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Mortgage Programs
Start your journey home.
Buying a home should be exciting. We’re here to keep it that way. With our range of mortgage programs, move-in day is closer than you think.
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Getting ready to buy your first home? First, congratulations! Second, check out our infographic for all the information you need — what the process involves, steps you need to take, and documents you need to provide.
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Mortgage Options | Works Best For | Rate Information | Special Features |
|---|---|---|---|
| Fixed Rate Mortgage | Someone who wants a consistent monthly payment | Stays the same for the entire term of the loan, making monthly budgeting easier | Special programs available for municipal, medical, and other professions |
| Adjustable Rate Mortgage (ARM) | Someone who may not be in the home long-term and may be looking for a lower initial rate | Changes based on the type of loan chosen | Special programs available for municipal, medical, and other professions |
| First Time Homebuyer | Someone who is new to home buying and may need extra assistance | Typically, a fixed rate | Programs available that offer lower down payment, lower income requirements and lower closing cost |
| Construction Loan | Someone who is buying property and having a home built, or is renovating an existing home | Construction Loan Payments are interest-only for 18 months | Borrow to build your home, then convert to a longer-term mortgage with a single closing |
| Jumbo Mortgage | Someone looking for a mortgage of $766,550+ | Can be fixed or adjustable rate | Loans up to $2,000,000 |
Down Payment & Closing Cost Assistance
Buying a home may be one of the largest and most important purchases many of us will ever make. It can also be daunting and costly. We have many resources to assist with down payment and/or closing costs to help you on your journey home.
NOTE: Programs below are offered on a first-come, first-served basis, while funds remain available. Individual program restrictions and income limits apply.
Click here to learn about special Down Payment and Closing Cost Assistance Programs:
- City of Boston Loans
- Equity Builder Program (EBP)
- Housing our Workforce (HOW)
- MassHousing
Homebuyer Assistance Program
Affordable Mortgage Options
We are proud to partner with MassHousing and the Massachusetts Housing Partnership in offering many special Mortgages that include competitive fixed rates and low down payments. MassHousing is a not-for-profit agency whose public mission is to make affordable loans to homebuyers with modest incomes. Massachusetts Housing Partnership works to help increase the supply of affordable housing in Massachusetts. Affordable Mortgage Options available include:
- A MassHousing Mortgage can help create affordability and increase buying power, including options with PMI (Private Mortgage Insurance) paid by Lender (LPMI), PMI paid by Borrower (BPMI), or even a no MI option.
- The ONE Mortgage Program is the most affordable loan for first-time home buyers, especially those with low to moderate incomes.
- The ONE+Boston Program combines City of Boston funds with features of the ONE Mortgage to increase the buying power of eligible residents purchasing a home within the City.
Dedham Savings and South Shore Bank are affiliate banks under a common holding company. All Mortgage loans are provided through Dedham Savings. Dedham Savings is Member FDIC, Member DIF, Equal Housing Lender, NMLS #473990. South Shore Bank is Member FDIC, Member DIF, Equal Housing Lender, NMLS #407656