Florence Bank Launches Welcome Home First-Time Homebuyer Program

Florence Bank has launched a new first-time homebuyer program called Welcome Home, designed to help first-time buyers in Chicopee, Holyoke and Springfield secure a mortgage for a single- or two-family home or a condominium. 

Two tiers of the program are available—Welcome Home and Welcome Home Plus. The Welcome Home mortgage offers a reduced interest rate, 100 percent financing, a $1,000 lender’s credit and does not require private mortgage insurance, known as PMI. The mortgage processing fee is also waived, and there are no income restrictions.

With Welcome Home Plus, borrowers receive all the benefits of the Welcome Home mortgage, plus an additional $10,000 lender’s credit for a total of $11,000 in credits. The processing fee is also waived, no PMI is required, and there are no income restrictions.

“The communities of Chicopee, Holyoke and Springfield have historically been underserved when it comes to providing affordable first-time homebuyer programs,” says Florence Bank President and CEO Matt Garrity. “We’re pleased to be helping to build strong communities and providing opportunities for home ownership. Those goals are key components of our mission as a local community bank.”

Catalina Herrera of Holyoke recently purchased her first home with a Welcome Home Plus mortgage from Florence Bank, and she says the process was clear, smooth, fast and incredibly personal. 

Paola Sherman, the bank’s community loan originator who has a focus on serving the area’s Latino community, handled the details.

“After comparing offers from four other institutions, it became obvious—Florence Bank was unbeatable,” Catalina says. “Paola and her team were always available to answer our countless questions. We’re incredibly grateful to the bank and for the amazing opportunity they’re offering to first-time homebuyers in the community.”

Florence Bank has branches in Springfield and Chicopee, and a Holyoke branch is expected to open in the spring of 2026.

To learn more or apply, click here or contact or visit any of our branches.