Offered by Massachusetts Housing Partnership (MHP) and designed specifically for low- and moderate-income first-time homebuyers,the ONE Mortgage offers consumers the comfort of knowing their mortgage is financially sustainable.
- Discounted 30-year fixed interest rate. No points are charged to the homebuyer.
- Low Down Payment - A minimum of 3% of the purchase price for a single-family property, condominium or two-family property. If purchasing a three-family property, the minimum down payment requirement is 5% of the purchase price.
- No Private Mortgage Insurance (PMI)
- Interest Subsidy - Income eligible buyers may also qualify for subsidized payment in the initial years of ownership.
- Long-term Affordability - This unique blend of discounted, fixed-rate private financing and state support lowers a homebuyers monthly mortgage payment by about twenty percent.
- Asset Building - There is no limit on appreciation with the ONE Mortgage Program.
To qualify for the ONE Mortgage, borrowers must:
- Meet income and asset limit guidelines
- Meet a minimum downpayment requirement (3% for condo, single-family or two-family property)
- Be a first-time homebuyer
- Meet credit and underwriting requirements
- Property must be your primary residence through the term of the loan
- Complete a homebuyer education course
please contact MHP toll-free at 800.752.7131 or click HERE to view their website.