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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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