First Time Homebuyer Loan Program

¹Discounted interest rate is priced at 0.25% below standard 30-Year Fixed Rate. APRs are subject to change without notice. Maximum down payment permitted for Single Family, Condos, and 2-Family is 5% of purchase price. Annual Percentage Rate (APR) Example loan payment schedule: A $200,000, Monson Savings Bank First Time Home Buyer Program 30-year fixed rate mortgage with a down payment of 0% with an APR of 6.00% has an approximate monthly principal and interest payment of 1,199.10. The sample monthly payment does not include taxes and insurance premiums. Actual payment amounts will be higher.

²Maximum Loan-to-Value (LTV) financing is based on the lessor of the sales price or appraised value. Requirements are 100% LTV for Single Family, 100% LTV for Warrantable Condos, 80% LTV for Non-Warrantable Condos, and 95% LTV for Multifamily. Interest on the portion of the loan that exceeds the value of the dwelling is not tax deductible and the consumer should consult their tax advisor.

³An eligible first-time home buyer includes any borrower who has not held an ownership interest in a principal residence at any time during the three years preceding the projected closing date of the mortgage to be financed by Monson Savings Bank. To qualify for a First-Time Home Buyer program, a HUD approved homebuyer counseling workshop must be completed. For multifamily properties, landlord counseling is also required. Program is only available for properties in select geographic communities, and income limits apply. Property insurance is required. Flood insurance may be required. Credit offer is subject to credit approval. Additional terms and conditions apply. Program funds are limited and program can end at any time without notice.

⁴Closing cost credit is limited to a maximum of $1,000. This credit is available exclusively for qualified first?time homebuyer applications that are approved and closed through Monson Savings Bank’s First Time Homebuyer Program. Eligibility requires establishment of automatic mortgage payments which shall be deducted from a new or existing Monson Savings Bank account and completion of online banking enrollment and the mobile banking app setup prior to closing. Monson Savings Bank will provide the Closing cost credit at the time of closing. Any closing cost above $1,000 is the borrower’s responsibility. All loan applications are subject to credit underwriting and property approval. Limit one per household. Not redeemable for cash. May not be combined with any other promotional offer. Other fees and costs may apply. Other conditions may also apply. Offer may be withdrawn at any time without notice. Redeem offer at the time of application by providing reference code MSBFTHB2026 to your MSB Loan Representative.