Homeownership Simple, Affordable, and Possible.
Local mortgage experts to get you into your first home.
First Time Homebuyers Options
Your path to homeownership starts with affordable mortgage programs to put the dream of owning your own home within reach. With home loan programs featuring lower down payments, reduced closing costs, discounted interest rates, and flexible credit score requirements, getting started may be more accessible than you think. Our First Time Homebuyer ACCESS program offers additional support for qualified buyers in eligible areas or meeting income guidelines. We make the transition from renting to owning simple, affordable, and possible.
| Program Details | First Time Homebuyer | First Time Homebuyer ACCESS |
|---|---|---|
| Reduced Market Rates | Current rate is discounted .125% | Current rate is discounted .375%* |
| Closing Cost Credit | Get a $600 credit when you complete a free online homebuyer education course | Get a $1,000 credit when you complete a free online homebuyer education course |
| Low Down Payment | As low as 3% down for qualified buyers | As low as 3% down for qualified buyers |
| Upfront PMI Premium | Unlike FHA loans, No upfront PMI premium added to loan | Unlike FHA loans, No upfront PMI premium added to loan |
| Private Mortgage Insurance (PMI) | Unlike FHA loans, PMI is automatically removed^ | Unlike FHA loans, PMI is automatically removed^ |
| Down Payment Help | Eligible buyers may receive assistance for down payment or closing costs** | Eligible buyers may receive assistance for down payment or closing costs** |
| Post Closing Protection | A no cost to you protection program to defray costs associated with owning your home | A no cost to you protection program to defray costs associated with owning your home |
Contact one of our mortgage lenders to determine which mortgage can get you in the home of your dreams.
Why First Time Homebuyers Choose TSB for Their CT Mortgage
We Prioritize People First
- Local mortgage experts providing personalized guidance beyond online-only lenders.
- We look beyond FICO scores to verify creditworthiness, even with limited credit history.
- Apply for a mortgage anywhere in Connecticut. Start online or meet with a local lender at one of our branches.
- Trusted home lender helping families navigate the home buying process. We help match you with a home loan that fits your needs.
- If you haven’t owned a home in the past 3 years, you’re considered a first time buyer.
Closing Cost Credits For First Time Homebuyers
At Torrington Savings Bank, our goal is to make your first home purchase more affordable by reducing upfront expenses that can make buying a home prohibitive.
Our application fees are among the lowest in Connecticut. As a first time homebuyer, when you complete a free online homebuyer education course you earn a closing cost credit. These credits help cover expenses like:
- Attorney Fees
- Title Insurance
- Taxes
- Appraisals
- Other closing-related costs
Low Down Payment Mortgages & Reduced Rates
- Receive an interest rate reduction below current market rates .
- Down payments as little as 3% down .
- Low or no Private Mortgage Insurance (PMI) .
- Unlike FHA loans, no upfront mortgage insurance premium rolled into your loan, reducing your overall borrowing costs.
Ready to Make Your Move?
My Mortgage
Rate
Mortgage rates can vary based on credit scores. With our flexible credit score requirements, those who qualify can lock in at the best mortgage rate today.
Online
Application
Get prequalified for a mortgage loan through TSB’s secure online application. It’s a simple process in taking the next step towards closing on your dream home.
Have
Questions?
Speak with a CT mortgage loan officer who can guide you through the homebuying process and help you find the right home loan for your first home.
Explore Other TSB Mortgage Options
Construction Mortgage
A Torrington Savings Bank Construction Mortgage is a great option to finance home construction.
Jumbo Mortgage
Jumbo mortgage is the industry term for home loan amounts ranging from $832,751 to $1,249,125.
Buyer’s Boost
TSB Buyer’s Boost Mortgage Program allows well-qualified borrowers to get competitive rates with PMI waived even while putting as little as 10% down.
Conventional Mortgages
Torrington Savings Bank conventional mortgages offer great rates with flexible term options, and low fees & closing costs.
First Time Homebuyers Details:
First Time Homebuyer (FTHB): Complete our free Homebuyer Education Course and receive a $600.00 credit towards your closing costs. This credit is for first home purchases only and subject to qualification, credit approval and closing. The discount will be applied at the time of closing. Additional details below.
Consult a loan representative for more details.
FTHB 7/1 ARM:
Complete our free Homebuyer Education Course and receive $600.00 credit towards your closing costs. This credit is for first home purchases only and subject to qualification, credit approval and closing. The discount will be applied at the time of closing.
The 7/1 ARM interest rate is fixed for the initial seven (7) years. After the fixed period, the rate may adjust annually. At each adjustment, the interest rate may increase or decrease by a maximum of 2%. Over the life of the loan, the interest may not increase or decrease by more than 6% from the initial rate. Additional details below.
Consult a loan representative for more details.
FTHB ACCESS:
Complete our free Homebuyer Education Course and receive $1,000.00 credit towards your closing costs. This credit is for first home purchases only and subject to qualification, credit approval and closing. The discount will be applied at the time of closing.
*An additional interest rate reduction may be available for properties in low-to-moderate census tracts or eligible low-to-moderate income (LMI) borrowers, where permitted by program guidelines. Eligibility for any rate adjustment is subject to property location verification, borrower qualification, and loan program requirements.
Additional details below. Consult a loan representative for more details.
FTHB ACCESS 7/1 ARM:
Complete our free Homebuyer Education Course and receive $1,000.00 credit towards your closing costs. This credit is for first home purchases only and subject to qualification, credit approval and closing. The discount will be applied at the time of closing.
The 7/1 ARM interest rate is fixed for the initial seven (7) years. After the fixed period, the rate may adjust annually. At each adjustment, the interest rate may increase or decrease by a maximum of 2%. Over the life of the loan, the interest may not increase or decrease by more than 6% from the initial rate.
*An additional interest rate reduction may be available for properties in low-to-moderate census tracts or eligible low-to-moderate income (LMI) borrowers, where permitted by program guidelines. Eligibility for any rate adjustment is subject to property location verification, borrower qualification, and loan program requirements.
Additional details below. Consult a loan representative for more details.
Additional details:
Maximum loan limit is $832,750.00. Interest rate reduction available. Payment example: $100,000.00 loan at 6.750% for 360 months (30 years) is a monthly payment of $648.60. Payment assumes a 20% down payment. Payment includes principal and interest. Payment will increase if taxes and/or insurance are escrowed. Properties with underground oil storage tanks are not eligible. May require flood insurance.
Loans under this program with a down payment of less than 20% may require Private Mortgage Insurance (PMI). Eligible properties must be owner-occupied one to two-family homes located in Connecticut. Minimum 3% down payment on single-family homes and 5% down on two-family homes. The application fee ranges from $689.83 to $808.94 for single family properties or $839.83 to $958.94 for two family homes; includes the cost of the appraisal and credit reports. 60-day rate commitment, any change after a commitment will result in a $400.00 fee. Interest rates are subject to change without notice.
^PMI is automatically removed once your loan balance reaches 78% of your home’s original loan value, provided loan is current.
** Down payment assistance availability is based on program guidelines and funding availability. Consult a loan representative for more details on programs and availability.
