Understanding Needham Bank’s Community Loan Program
Everyone deserves a home to call their own. That’s why we have a mortgage program to help make your dream a reality. Read through our Q&A below to get a better understanding of the benefits and features of the program, as well as the eligibility requirements and how to get started.
What is Needham Bank’s Community Loan Program?
Needham Bank’s Community Loan Program creates a path towards achieving home ownership, specifically for customers who may have previously felt this milestone would be unattainable. Our program is ideal for those with newly established credit, first-time homebuyers and even those who are seeking to refinance their existing mortgage at a different rate.
What are the benefits and features of the Community Loan Program?
-
Discounted interest rates
-
Reduced closing costs (Needham Bank will pay all of the closing costs except for escrows and owner’s title insurance)
-
Available for refinances as well
-
Fixed and adjustable rate mortgage products
Am I eligible for the Community Loan Program?
The Community Loan Program does carry some restrictions including a maximum income threshold and geographic requirements. The program is available in the following areas: Ashland, Brookline, Dedham, Dover, Framingham, Franklin, Holliston, Hopkinton, Medfield, Medway, Milford, Millis, Natick, Needham, Newton, Norfolk, Norwood, Sherborn, Walpole, Waltham, Watertown, Wayland, Wellesley, Weston, Westwood and all neighborhoods in the City of Boston.
Individual cases may vary, but we encourage you to speak with one of our loan officers for more information and to determine your eligibility.
What do I need to apply?
-
Federal tax returns from the past two years
-
Most recent paystub
-
Last two months of bank statements
-
Listing of other debts (For example: student loans, car loans, credit cards, etc.)
How can I apply?
Please contact Michael Sinclair, Executive Vice President Residential & Consumer Lending, NMLS# 509021, at 781-474-5896 to learn more about our Community Loan Program, have your questions answered and get started on the path towards home ownership. We will help you through every step of the process, and our lending team will be fully available to you throughout the duration of your loan.