Program Requirements

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 two- or three-family property? You must complete a pre-purchase multi-family/landlord course or meet with an approved agency for a one-on-one counseling session.