Newtown Savings Bank Down Payment Assistance Program
This program features a low-interest 30-year fixed rate loan that can be used to cover your down payment and closing costs. This program is helpful for those who can afford a mortgage but may not have enough cash on hand for the down payment. The minimum loan amount is $3,000 and the maximum is $20,000.
This program is available to qualified first-time homebuyers and those who have not owned a home in last 3 years, and can be used with our Welcome Home Mortgage shown below. You will need to qualify for both the mortgage and the Down Payment Assistance to receive down payment assistance.
Welcome Home Mortgage
This unique Newtown Savings Bank mortgage is designed for first-time home buyers or those who haven't owned a home in three years. Our Welcome Home Mortgage Program is specifically designed to make buying a home easier and more affordable in low-to moderate-income areas.
- Down payments as low as 3%
- Preferred low fixed interest rates
- Combined Loan to Value (CLTV) of 105%
- Ability to use an approved down payment assistance program to help pay closing costs
Ready to get started with the home buying process or have questions? Speak with a Mortgage Banker today.
Welcome Home Mortgage and Newtown Savings Bank Down Payment Assistance Program are subject to application and approval. Home buyer education is required. Purchase price sales of home may not exceed low to- moderate-income (LMI) tract limits established for the specific LMI tract within the towns within Newtown Savings Bank’s Community Reinvestment Act (CRA) areas. Financing is for existing single-family homes and warrantable condominiums. Welcome Home and Newtown Savings Bank Down Payment Assistance Program requires mortgage insurance offered though Radian. Other conditions apply – speak with us for details.