The benefits of ONE Mortgage
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:
- Put down as little as 3 percent: A minimum of 3 percent of the purchase price is required for condominiums, single and two-family properties. For a three-family property, a 5 percent down payment is required.
- Get a low fixed interest rate: Homebuyers benefit from a discounted 30-year fixed interest rate. No points are charged to the homebuyer.
- Pay no Private Mortgage Insurance (PMI): One Mortgage homebuyers save hundreds of dollars every month by not making costly PMI payments.
- Get financial assistance if you qualify: Some income eligible homebuyers may also qualify for an additional monthly savings during the first seven years of ownership. Designed to reduce a borrower’s monthly mortgage payment in the early years of homeownership, MHP Interest Subsidy is automatically applied to eligible ONE homeowners’ monthly mortgage payments by their lenders.
- Build your wealth: ONE Mortgage homebuyers are investing in their future. There is no limit on home appreciation.
How to qualify for ONE
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. Click here for a list of approved education providers.
- 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 with 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 downpayment 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.
ONE Mortgage lenders
ONE Mortgage is available through participating lenders throughout Massachusetts. I encourage you to contact a few lenders to compare ONE Mortgage interest rates, pre-approval processes and closing costs.
It’s also important to find a lender who you feel comfortable working with. The lender will apply to the ONE Mortgage Program on your behalf and they are responsible for addressing questions regarding your application.
Click onto any of the lender links below to contact a loan officer about ONE Mortgage.
- Admiral’s Bank
- Avida Bank
- BayState Savings Bank
- Berkshire Bank
- Blue Hills Bank
- Boston Private Bank
- Cambridge Savings Bank
- Cambridge Trust
- Citizens Bank
- City of Boston Credit Union
- Clinton Savings Bank
- Dedham Institute for Savings
- East Cambridge Savings Bank
- Eastern Bank
- Enterprise Bank
- First Citizens Federal Credit Union
- Freedom Credit Union
- Greenfield Savings Bank
- Liberty Bay Credit Union
- Mechanics Cooperative Bank
- Meetinghouse Bank
- Middlesex Savings Bank
- Pilgrim Bank
- Reading Cooperative Bank
- Rockland Trust
- Salem Five
- Santander Bank
- Southern Mass Credit Union
- St. Mary’s Credit Union
- The Savings Bank
- Winchester Co-operative Bank
To further help you figure out if ONE Mortgage is the right program for you, use our ONE Mortgage calculator to estimate what your monthly payments will be and how much you can afford to buy with ONE Mortgage.
Please give me a call todayshould You have any questions or wish to discuss the process but do not feel quite ready to begin looking at homes.
I am always more than happy to advise on the process now so that I know You are most informed when You ultimately are ready to begin house hunting!
Do you want the ULTIMATE First Time Home Buyer’s Guide??? CLICK HERE