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How the ONE Mortgage Program Can Help You Buy Your First Home in Massachusetts

How the ONE Mortgage Program Can Help You Buy Your First Home in Massachusetts

If you are a first-time home buyer in Massachusetts, you may be eligible for a low-interest, low-down-payment mortgage program that can save you thousands of dollars over the life of your loan.

What is the ONE Mortgage Program?

The ONE Mortgage Program is a state-sponsored initiative that aims to make homeownership more affordable and accessible for low- and moderate-income residents of Massachusetts.  The program offers a 30-year fixed-rate mortgage with a low-interest rate, no private mortgage insurance (PMI), and a reduced down payment requirement of as little as 3%.

The program also provides financial assistance to eligible borrowers in the form of a subsidized interest rate and a deferred second mortgage that is forgiven after 10 years of occupancy.  The second mortgage can cover up to 20% of the purchase price, depending on the borrower’s income and the property type.

Who is eligible for the ONE Mortgage Program?

To qualify for the ONE Mortgage Program, you must meet the following criteria:

  • You must be a first-time home buyer, which means you have not owned a home in the past three years.
  • You must have a household income that does not exceed the program’s income limits, which vary by location and household size. For example, the income limit for a one-person household in Boston is $84,360, while the limit for a four-person household in Springfield is $69,480.
  • You must have a good credit history and a minimum credit score of 640.
  • You must complete a home buyer education course approved by the Massachusetts Homeownership Collaborative.
  • You must purchase a one- to four-family property or a condominium in Massachusetts that meets the program’s purchase price limits, which also vary by location and property type. For example, the purchase price limit for a single-family home in Boston is $595,000, while the limit for a two-family home in Worcester is $337,000.
  • You must occupy the property as your primary residence.

How can you apply for the ONE Mortgage Program?

If you are interested in applying for the ONE Mortgage Program, you must first contact one of the participating lenders who offer the program.  You can find a list of lenders on the program’s website: The lender will help you determine your eligibility, pre-approve you for a loan amount, and guide you through the application process.

You will also need to provide the following documents to the lender:

  • Proof of income, such as pay stubs, tax returns, and W-2 forms.
  • Proof of assets, such as bank statements, retirement accounts, and investment statements.
  • Proof of identity, such as a driver’s license, passport, or social security card.
  • Proof of residency, such as a utility bill, lease agreement, or voter registration card.
  • A copy of the purchase and sale agreement for the property you intend to buy.
  • A certificate of completion for the home buyer education course.

What are the benefits of the ONE Mortgage Program?

The ONE Mortgage Program can help you achieve your dream of homeownership in Massachusetts by offering you several advantages, such as:

  • A lower monthly payment than a conventional mortgage, thanks to the subsidized interest rate and the absence of PMI.
  • A lower upfront cost than a conventional mortgage, thanks to the reduced down payment requirement and the deferred second mortgage.
  • A higher loan-to-value ratio than a conventional mortgage, which means you can borrow more money relative to the value of the property.
  • A more stable and predictable payment than an adjustable-rate mortgage since the interest rate is fixed for the entire term of the loan.
  • A more flexible and forgiving repayment option than a conventional mortgage, since the second mortgage is forgiven after 10 years of occupancy and does not accrue interest or require monthly payments.
  • A greater equity and wealth accumulation than a conventional mortgage since you pay less interest and fees over the life of the loan and benefit from the appreciation of the property value.


The ONE Mortgage Program is a great opportunity for first-time home buyers in Massachusetts who want to purchase a home with a low interest, low-down-payment, and low-fee mortgage. The program can help you save money, build equity, and enjoy the benefits of homeownership. To learn more about the program and how to apply, visit the program’s website: or contact a participating lender today. When you are ready to close on your new home, contact Legacy Title & Escrow at 413-527-0517 or email

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