ONE+BOSTON HOMEBUYER PROGRAM
The City of Boston is introducing a new homebuyer program, ONE+Boston.

ONE+Boston will offer the lowest fixed interest rates available for a 30-year mortgage. It will also provides access to downpayment and closing-cost assistance. We want to increase the buying power of income-eligible, first-time Boston homebuyers purchasing a home within the City. Our goal is to help fulfill the City’s pledge to create 1,000 new homeowners by the end of 2023.
Connect with a approved lender now!

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.

APPLYING FOR THE PROGRAM
IS ONE+BOSTON FOR ME?
  • 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.
WHAT ARE MY NEXT STEPS?
To get a ONE+Boston mortgage you must:
  • Be a current resident* of the City of Boston and be purchasing within the City of Boston. You will be asked to provide a copy of your current lease OR current utility bill OR voter registration
  • Be a first-time homebuyer. This means that you have not owned a home at any point in the last three years.
  • Take a homebuyer class. This class will help you get ready for the home buying process.
  • Meet our down payment requirements. We require a 3% down payment to buy a condo, single-family home, or two-family home. At least 1.5% of the purchase price must be from your own savings. For a three-family property, we require a 5% down payment with at least 3% from your own savings. The City of Boston is providing enhanced down payment assistance as part of this program.
  • Have a total household income under our limits.</strong

Check your eligibility for a One+Boston loan. Start here!

HOUSEHOLD SIZE ONE+BOSTON INCOME LIMIT
1 $98,150
2 $112,150
3 $126,150
4 $140,200
5 $151,400
6 $162,600
7 $173,850
8 $185,050
  • Have less than $75,000 in total household assets. This includes any checking accounts, savings accounts, stocks, or bonds. But it does not include most retirement (401k, 403b, 457, traditional IRA) and college savings accounts.
  • Meet our credit score limits. Your credit score must be at least 640 to buy a single-family or condo and at least 660 to buy a two/three family home. We also have options for people who don't have any credit history.
  • Agree to live in the property as your primary residence. If you stop living in the property, you must refinance out of your ONE Mortgage.
*The following non-residents will be granted Boston residency status for the purpose of eligibility:
  1. Any non-resident who is currently working in the City of Boston and who is purchasing or trying to purchase in Boston
  2. Any non-resident tenant that can document that they were displaced within the past two years from a residence in Boston (not including Boston residency as a college student) due to high rental cost

Buying a two- or three-family property? You must complete a pre-purchase multi-family/landlord course or meet with an approved agency for a one-on-one counseling session.

What are my next steps?

  1. Take a homebuyer education class
    Find a class near you.
  2. Contact a Participating ONE+Boston Lender
    They’ll help you get pre-qualified for the ONE+Boston Mortgage. Apply with a ONE+Boston Lender.
  3. Buy your first home!
    If you have questions, call us 617-959-4885 or email us at James.Thom@fairwaymc.com