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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.

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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 purchase price as a down payment

Employee repays both loans to Martha's Vineyard Bank.

Ready to Get Started?

You can also call 508-627-4266 to set up an appointment.
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