Affordable Housing Program
The Bank’s Affordable Housing Program (AHP) is available to low- and moderate-income individuals who have not owned a principal residence within the past three years and wish to purchase a 1-4 family primary residence within target areas of Massachusetts and Rhode Island.
- A fixed or adjustable rate mortgage loan
- Lower down payment requirements
- Discounted PMI required
- Closing costs assistance available
- HUD (U.S. Department of Housing & Urban Development) approved Home Ownership Counseling Program required
Click here for more information on HUD income limits.
Approved housing agencies such as Pro-Home Inc. and South Shore Housing along with other HUD approved counseling agencies can provide the First Time Homebuyer training. For a list of HUD and MassHousing approved counseling providers please refer to the Massachusetts Housing Finance Administration website.
First Time Home Buyers Mortgages
If you have not owned a primary residence within the past three years, you may be eligible for our First Time Home Buyers mortgage. This program is for one-to-four-family owner-occupied properties in Massachusetts and Rhode Island. For single-family homes, financing up to 97% is available. With 10% down, no Private Mortgage Insurance (PMI) is required. We offer a 60 day rate lock with a one-time opportunity to reduce to a lower rate. (Municipal employees are eligible for First Time Home Buyer Mortgages regardless of past ownership status.) *
MassHousing Finance Agency Programs
These programs are offered in cooperation with MassHousing Finance Agency for purchases with low down payment and discounted private mortgage insurance (PMI). If you are looking to purchase a home in need of major repair, the Purchase and Rehabilitation Mortgage loan may be the program for you with financing available up to 97% of purchase price and improvements. This is available to Municipal Employees regardless of previous homeownership.
Construction Permanent Mortgages
This mortgage is offered to individuals constructing a property for their primary or secondary residence. A construction period of up to twelve months is allowed and funds are released based on a construction schedule.
- Interest-only payments on amount of money disbursed during the construction period
- One closing for the construction and permanent financing
- A percentage of land value is released at closing
- Financing with or without Private Mortgage Insurance is available based on loan-to value (LTV)
- Financing available for modular homes
Watch our construction loan video. We’ll guide you step by step through the entire construction financing process in simple terms.
View our construction loan video:
Residential Land Mortgages
If you are not ready to build a home today, you can finance just the land. Bristol County Savings Bank offers several residential lot loan programs to assist you in obtaining financing.
The Jumbo mortgage is for mortgages over the Fannie Mae conventional mortgage limit guidelines. Jumbo products are available with either fixed or adjustable rates. For rates and terms on Jumbo products, please contact a Mortgage Consultant.
If you would like more information about our mortgage products, please visit our Mortgage Webcenter
*First-lien purchase money mortgages on owner-occupied primary single or two family properties and condos meeting Fannie Mae guidelines only located in Massachusetts or R.I. Other restrictions may apply.