Institution for Savings

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

4.990% RATE* | 5.025% APR
NO POINTS! LLPA FEES WAIVED!
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

Mortgage Loan Calculator View All Mortgage Rates
*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.