Residential
We can help make purchasing your first home easier.
Buying your first home is exciting, but it can also seem challenging if you’re not sure what to expect. At Florence Bank, we'll work with you every step of the way to help you navigate the process and finance your first home. We participate in programs like the Guaranteed Rural Housing Program, designed to help first-time homebuyers overcome some of the obstacles to getting a mortgage. In addition, low down payment options are available on all first-time homebuyer loans.
Fixed Rate First-Time Homebuyer Program
Are you a first-time homebuyer looking for the security of a fixed rate mortgage? With as little as 3% down, Florence Bank’s Fixed Rate First-Time Homebuyer Program offers competitive terms including below market interest rates, a lender credit for closing costs, reduced monthly private mortgage insurance payments, and much more. Contact us today for more information.
Adjustable Rate First-Time Homebuyer Program
If you’re a first-time homebuyer looking to purchase your dream house, a Florence Bank Adjustable Rate First-time Homebuyer Mortgage offers lower starting rates than traditional fixed-rate mortgages with the option to choose a 5/1, 7/1, or 10/1 term.
Freddie Mac Home Possible
Home Possible provides a responsible financing option for qualified low- and moderate-income borrowers who may lack funds for a larger down payment.
USDA Guaranteed Rural Loan Program
Are you a home buyer looking for housing in the rural areas of Hampden, Hampshire, and Franklin counties in Massachusetts? A USDA Loan may be an affordable financing option for you.
A USDA Loan, offered by the U.S. Department of Agriculture, is a government-backed loan offered to qualified home buyers that are specifically looking for housing in rural areas. This type of loan is for home buyers that are seeking a payment option with little to no down payment, as a USDA Loan can typically finance 100% of a mortgage. One of the main stipulations with this loan is that the home purchase must be in an area classified as “rural” by the USDA.