First-Time Homebuyer Programs
Have you been dreaming of owning your own home? The First-Time Homebuyer Program from Thomaston Savings Bank is here to help you turn that dream into a reality. This special first-time homebuyer program is made available to assist individuals either buying homes in low- and moderate-income census tracts, or low- and moderate-income individuals purchasing homes in any of the Bank's communities here in Connecticut. With competitive rates and personalized service, we'll make the home-buying process easy and stress-free, so you can focus on what matters most: achieving your homeownership goals.
First-Time Homebuyer Programs Built
for Where You Want to Live
for Where You Want to Live
First-Time Homebuyer
Available for individuals purchasing in designated low- and moderate-income census tracts areas within these communities.1
- Bristol
- New Britain
- Plainville
- Torrington
- Waterbury
- West Hartford
- Winsted
First-Time Homebuyer Plus
Available for low- and moderate-income individuals purchasing homes in any of the Bank's communities.1 Income limits apply.2
- Avon
- Bethlehem
- Bristol
- Burlington
- Canton
- Farmington
- Harwinton
- Litchfield
- Middlebury
- Morris
- Naugatuck
- New Britain
- New Hartford
- Plainville
- Plymouth
- Prospect
- Southington
- Thomaston
- Torrington
- Waterbury
- Watertown
- West Hartford
- Winsted
- Wolcott
- Woodbury
Program Highlights
Low down payment. The program offers a 3% minimum down payment, which is much lower than the 20% down payment that is typically required for a conventional mortgage.
Down Payment Assistance Program: Available to be used with First-Time Homebuyer and First-Time Homebuyer Plus Programs for up to 3% of your home's financing.
No private mortgage insurance (PMI). Since this loan does not require PMI, you can save hundreds of dollars each month.
Rebate of full appraisal fee at closing. Get back your full appraisal fee at closing.
Reduced interest rate. Receive a reduced interest rate .25% below our current rate on your mortgage to save you even more on your monthly payments.
Alternative credit underwriting: Non-traditional sources, like rent payments or utility bills, can be used to assess creditworthiness if your credit report is limited or unavailable.
Program Details
- $350,000 maximum loan amount
- Owner-occupied, 1-4 family and condos
- Various fixed-rate options are available
- No pre-payment penalty
- No balloon payment
- Homebuyer education program required
- Property must be located in a designated census tract, or the homebuyer must be a low- and moderate-income individual purchasing a home in any of the Bank's communities.
Alternate Credit Underwriting:
- Employed: One-year employment history
- Self-employed: Two years of steady income
- Credit History: Utility bills and rent payments
What Should You Know as a First-Time Homebuyer?
Learn the basics of buying your first home.
Meet the Team
Contact one of our mortgage loan officers today.
Jason Alldredge
NMLS ID 457926
Work: 860-283-3441
Mobile: 203-558-0290
Vania Guerrera
NMLS ID 457927
Work: 860-283-3487
Mobile: 203-525-0364
Bob Frazee
NMLS ID 103851
Work: 860-283-3406
Mobile: 860-559-0353
Kate Crovo
NMLS ID 882254
Work: 860-283-3610
Mobile: 860-307-0371
Russell Baboff
NMLS ID 1014636
Work: 860-283-3688
Mobile: 860-463-1745
Peter Aylward
NMLS ID 106105
Work: 860-283-3681
Mobile: 203-685-9550
Ready to Get Started?
Fill out the form below to get in touch and find out more about our First-Time Homebuyer Programs.
1Contact your loan officer for details. 280% area median income limits apply. The United States Department of Housing and Urban Development (HUD) calculates AMI for each geographic region in the country by using data from the US Census-based American Community Survey. A household's income is calculated by its gross income, which is the total income received before taxes and other payroll deductions.