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First-Time Homebuyer Program

Thinking about buying your first home?

Buying a home may be the most exciting process you will ever go through, and it is probably one of the most important financial investments you will ever make. Feeling the pressure? Bay State Savings Bank has created several first time homebuyer mortgage options that include personalized guidance and service from pre-approval to loan pay off.

My Community Mortgage

To obtain a MyCommunity Mortgage, borrowers must meet income and purchase price limits, which are based on Federal law and vary depending upon geographic area. All loans through Bay State Savings Bank are subject to credit approval.

To qualify for a My Community Mortgage, you must meet the following requirements:

  • Acceptable Credit Rating – Minimum credit scores apply to some My Community Mortgage loans. Contact a credit bureau in your area to check your credit record or receive credit advice.
  • Have a signed Purchase and Sale Agreement
  • Fit the Loan Qualifications– Lenders will assess your ability to afford a home by considering your income, assets, job stability, liabilities, etc. Monthly expenses should not exceed 33% of your monthly income. Housing expenses plus other debt should not exceed 41% of your monthly income.
  • Take a Homebuyer Counseling Course– Courses are available at the Neighborworks HomeOwnership Center of Worcester, learn more.

For more information about our first time homebuyer options, visit our Resource Center or speak to one of our mortgage specialists by calling (800) 244-8161.


All loans are subject to credit approval.