ONE+Boston mortgage program

Make Boston Affordable Rally on July 18, 2019 at Reggie Lewis Center

Almost thirty years after a determined group of women of color fought hard to reverse a decades-long pattern of racial discrimination in mortgage lending, an equally determined group of women of color have improved that historic mortgage program. Announced at a MAHA rally in July 2019 and launched in June 2020, ONE+Boston is even more affordable with interest rates 1/2 to 1% below the already low interest rates in the existing ONE Mortgage. In addition, borrowers are eligible for enhanced downpayment assistance.

How does it work?

ONE+Boston combines City of Boston Community Preservation Act funds with the affordable features of ONE Mortgage to expand opportunities for low- to moderate-income first time homebuyers who will save tens of thousands with the ONE+Boston mortgage program. This collaboration between the City of Boston, Massachusetts Housing Partnership and MAHA features:

Low fixed interest rates -  Participating Lenders will offer ONE+Boston mortgages at a deeply discounted interest rate that is fixed for 30-years.

Low down payment - The minimum down payment for a ONE Mortgage Program loan is 3% of the purchase price for condos, single and two-family homes and 5% for three-family homes. Half of the 3% must come from the homebuyer’s own funds and the other half can be a gift or a grant from a down payment assistance program. For three-family homes, 3% must come from the buyer’s own funds and 2% can be a gift or grant. Eligible borrowers may qualify for enhanced downpayment assistance from the City of Boston.

No PMI - Borrowers who qualify for a ONE Mortgage are not required to pay private mortgage insurance - a significant savings.

No points - "Points" are fees banks ask buyers to pay when they buy a home. One point equals 1 percent of the loan. Banks do not charge points for ONE Mortgage loans. Not paying points will save buyers thousands.

Subsidy available for qualified borrowers - Some ONE Mortgage buyers qualify for a zero percent interest subsidy payment from the Massachusetts Housing Partnership. This further reduces the monthly payments for the first seven years of ownership.

In order to qualify you must...

Be a current resident of the City of Boston. You will be asked to provide a current lease or utility bill or voter registration.

Be a first-time homebuyer. You have not owned a home in the last three years.

Graduate from a homebuyer class. You will learn a lot, meet other homebuyers going through the process, and connect to a homeownership advisor who can help you each step of the way

Meet the downpayment requirements stated above.

Be under the income limits of $83,300 for a one-person household; $95,200 for two-person household; $107,100 for three-person household; $119,000 for a four-person household; $128,520 for five-person household; $138,040 for six person household; $147,560 for seven-person household; and $157,080 for eight-person household.

Have less than $75,000 in total liquid assets. This includes checking and savings accounts, stocks, bonds but does not include retirement accounts or college savings accounts.

Meet the credit score limits of 640 for condos and single family homes and 660 for two and three family homes.

Agree to live in the home as your primary residence.

*Applicants cannot have signed a purchase and sale agreement at the time of initial application.*

Participating Lenders

Santander Bank: Lori Schofield 781-424-2922 or Steve Roussel 617-686-7988 or Matthew Chen 617-821-8398 or Maryanne Dao - 508-212-5390 or Erika Morales - 617-529-1439

Boston Private Bank & Trust: Diana Carvajal-Hirsh 617-912-3991

Cambridge Trust (coming July 1st) and Citizens Bank (coming soon)