ONE Mortgage Massachusetts: Eligibility and Requirements
A plain-English guide to the Massachusetts ONE Mortgage: down payments, PMI, homebuyer classes, income limits, eligible properties, and application steps.
Core program features
ONE Mortgage is offered through participating lenders. According to the Commonwealth, it combines a low fixed rate, a small down payment, no PMI, and additional payment assistance for some qualified households.
- Generally 3% down for a condominium, single-family, or two-family home
- Generally 5% down for a three-family property
- No private mortgage insurance
- Approved homebuyer education required
Eligibility is household-specific
You generally must be a first-time buyer, meet income and asset rules, occupy the property, and qualify through a participating lender. A first-time buyer generally has not owned a home during the preceding three years. Property and loan limits can vary by location and household size.
How to compare it
Ask the lender for side-by-side Loan Estimates for ONE Mortgage and other viable programs. Compare monthly principal and interest, mortgage insurance, assistance, closing costs, reserves, and the five-year cost—not only the rate or down payment.