To get a ONE Mortgage, you must:
- Be a first-time homebuyer. This means that you have not owned a home at any point in the last three years.
- Take a homebuyer class. This class will help you get ready for the home buying process.
- Meet our down payment requirements. We require a 3% down payment to buy a condo, single family home, or two family home. We require a 5% down payment to buy a three-family property. You may use a down payment program or gifted money from a family member as part of this down payment.
- Have a total household income under our limits. Our income limits vary by community and the number of people in your household.
- Have less than $75,000 in total household assets. This includes any checking accounts, savings accounts, stocks, or bonds. But it does not include most retirement and college savings accounts.
- Meet our credit score limits. Your credit score must be at least 640 to buy a single family or condo and at least 660 to buy a two/three family home. We also have options for people who don’t have any credit history.
- Agree to live in the property as your primary residence. If you stop living in the property, you must refinance out of your ONE Mortgage.
Buying a three-family property? You must meet with an approved agency for a one-on-one counseling session. The session takes place after you sign a Purchase and Sale agreement. Remember to bring all the documents listed on the multifamily checklist.