First Time Home Buyer

First Time Home Buyers

Haverhill Bank is pleased to offer lending programs for qualified first time home buyers. With these programs, borrowers are able to take advantage of an array of benefits including discounted rates, lender credits, down payment assistance and more!

Don't think you qualify as a First Time Home Buyer? All borrowers who have not held an ownership interest in a property for the previous three years may be eligible! Learn more about this program by calling a Mortgage Originator at (978) 374-0161 and mentioning your interest in the First Time Home Buyer Program.

Have questions about the mortgage process? We've created this convenient informational sheet to help you along the way!

First Time Home Buyer Program

Haverhill Bank’s first-time homebuyer program offers a discount of .250% off the current 30-year fixed rate term. Unlike other programs, buyers only need a 3% down payment. What’s more, buyers under the program pay no points and receive a $1,000 lender credit to assist with closing costs.

Features

Down payment as low as 3%
Rate discount of 0.250% off of 30-year fixed rate term
$1,000 lender credit, to be applied at closing
Discounted settlement fees with participating attorneys*
Access to the Home Buyer Privileges** savings program
One-time rate float down. Contact a Mortgage Originator for details

For qualified first time homebuyers only. A Home Ownership Counseling course must be completed through a Haverhill Bank approved provider. Eligible residential owner-occupied, one family and approved condominiums. Down payment as little as 3% of borrower's own funds. Loan-to-value above 80% of purchase price, or appraised value, the lower value will require mortgage insurance approval. Property insurance is required, mortgage and flood insurance may be required. Subject to credit approval. Maximum loan amount of $484,350. Other restrictions apply.
*Participating attorneys are lender-approved and represent Haverhill Bank. Please speak with your Mortgage Originator for a list of participating attorneys.
**Savings product offered by Genworth Financial. Product available for new purchase transactions only. Homebuyer Privileges is a registered trademark of Genworth Financial.

Equity Builder Program

Haverhill Bank has partnered with the Federal Home Loan Bank of Boston to offer down payment/closing cost assistance for eligible home buyers. Eligible applicants will receive all of the benefits included in our First Time Home Buyer Program and more!

Features

Down payment as low as 3%
Up to $22,000 in down payment assistance
Rate discount of 0.375% off of 30-year fixed rate term
$1,000 lender credit, to be applied at closing
Discounted settlement fees with participating attorneys*
Access to the Home Buyer Privileges** savings program
One time rate float down. Contact a Mortgage Originator for details.

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(978) 374-0161 View Rates

For qualified first time homebuyers only, subject to credit approval. Down payment/closing cost assistance of up to $22,000 available for owner occupied single family and 1-4 family homes, including qualified condominiums. Eligible applicants may not earn more than 80% of the area median income based on subject property address and must complete a homebuyer counseling education program administered by an agency designated by Haverhll Bank; see a Loan Officer for details. Mortgage Insurance (MI) is required on all loans with a loan-to-value ratio greater than 80%. There is a maximum loan amount of $484,350. Down payment/closing cost availability is not guaranteed as funds are accessed through an enrollment pool on a first-come, first-served basis.
*Participating attorneys are lender-approved and represent Haverhill Bank. Please speak with your Mortgage Originator for a list of participating attorneys.
**Savings product offered by Genworth Financial. Product available for new purchase transactions only. Homebuyer Privileges is a registered trademark of Genworth Financial.