ONE+Boston

ONE+Boston combines City of Boston funds with the affordable features of ONE Mortgage to expand opportunities for low- to moderate-income first-time homebuyers.

ONE+Boston will provide these benefits:

• Heavily discounted, fixed, 30-year interest rates
• Enhanced down-payment assistance through the City of Boston
• No private mortgage insurance (PMI)
• Additional financial assistance, for eligible buyers

To get a ONE+Boston mortgage you must:

• Be a current resident of the City of Boston. You will be asked to provide a copy of your current lease OR current utility bill OR voter registration
• 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. The City of Boston is providing enhanced down payment assistance as part of this program
• Have a total household income under our limits.

• 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 (401k, 403b, 457, traditional IRA) 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.

**Applicants cannot have a signed Purchase and Sale Agreement on a property at the time of initial application **

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.