• Personal Banking
  • Commercial Banking
  • Investment Services
  • Tools & Resources
  • Convenience Services
  • News
  • Rates



Military Mortgage Programs


Operation Welcome Home

The Operation Welcome Home mortgage program supports veterans, active-duty military, members of the Reserves and National Guard, and Gold Star Families in achieving the dream of homeownership.

NEW $2,500 Closing Cost Credit Enhancement

The Savings Bank, along with MassHousing are pleased to announce a closing cost credit for borrowers utilizing the Operation Welcome Home Program effective immediately to all new applicants.


 Print Rates

Effective as of  4/17/2019

A 30 Year Fixed Rate Mortgage at 4.250% with no points would be repayable in 360 monthly payments of $4.92 per $1,000 borrowed.


To qualify for an Operation Welcome Home loan, you must:

  • Be an active duty military member; Veteran who served honorably; member of the Reserves or National Guard; or a Gold Star Family member
  • Be a first time homebuyer*
  • Purchase a 1- to 4-family property in Massachusetts (including condominiums)
  • Meet income and loan limits: standard | purchase and rehabDown Payment Assistance (DPA)

*You do not have to be a first-time homebuyer if you are purchasing a home in Boston, Chelsea, Cambridge, Everett, Fall River, Lawrence, Lynn, North Adams and Somerville.

Program Features

  • Competitive, fixed interest rates and 30-year terms with flexible credit and qualifying requirements
  • A 0% interest, deferred down payment or closing cost assistance loan option of up to 3% for eligible borrowers
  • Up to 97% loan-to-value (LTV) first mortgage financing on single-family homes and condos
  • Up to 95% first mortgage financing on two-, and three-family homes with as little as 3% required from the borrower
  • Borrower or lender paid mortgage insurance options are available
  • Loans insured by MassHousing feature MIPlus™ Mortgage Payment Protection benefit, which helps repay your loan if you are deployed or lose your job, or for Reservists and National Guard Members called to active duty
  • A Purchase & Rehabilitation option is available


Home for the Brave Mortgage Loan Program


We offer this affordable, low downpayment mortgage program through our partner, MassHousing for veterans of the US Armed Services living in Massachusetts. In conjunction, grants from the Veterans Administration are available to help disabled veterans make accessibility upgrades to properties they are interested in purchasing.




Effective as of  4/17/2019

A 30 Year Fixed Rate Mortgage at 4.125% with no points would be repayable in 360 monthly payments of $4.85 per $1,000 borrowed.  A 10/1 ARM at 4.000% would be repayable in 120 monthly payments of $4.77, followed by 240 payments of $5.20 per $1,000 borrowed.

Program Parameters:

  • This loan program is made possible through a partnership between MassHousing and The Savings Bank.  All loan program parameters are established by MassHousing.
  • Available to US Armed Services veterans as defined by Massachusetts General Laws and Active-Duty Military personnel and spouses of military personnel killed while on active duty. 
  • Loans may be used to purchase or refinance a home; you do not have to be a first time homebuyer to qualify.  No cash out on refinance loans.
  • Maximum Loan Limits: Single Family: $484,350; 2 Family: $580,150; 3 Family: $701,250; 4 Family: $871,450
  • Property must be owner occupied, primary residence.
  • Borrowers’ income may be up to 135% of the median income for the city or town in which they are purchasing or refinancing a home.  Maximum income limit is $145,530.
  • Up to $1500 in closing costs grant money may be available from MassHousing for purchase transactions.
  • Private Mortgage Insurance (PMI) is required through MassHousing and includes, at no cost to the borrower, mortgage payment coverage in case of unemployment or call to active duty.
  • Borrowers must have a minimum credit score of 680 for 97% financing, and 660 for 95% financing.
  • Total monthly debt may not exceed 45% of gross income at 95% and lesser financing; total monthly debt may not exceed 41% of gross income at 97% and lesser financing.
  • Homebuyer Counseling is required for all first time homebuyers and for any purchaser of a multi-family home.
  • Loans may be used to purchase or refinance a home; you do not need to be a first-time homebuyer to qualify
  • Loans feature mortgage insurance with MI Plus, a unique protection that helps pay the mortgage in case of unemployment. MI Plus is available to veterans who lose their job, as well as veterans who are recalled to active duty during their term of inactive reserves. Reservists or members of the National Guard who are called to active duty will also be entitled to job loss benefits.
  • Funds are available through the Veterans Administration for accessibility upgrades
  • Reduced closing costs available through The Savings Bank  

Financing Available:    

  • 97% for single family and condominiums 
  • 95% for 2 - 4-family property  

60 Day Rate Lock:

  • Other Rate Lock options may be available                     

 Reduced Closing costs:

  • Reduced Closing Costs of $990 include attorney fee, plot plan, MLC and recording fees
  • Reduced Title Insurance premium ($2.00 per $1000) for Lenders Coverage only; Owners policy will be additional cost
  • NO appraisal fee, NO credit report fee, NO application fee, NO points
  • Prepaid Finance Charges:Tax Service Fee ($88.00), Hazard Tracking Fee ($80.00), Flood Certificate Fee ($14.50), Verification of Employment Fee ($200.00) Real Estate Tax Escrow and PMI

1 Fixed APR includes PMI Premium and prepaid finance charges such as Tax Service Fee, Hazard Fee, Flood Certificate Fee, and Verification of Employment Fee.
2 APR is a composite APR and includes PMI Premium and prepaid finance charges such as Tax Service Fee, Hazard Fee, Flood Certificate Fee, and Verification of Employment Fee. 

ARM index is based on the weekly average yield on 1-year U.S. Treasury Security. Interest Rate may increase after consummation on Adjustable Rate Loan.

At time of application the Interest Rate applied for may be higher or lower than the Interest Rate quoted on this Rate Sheet.  All Interest Rates and program guidelines may change daily without prior notice.

Homebuyer Counseling

Homebuyer counseling is required for all first-time homebuyers and for any homebuyer purchasing a multi-family home.

Request an appointment - Call to apply

An experienced mortgage specialist will walk you through the steps, answer all of your questions, and simplify the application process, while helping you decided which options make the most sense for you. For more information please click here to request information, or call a mortgage specialist at (800) 246-2009.

Mortgage Center 

Visit our Mortgage Center to view all our mortgage rates.

Related Links

Contact Us
Branch Locations



PrivacyDisclaimerAgent ConnectSite Map
The Savings Bank  357 Main Street St, Wakefield, MA, 01880    Phone: (800) 246-2009    Fax: (781) 224-5482
DIFEqual Housing LenderFDIC