Newburyport Five Cents Savings Bank is now an approved lender of MassHousing loans.

MassHousing does not originate its own loans. As a MassHousing-approved lender, Newburyport Five Cents Savings Bank will be able to originate MassHousing’s home mortgage loans for income-eligible homebuyers. These loans have low down payment options and competitive interest rates.

The bank will also offer MassHousing’s Mortgage with No MI that does not require mortgage insurance but offers affordable interest rates. The No-MI loan can be used to purchase a one- to four-family space, just like a traditional MassHousing mortgage. Unlike a traditional MassHousing mortgage, borrowers who make down payments of less than 20 percent of the purchase price are not required to have mortgage insurance, though they may pay a slightly higher interest rate.