ONE+Boston Homebuyer Program
ONE+Boston offers the lowest fixed interest rates available for a 30-year mortgage. Additionally, it provides access to downpayment and closing-cost assistance. The City wants to increase the buying power of income-eligible, first-time homebuyers purchasing a home within the city of Boston.
What is ONE+Boston?
A mortgage with a heavily discounted fixed interest rate
Using funds provided by the City of Boston, the ONE+Boston interest rates are 0.5% to 1% below the already discounted ONE Mortgage rates.
Includes enhanced downpayment assistance
For those first-time homebuyers who qualify, the City of Boston’s financial assistance will offer enhanced downpayment and closing cost assistance.
Afford More When Buying a Home in Boston
|Mortgage Type||Conventional||One Mortgage||ONE+ Boston|
|Your Down Payment Funds||$15,300||$5,955||$6,750|
|Private Mortgage Insurance||$322||$0||$0|
|Taxes and Hazard Insurance||$361||$467||$527|
|MHP Interest Subsidy||$0||-$102||-$104|
|Total Monthly Payment||$1,989||$1,989||$1,989|
Applying for the program
- Are you a current Boston resident, have resided in Boston in the past two years, or do you work in Boston?
- Are you a first-time homebuyer? You can qualify if you haven’t owned a home in the last three years.
- Do you meet all of the qualifying requirements for ONE+ Boston Mortgage, including our income limits? Visit MHP’s ONE+Boston webpage.
- Find out if you are eligible. Visit the One+Boston website for a full list of qualifications.
- Take a homebuyer class. Complete an approved pre-purchase homebuyer education class before applying.
- Find a participating lender and meet with them to determine your eligibility for ONE+Boston. Please contact a lender before coming to the Boston Home Center for downpayment and closing cost assistance.