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Types of Loans

At Randolph Savings Bank we can help you find a mortgage program that is right for you no matter what your stage in life. We take pride in the wide variety of mortgage options that we offer, such as FHA loans, and other affordable programs provided through our affiliation with organizations such as MASSHousing.

  • Free Pre-Approvals
  • Delegated Underwriting and Local Decision Making
  • Low- and No-Down-Payment Options

First Time Homebuyer Programs

Randolph Savings Bank brings its commitment to first time homebuyers to the next level by offering FREE Home Buyer Seminars. These free seminars provide information and insights into the mortgage application process and provide tools to make informed decisions about what is likely the largest single purchase most individuals will make during their lifetime. Find out when our next Free First Time Homebuyer Seminar is scheduled and sign up!

Conventional Mortgage Loans

We offer competitive pricing for purchasing or refinancing a home with both fixed and adjustable rate options and a variety of terms.

  • Financing up to 97% loan to value with mortgage insurance
  • Cash out available up to 80% loan to value  (subject to terms and conditions)

FHA Mortgage Loans

FHA mortgages offer flexible underwriting guidelines making it easier to buy a home.

  • Fast, “In-house” delegated underwriting
  • Low down payment  --  only 3.5% required for single family owner occupied properties
  • Lower credit score requirements
  • Gift funds may be used for down payment and seller concessions are allowed
  • Cash out refinancing up to 85% loan to value (subject to terms and conditions)

USDA Rural Development Loans

U.S. Department of Agriculture Rural Development loans are designed to assist homebuyers who want to purchase a single-family home in rural areas (as defined by the program).

  • Up to 100% financing (income caps apply)
  • No down payment or reserves required
  • 3.5% guarantee fee required (may be financed in the loan amount)
  • Seller concessions are allowed

MASSHousing MORTGAGE Loans

Through our partnership with MASSHousing we can offer this low down payment financing option.

  • Fixed-rate financing with a low down payment (income limits apply)
  • Low mortgage insurance requirement
  • MI Plus TM -- this insurance helps pay your mortgage in the case of job loss  ( limitations apply)

VA Mortgages

CONSTRUCTION/PERMANENT MORTGAGE

If you are building a home, we have programs that allow you to finance up to 80% of the cost of construction. These loans can meet your financing needs both during construction and after you have moved into your home. You also have the option to choose a fixed- or adjustable-rate mortgage.

All loans are subject to credit approval. Other terms and conditions will apply.

 
Randolph Savings Bank NMLS#470306
10 Cabot Place, Stoughton, MA  02072
Toll Free:  (877) 963-2100
lendingonline@randolphsavings.com
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