refinancing options available
Find options beyond a traditional mortgage
Over the years, more and more Americans have wanted to become homeowners. And so the federal government and private lenders have developed a variety of loan programs to make that happen. At Webster Five in Worcester County, MA, our experienced team can explain all your options and guide you to financing that best fits your needs.
FHA mortgages
This popular government-backed program has offer more than 50 million loans since the mid-1930s.
- Down payments as low as 3.5%
- Flexible credit guidelines
- Fixed-rate and adjustable-rate loans available
- Popular with first-time homebuyers
- Refinancing options available
- Work directly with Webster Five lenders
This popular government-backed program has offer more than 50 million loans since the mid-1930s.
- Down payments as low as 3.5%
- Flexible credit guidelines
- Fixed-rate and adjustable-rate loans available
- Popular with first-time homebuyers
- Refinancing options available
- Work directly with Webster Five lenders
VA loans
This attractive financing option is open to active duty military, veterans, reservists and some military spouses.
- No down payment required
- Flexible credit guidelines
- No private mortgage insurance (PMI) required
- Limited closing costs
- Fixed-rate and adjustable-rate loans available
- Refinancing options available
This attractive financing option is open to active duty military, veterans, reservists and some military spouses.
- No down payment required
- Flexible credit guidelines
- No private mortgage insurance (PMI) required
- Limited closing costs
- Fixed-rate and adjustable-rate loans available
- Refinancing options available
Home equity plus and mortgage combo
This Webster Five loan package can provide you with extra borrowing power.
- Refinance up to 95% of your current home equity or borrow up to 95% to purchase a home.
- Ideal solution for properties that don’t meet down payment requirements of a standard mortgage or as an alternative to Private Mortgage Insurance (PMI).
This Webster Five loan package can provide you with extra borrowing power.
- Refinance up to 95% of your current home equity or borrow up to 95% to purchase a home.
- Ideal solution for properties that don’t meet down payment requirements of a standard mortgage or as an alternative to Private Mortgage Insurance (PMI).
New home construction loans
Building your home place from the ground up? At Webster Five, we can be as important to that process as the carpenters and roofers.
- Short-term loans for site development, labor and materials
- Funds released in time for each phase of the building process
- Lock in long-term rates while construction is underway and easily convert to a permanent mortgage when you're ready to move in
- Land loans allow you to purchase parcels without having to immediately break ground for construction of a new home.
Building your home place from the ground up? At Webster Five, we can be as important to that process as the carpenters and roofers.
- Short-term loans for site development, labor and materials
- Funds released in time for each phase of the building process
- Lock in long-term rates while construction is underway and easily convert to a permanent mortgage when you're ready to move in
- Land loans allow you to purchase parcels without having to immediately break ground for construction of a new home.
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
Access the equity you’ve built and put it to work for upgrades, debt consolidation, or your next big goal.
