Institution for Savings

pair of front doors in newburyport

Buying Your First Home?
Introducing Our First-Time/Affordable Homebuyer Loan

4.990% RATE* | 5.025% APR
Contact Us

Ask about our other homeownership
assistance programs
including MHP and FHLB.

Looking for an affordable way to buy your first home?
We're here to help.

Our First-time/Affordable Homebuyer Loan is a great option for first-time homebuyers purchasing an owner-occupied condominium or single-family primary residence in Essex County. 

  • As little as 5% down
  • No mortgage insurance requirement for LTV of 90% or less
  • Earn a $1,500 CREDIT on closing costs!*
  • First-time homebuyers or no homeownership for prior three years 
  • Only available in Essex County, MA

Please call us at 978-358-8890 or email us for information about this and other home ownership assistance programs including MHP and FHLB.

Apply Now

*APR denotes Annual Percentage Rate as of 4/27/23 and is based on a $550,000 purchase loan with minimum credit score of 680 and maximum LTV of 95%. Unit cost per $1,000 borrowed is $5.36. Minimum loan amount is $100,000, maximum loan amount is $550,000 with a maximum purchase price of $687,500. Owner-occupied condominiums or single-family primary residences in Essex County only. Offer subject to credit approval. Property insurance required. Flood insurance required if the property is located in a FEMA Special Hazard Flood Zone. Monthly payment examples do not include escrow amounts for real estate taxes, PMI and/or insurance, if applicable. This may increase payment amount. Other terms and conditions may apply. Rate is subject to change without notice. To qualify for this program, applicant must be a first-time homebuyer or have not owned a home for prior three years and must attend a first-time homebuyer course. Applicants must have an income no greater than 120% of the area median income (AMI) and a debt-to-income (DTI) ratio no greater than 36%. Applicants must also have a minimum credit score of 680 to qualify. A minimum down payment of 5% is also required with a 2% gifted cap and a $200,000 liquid/stock asset cap. The minimum down payment requirement does not include retirement accounts and down payment assistance (DPA) programs for LMI borrowers. PMI is waived for loans at 90% LTV or less. Applicants who qualify for this program and who have attended a CHAPA certified FTHB course are eligible for a $1,500 closing cost credit.