Main Menu

Community Involvement

Linking the Bank with the Community

Helping to improve the quality of life in the community is both a privilege and responsibility that Winter Hill Bank takes seriously. Many Bank employees donate their time and expertise to civic clubs and organizations like Kiwanis, Rotary, and Lions, as well as local Chambers of Commerce. We also support a variety of government and private non-profit groups.

Homebuyer Training Seminars

The Bank, in conjunction with the City of Somerville Office of Housing provides financial literacy services including first-time homebuyer seminars. The seminars provide attendees with information and resources to educate, assist, encourage and empower first time homebuyers toward their goal of homeownership.

First-time Homebuyer Programs

The Bank offers a variety of first mortgage programs for eligible first time homebuyers including:

In coordination with the Massachusetts Housing Partnership, the MHP OneMortgage program is a first-time homebuyer program for qualified low and moderate income eligible homebuyers seeking to acquire their primary residence in the Bank’s CRA area. The program offers below market fixed rate first mortgage financing with low down payment requirement, reduced closing costs and no private mortgage insurance expense.

Our proprietary “HomeStart” program for first time homebuyers which offers a below market first mortgage for the acquisition of 1-4 family primary residences.

Affordable Housing Loan Programs

The Equity Builder Program (“EBP”) provides grants of up to $25,000 to households earning up to 80% of the area median income for down payments, closing costs, and rehabilitation assistance

Housing Our Workforce (“HOW”) offers grants up to $25,000 of down-payment and closing-cost assistance to households earning more than 80% and up to 120% of the area median income.

Lift Up Homeownership (“LUH”) awards grants of up to $50,000 to people of color earning up to 120% of the area median income who are purchasing their first home to help them with down payments and closing costs.

Permanent Rate Buydown Program enables Winter Hill Bank, FSB to originate 30-year mortgages at an interest rate up to 2% less than the market rate. Eligible borrowers with incomes up to 80% of area median income (AMI) can qualify for the buydown product. The PFI can then sell the loan to the Mortgage Partnership Finance® (MPF®) Program to receive a premium reflecting a market-rate loan. The benefit to the borrower is a below-market rate while the benefit to the PFI is the ability to qualify more low-income borrowers.