Lending-Mortgages
- North Easton Savings Bank partnered with MassHousing in order to offer first time homebuyers special programs with reduced rates and flexible underwriting standards.
- For borrowers with less than a 20% down payment Private Mortgage Insurance is required. Private Mortgage Insurance through MassHousing provides coverage of principal and interest payments for up to six months (up to $2,000/month) if the borrower becomes unemployed at any time during the policy's 10-year term.
- Homebuyer counseling is recommended and required for borrowers with less than a 5% down payment
- No credit history required, alternative credit sources may be considered
- Income and purchase price restrictions apply
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Low and Moderate Income Borrowers
- North Easton Savings Bank has discounted rates, closing costs and mortgage insurance premiums for borrowers with household income at or below 80% of the median income and are purchasing a home.
- The Municipal Mortgage Program offers public service employees trying to buy homes in the communities in which they work, flexible underwriting standards, and attractive pricing.
- The program is open to employees of municipal, county and state government, government agencies and non-profit organizations working in areas of public safety, law enforcement, health care, education and social services. A borrower's household income must be less than 135% of the median income for the city or town where they are buying a home.
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- Only one loan closing required
- Adjustable rate and fixed rate programs available
- Interest only payments during the construction period
- Programs and options available for those who choose to be their own general contractor or will be performing work on their own
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Fixed Rate
- Fixed principal and interest payment for a fixed term
- Various terms available
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Adjustable Rate
- One, three, and five year adjustable rate programs available
- Flexible underwriting standards
- Adjustments tied to US Treasury indexes with a fixed margin of 2.75%
- Rate caps for each review and lifetime adjustments
- Discounted initial rates
- Various terms available
- Perfect for borrowers who use their monthly savings to make additional principal payments or for those who will not keep their mortgage or own their home for a long period of time
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One to Four Family Non-Owner Occupied Investment
- If you're looking to make an investment in a 1-4 family non owner occupied property we have several fixed rate and adjustable rate programs to choose from
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