Live Worcester Now Program
What is the Live Worcester Now Program?
Live Worcester Now is a private/public partnership established to preserve and promote homeownership in the City of Worcester. These programs are designed to help potential homebuyers select a lending package that suits their income and their needs through trusted and responsible lenders, like Bay State Savings Bank.
As a partner in the Live Worcester Now initiatives, we are proud to offer the following programs:
- Loans are for purchases only
- Loans must qualify for mortgage insurance (MI) from MHFA (25% - 30% coverage)
- Up to 100% loan-to-value (LTV) (must meet conforming loan limits)
- 30 year FIXED rate available
- Some seller concessions are allowable
- Owner occupied, 1-4 family properties including residential condominiums
- Must be in the City of Worcester
- Turn key, ready for occupancy (no rehab loans)
- 680 credit score for 97.01% - 100% financing*
- 660 credit score for 95.01% - 97% LTV*
- 640 credit score for 80.01% - 95% LTV
- Maximum debt-to-income ratio of 45%
Questions about this program? Please call our Retail Lending Department at (508)-890-9060 and speak to one of our representatives.
For more information regarding about the Live Worcester Now Initiative, visit their website.
*Requires Homebuyer Counseling.
Please visit our Rates page for current rates and terms.
All loans are subject to credit approval.