Union Savings Bank (USB) is making significant strides in promoting financial inclusivity by offering accessible banking products and services tailored to the diverse community in Danbury, Connecticut. The bank prioritizes the needs of all individuals and focuses on creating financial opportunities for everyone.

As the real estate market continues to present challenges, first-time homebuyers are feeling the pressure to secure their dream homes. Rising interest rates, limited inventory, and increasing prices can make entering the housing market seem daunting. However, understanding the landscape and making informed decisions can empower buyers on their journey.
Empowering community members financially is at the core of USB’s mission. Its vision fuels initiatives (including webinars and workshops) that aim to support financial accessibility, providing a variety of banking products designed for its customers’ unique needs, including checking accounts, savings accounts, and mortgages.

For those planning to stay in their home long-term and who have a steady income, the Fixed-Rate Loan is a great option. This product offers stability and predictability for monthly payments.

However, if you anticipate selling or paying off your loan within 10 years or expect a significant rise in your income, consider the Adjustable-Rate Loans, particularly the 5-year and 7-year options, which are quite popular among buyers.

USB also provides refinancing options for existing mortgages, allowing you to lower your monthly payments, save on interest over the life of your loan, or even cash out some equity. First-time homebuyers looking to purchase owner-occupied, one- or two-family homes and condos will find USB’s First Time Homebuyer (FTHB) program an ideal choice. Typically, when the down payment is less than 20 percent of the purchase price, Private Mortgage Insurance (PMI) is required. However, with a minimum 10.1 percent down payment, no PMI is needed for this program.

Robert Monti, Senior Vice President of Residential and Consumer Lending, highlights the importance of creating mortgage products that meet the specific needs of the community. “Creating a mortgage product tailored to our community is crucial for fostering financial inclusion and promoting economic growth,” he asserts. “USB understands the unique demographic, economic, and cultural characteristics of the communities we serve.”

USB has recently introduced a mortgage option for holders of Individual Taxpayer Identification Numbers (ITIN), targeting immigrants and those without Social Security numbers.

The USB Mortgage with ITIN features a streamlined and secure application process. To qualify, at least one borrower must have held a valid ITIN for at least two years, provide two years of U.S. tax returns, demonstrate proof of income, maintain a credit history linked to the ITIN, and meet credit score requirements of 640 or higher for one-unit properties and 680 for two- to four-unit properties.

“The response and excitement around the program have been amazing,” says Frank Giner, Residential Mortgage Loan Originator at USB. “Offering a loan product like ITIN for a large segment of our customer base demonstrates how committed USB is to service and our community.”

For those interested in building a new home, a construction loan may be a suitable option. This financing solution can help construct and finance a primary residence or a vacation home with straightforward options.

“When financial products align with the community’s needs, they contribute to building a stronger, more resilient local economy,” says Monti.

A Current Look into the Housing Market

In February 2025, the housing market in Danbury showcased a remarkable growth trend, with home prices rising by an impressive 10.1 percent compared to last year, reaching a median price of $492,000. Homes are selling faster, achieving an average of just 41 days on the market—an improvement from 43 days last year. This February, 35 homes found new owners, slightly less than the 36 sold in February 2024. The market remains vibrant and competitive, with homes attracting an average of three offers. The median sale price per square foot in Danbury has also seen significant appreciation, climbing 17.8 percent to $288.

In neighboring Fairfield County, the housing market continues to flourish, with prices increasing by 14.7 percent year over year, resulting in a median price of $610,000. Homes are selling in an average of 48 days, improving from 50 days the previous year, with a total of 481 homes sold this February.

Overall, Connecticut's real estate landscape continues to thrive, underscoring a positive trajectory for homeowners and investors alike!

Union Savings Bank emphasizes financial literacy alongside its banking products, regularly hosting educational workshops on essential topics such as budgeting, saving, and understanding credit.

The next USB-sponsored free workshops will be held on Saturday, May 17, from 1:00 PM to 2:30 PM and on Wednesday, May 28, from 6:00 PM to 7:30 PM at the bank's 126 North Street branch in Danbury, Connecticut. These workshops will provide valuable insights into current housing market challenges, including the latest information on first-time homebuyer programs, ITIN loans, investment properties, and more. A translation service in Spanish will be available. To participate, please register at fginer@unionsavings.com.

USB is also committed to safeguarding clients’ personal information through robust security measures for a secure banking experience.

With its dedication to financial accessibility and community education, Union Savings Bank empowers individuals and families to achieve their financial goals. By addressing the unique challenges faced by immigrants and providing pathways to homeownership, USB contributes to the stability and prosperity of the local economy.

For more information on USB’s products or homeownership options, contact Union Savings Bank at 203.733.5708.