Understanding Needham Bank’s Community Loan Program

Everyone deserves a home to call their own. That’s why we have a Community Loan Program to help make your dream a reality, especially when it seems out of reach. The program makes it easier to qualify for a loan, with reduced interest rates and closing cost for those who qualify.

What is Needham Bank’s Community Loan Program?

Needham Bank’s Community Loan Program creates a path towards achieving home ownership, specifically for customers who may have previously felt this milestone would be unattainable. Our program is ideal for those with newly established credit, first-time homebuyers and even those who are seeking to refinance their existing mortgage at a different rate.

What are the benefits and features of the Community Loan Program?

The Community Loan Program can be used whether you are purchasing or refinancing a come. The program included:

  • Discounted interest rates
  • Reduced closing costs (Needham Bank will pay all of the closing costs except for escrows and owner’s title insurance)

Am I eligible for the Community Loan Program?

The Community Loan Program does carry some restrictions including a maximum income threshold and geographic requirements. The program is available in the following areas: Ashland, Belmont, Brookline, Cambridge, Dedham, Dover, Everett, Framingham, Franklin, Holliston, Hopkinton, Malden, Medfield, Medford, Medway, Milford, Millis, Natick, Needham, Newton, Norfolk, Norwood, Sherborn, Somerville, Walpole, Waltham, Watertown, Wayland, Wellesley, Weston, Westwood and all neighborhoods in the City of Boston.

Individual cases may vary, but we encourage you to speak with one of our loan officers for more information and to determine your eligibility.

What do I need to apply?

  • Federal tax returns from the past two years
  • Most recent paystub
  • Last two months of bank statements  
  • Listing of other debts (For example, student loans, car loans, credit cards, etc.)

How can I apply?

Please contact our loan officers to learn more about our Community Loan Program, have your questions answered and get started on the path towards home ownership. We will help you through every step of the process, and our lending team will be fully available to you throughout the duration of your loan.