Mortgages - Cornerstone Bank

Affordable First Time Home Buying ProgramWe're offering this affordable mortgage program to assist first-time homebuyers realize their dream of ownership without having to pay private mortgage insurance (PMI). Learn More

Buying your first home is a big financial step and this program can help you achieve homeownership. It offers competitive rates, low down payment, and much more to assist low and moderate income first-time homebuyers.

Features and Benefits:*

No Private Mortgage Insurance (PMI): mortgage insurance premium paid by the lender
No processing or administrative fee
Affordable fixed rate mortgage option
Adjustable rate mortgage option
Low down payment
Available for owner occupied single-family homes and residential condominiums
Appraisal fee refunded at closing

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*For single-family owner-occupied properties and qualified condominiums for purchases only. To be eligible, borrower must be a first-time homebuyer with income less than 80% of area median income (AMI) or if the income is 80%-100% of AMI then the property must be located in a low- to moderate-income census tract area. Minimum down payment is 3%-5%. Property insurance is required. Payments do not include taxes and insurance. The bank requires escrow of taxes, homeowners insurance and flood insurance, if applicable, which will make your payment higher. Mortgage insurance (MI) may be required depending on the loan-to-value of your specific loan. This MI will be paid up front by the Bank as a single premium. Homeownership counseling is required. Borrowers must qualify under MI and FNMA guidelines. Borrower is responsible to initially pay for the appraisal fee; fee is $460.00. The appraisal fee will be refunded to you after closing. The fee may be forfeited on withdrawn or denied applications. Other restrictions may apply. Please note interest rates and fees are subject to credit history, loan amount, and loan-to-value and debt-to-income ratios.

MassHousing ProgramsWe're committed to making home ownership a reality for borrowers of all income levels that's why we've partnered with MassHousing to offer affordable mortgage options.Learn More

MassHousing Mortgage

The MassHousing Mortgage offers competitive rates, low down payment options and two different PMI options to help create affordability and increase buying power. The two PMI options available are PMI paid by the lender (LPMI) or borrower paid (BPMI).

Features and Benefits:

Purchase or refinance
Choose with or without private mortgage insurance
Competitive fixed rate loans
Low down payment
Financing for owner-occupied 1-4 family homes and condominiums
Appraisal fee refunded at closing for first-time homebuyers; Home counseling certificate required

Please contact one of our Mortgage Lenders for additional information or to apply today!

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Operation Welcome Home Program

MassHousing offers a Conventional Loan Program for first-time homebuyers who are purchasing a property in Massachusetts and who are Active Duty Members of the US Armed Services, Veterans, Reservists, and Gold Star Families. This program combines a traditional, fixed-rate first mortgage with a downpayment and/or closing cost assistance up to 3% of the purchase price or $12,000, whichever is less.

Features and Benefits:

Affordable interest rate and low down payment
Fixed rate loan
Offer with or without mortgage insurance
Available for 1-4 unit properties
Appraisal fee refunded at closing for first-time homebuyers; Home counseling certificate required

Please contact one of our Mortgage Lenders for additional information or to apply today!

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FHA (Federal Housing Administration) LoansAn ideal loan for first-time homebuyers.Learn More

Federal Housing Administration* (FHA) loans provide lending solutions for those who may not fit the requirements of conventional financing. This government-insured loan may be an attractive option for first-time buyers and borrowers with limited funds for a down payment.

Minimum down payment-as low as 3.5%
Reasonable credit expectations

Please contact one of our Mortgage Lenders for additional information and rates.

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*Minimum credit scores apply. Monthly Mortgage Insurance Premiums (MIP) and Upfront Mortgage Insurance Premiums (UFMIP) apply. Maximum loan amounts vary by county. Loan offer subject to credit approval and additional terms and conditions apply. Contact a Cornerstone Bank Mortgage Loan Officer for details about rates, terms, eligibility, documentation & other requirements. Cornerstone Bank arranges but does not make FHA loans.

Adjustable Rate MortgateAdjustable Rate Mortgages or ARMs are a good alternative if you need a smaller monthly payment at the start of your mortgage.Learn More

Adjustable rate mortgages (ARMs) are a good alternative mortgage for the customer who initially needs a smaller monthly payment or for the customer who hasn’t moved up to their dream home. ARMs usually have rates lower than the fixed-rate mortgage. Features include:

5, 7 & 10 year ARMs
Fast turnaround on application
No points, no application fees, no pre-payment penalty fees
Owner-occupied property only
Protective rate caps
Competitive Rates

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Fixed Rate MortgageFixed-rate mortgages give you the security of knowing your monthly payment will stay the same for the life of your loan.Learn More

The rate is determined at the start of the mortgage term and does not change for the life of the mortgage. Features of our fixed-rate mortgages include:

10 to 30 year terms
Fast turnaround on application
No application fees and no prepayment penalty fees
No point option available
Owner-occupied property only
Not subject to rate fluctuations
Competitive Rates

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Construction MortgageWe offer fixed rate mortgages for all types of home construction.Learn More

Cornerstone Bank offers fixed-rate mortgages for all types of home construction. Features include:

Fast turnaround on application and inspections
No application fees, no pre-payment penalty fees
Converts automatically to permanent financing upon completion of construction phase with no additional closing costs
Owner-occupied property only

Our 1-4 family investment mortgage can help you purchase your first rental property or add to your portfolio.

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Investment Property MortgageOur 1-4 family investment mortgage can help you purchase your first rental property or add to your portfolio.Learn More

Are you looking to finance your investment properties? If so, we’re focused on investing in you.

At Cornerstone Bank, our 1-4 family investment mortgage can help you purchase your first rental property or add to your portfolio.

Please contact one of our Mortgage Lenders for additional information or to apply today!

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