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Down Payment Assistance

Saving to buy? We can help.

Our helpful Mortgage Bankers will provide the assistance you need to decide which mortgage is right for you.
When you buy a home, you generally need to put money down which is percentage of your home’s final purchase price. This is called your down payment or “cash from buyer”. The amount of the down payment depends on the type of loan you will use to purchase the home and the home’s sale price.

Down Payment Assistance Program

  • Features a low-interest 30-year fixed rate loan that can be used to cover your down payment and closing costs
  • Helpful for those who can afford a mortgage but may not have enough cash on hand for the down payment.
  • Minimum loan amount is $3,000 and the maximum is $20,000.
  • 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

Our Welcome Home Mortgage Program is specifically designed to make buying a home easier and more affordable in low-to moderate-income areas.

  • Designed for first-time home buyers or those who haven't owned a home in three years
  • 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 or have questions?

Play video iconVideos

These short videos will help you to understand what you need to know before buying a home, budgeting and much more. View Videos

Calculator iconCalculators

Use these calculators to estimate payments, compare rent vs. buy, and how much you could save by refinancing. View Calculators

Community Banks Can Give First-Time Homebuyers The Edge

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.