Home Partnership Loans
Enabling employees to live and work in the communities they serve.A Home Partnership Loan is a residential mortgage where an employer and Martha's Vineyard Bank partner to facilitate home ownership.
HOW IT WORKS
Martha's Vineyard Bank underwrites a mortgage for your employee of up to 90% of the purchase price of the home. The Bank then underwrites a second loan for the employer to offer to their employee for up to 7% of the purchase price. The employee provides a down payment for the remaining 3% of the purchase price. There is one closing for both loans and they are both serviced by Martha's Vineyard Bank. It's flexible and easy.
BENEFITS
- One closing for both loans
- Martha's Vineyard Bank services both loans
- Improved work/life balance for the employee
- Shorter commutes reduce environmental impact
- Improved engagement in the community
- Great long-term incentive for employers
- Makes home ownership more accessible
EXAMPLE SCENARIO
BANK LOAN PORTION
90% of the purchase price
Martha's Vineyard Bank underwrites and services the loan.
EMPLOYER LOAN PORTION
7% of the purchase price
Employer chooses loan term and rate Martha's Vineyard Bank underwrites and services the loan.
EMPLOYEE LOAN PORTION
3% of the purchas price as a down payment
Employee repays both loans to Martha's Vineyard Bank.
Ready to Get Started?
Contact a Residential Lender