Owner Occupied 1-4 Family

View Residential Loan Criteria

Do I need to work with a mortgage broker?

  • You must work with a licensed mortgage broker. For a list of licensed mortgage brokers in Massachusetts, click here (to some list of all brokers in MA).

How long does the loan application process take?

  • Most loans are closed within 4-6 weeks.

What areas does County service?

  • We close loans in Eastern Massachusetts, including Barnstable, Bristol, Dukes, Essex, Middlesex, Nantucket, Norfolk, Plymouth, Suffolk, and Worcester counties. If you are unsure of a property’s county, please refer to the County Locator link on our Resources page.

Can I use my own appraisal?

  • We require all owner-occupied 1-4 family properties to be appraised by an appraiser of our choosing.

Are there upfront fees?

  • You will only be responsible for the fees associated with the aforementioned appraiser.

Will a credit report be required?

  • Before the application process is completed we will be required to review your credit report. Your credit report needs to be obtained by and sent to us from your broker.

What information will be required?

  • A 1003 loan application form
  • A credit report (to be obtained by your broker)
  • Proof of sufficient income based on verifiable income and all monthly expenses.

What additional information may be required?

  • Dependent on your situation, you may require forms such as:
  • Divorce decrees, probate documents, employment contracts, and leases

How much can I borrow?

  • You can borrow up to 60% LTV (loan-to-value)

Important Information Regarding Procedures when Opening a New Account

  • To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
  • What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.