Affordable Housing Program

At Winchester Savings Bank, we offer a wide range of smart mortgage products to fit your needs. If you need help buying a home, our Affordable Housing Mortgage Program may be the right fit for you. Our experienced Mortgage team will guide you through the process with great care.

*Eligibility

• First Time Homebuyer Status - All borrowers must be first time homebuyers
• Household income is equal to or less than 120% HUD Median Income limit
• Property type is single family or condominium
• Loan amounts from $100,000 to $766,550
• Private Mortgage Insurance (PMI) may be required if Loan-to-Value (LTV) is 80.01% or greater
• Available in Arlington, Beverly, Danvers, Lexington, Lynn, Malden, Medford, Melrose, Peabody, Reading, Salem, Saugus, Stoneham, Wakefield, Winchester and Woburn

Features

• As little as 3% down payment
• 0-point product
• Appraisal and credit report fees refunded at closing
• 100% gift allowed
• No reserve requirements

Rate Discount

• .50% below the current standard rate for 30-year fixed or 5/1, 7/1 or 10/1 adjustable rate mortgage
• .75% below the current standard rate if household income is within the 80% HUD median income limit