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First-time buyer? Check out ONE Mortgage

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. 
  • 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 within 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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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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