First-time buyer? Check out ONE Mortgage

Buy Your First Home with ONE

Why ONE?
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The benefits of ONE Mortgage

If you are a first-time homebuyer, the ONE Mortgage Program is for you. ONE Mortgage offers you the comfort of knowing your mortgage is financially sustainable. Here are five reasons why you should choose ONE Mortgage:

  1. Put down as little as 3 percent: A minimum of 3 percent of the purchase price is required for condominiums, single and two-family properties. For a three-family property, a 5 percent down payment is required.
  2. Get a low fixed interest rate: Homebuyers benefit from a discounted 30-year fixed interest rate. No points are charged to the homebuyer.
  3. Pay no Private Mortgage Insurance (PMI): One Mortgage homebuyers save hundreds of dollars every month by not making costly PMI payments.
  4. Get financial assistance if you qualify: Some income eligible homebuyers may also qualify for an additional monthly savings during the first seven years of ownership. Designed to reduce a borrower’s monthly mortgage payment in the early years of homeownership, MHP Interest Subsidy is automatically applied to eligible ONE homeowners’ monthly mortgage payments by their lenders.
  5. Build your wealth: ONE Mortgage homebuyers are investing in their future. There is no limit on home appreciation.
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How to qualify for ONE

The ONE Mortgage Program makes affordable homeownership more accessible to eligible Massachusetts homebuyers. To qualify for ONE Mortgage, you must:

  • Be a first-time homebuyer. This means that you have not owned a home in the three years prior to applying to the program.
  • Complete a homebuyer education class that has been approved by the Massachusetts Homeownership Collaborative. Click here for a list of approved education providers.
  • Meet the program’s down-payment requirements. A 3 percent down payment is required for condominiums, single- and two-family properties, and borrowers must contribute a minimum of 1.5 percent of the down payment from their own savings. For a three-family property, the required down payment is 5 percent of the purchase price, with at least 3 percent from your own savings.
  • Have a total household income with the program guidelines. Household income limits vary by community.
  • Not have more than $75,000 in total household assets. The asset test excludes retirement savings, government-approved college savings plans and municipal down payment or closing cost assistance programs.
  • Meet the credit and underwriting requirements of a participating ONE Mortgage lender.
  • Agree to reside in the property as your primary residence throughout the term of the loan.

If buying a three-family property, borrowers are required to participate in one-on-one counseling with an MHP-approved agency prior to closing. Click here for a complete list of MHP-approved counseling providers. Remember to bring all the documents listed on the multifamily checklist to your counseling appointment.

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ONE Mortgage lenders

ONE Mortgage is available through participating lenders throughout Massachusetts.We encourage you to contact a few lenders to compare ONE Mortgage interest rates, pre-approval processes and closing costs.

It's also important to find a lender who you feel comfortable working with. The lender will apply to the ONE Mortgage Program on your behalf and they are responsible for addressing questions regarding your application.

Please note that if you are buying a home in the City of Boston, you will need to have your income certified by the Massachusetts Affordable Housing Alliance (MAHA). Please contact MAHA at 617-265-8995 for an appointment.

Click onto any of the lender links below to contact a loan officer about ONE Mortgage.

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Mortgage Calculator

You’ve discovered why ONE Mortgage is the state’s most affordable mortgage program. You’ve learned about the eligibility requirements. You’ve seen that over 30 lenders in Massachusetts offer the program.

Now, to further help you figure out if ONE Mortgage is the right program for you, use our ONE Mortgage calculator to estimate what your monthly payments will be and how much you can afford to buy with ONE Mortgage.

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If you are a first-time homebuyer, the ONE Mortgage Program is for you. ONE Mortgage offers you the comfort of knowing your mortgage is financially sustainable. Here are five reasons why you should choose ONE Mortgage:

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If you are looking for ways to help first-time homebuyers realize the dream of homeownership, you should let your public officials, housing professionals, community advocates and lenders know about the benefits of offering the ONE Mortgage Program.

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