As a 501(c)3 nonprofit organization, Smith Charities solely invests its portfolio into mortgages as per the Will of Oliver Smith. We rely on this interest to be able to pay designated gifts to all Will beneficiaries. Although we are not considered a bank, we do have legal authority to process up to 12 mortgages per calendar year under MA General Laws.

Available Funds – Please contact our office to find out current availability of funds, as funds fluctuate based on new mortgages, re-finances, pay offs, and any in-kind donations.

Lending – We now have 2 lending options, which will allow for more flexibility. Applicants may qualify for one of these options:

Based on available funds, depending on which option the applicant(s) may qualify for, we will lend up to between 70% - 80% of the assessed value or purchase price verified by appraisal of the said property, whichever is lower.

Terms & Interest Rates - We offer 15-year and 20-year term loans at competitive, fixed interest rates with zero points. The Trustees will also consider 30-year and lower term loans, and will set approving this option on a case-by-case basis. Interest rates are compared to local banks and set monthly by our Trustees.

Very Good Credit - All applicants must have very good credit as we need to be very cautious with our lending so we have enough monies set aside to always be able to pay our beneficiaries, in addition to the yearly distribution to the City of Northampton on behalf of Smith Vocational and Agricultural High School.

Application Approval/Disapproval Process – A standard completed, signed application is required as well as a full credit report for each applicant and proof of income. Additional information may be required based on application review and/or recommendations from our Trustees and/or legal counsel. All applications are subject to loan approval by our Trustees.

Download Mortgage Application PDF Mortgage Loans Information Sheet