Recently, Mayor Marty Walsh announced a new program for First-Time Homebuyers living in Boston – the ONE+Boston Mortgage Program – in an effort to fulfill Mayor Walsh’s pledge to create 1,000 new homeowners by the end of 2023.
What exactly is the ONE+Boston Mortgage Program and do you qualify?
Here is everything that you need to know about the new ONE+Boston Mortgage Program:
1. What are the Features of the Program?
- Heavily discounted 30-year fixed mortgages
- Low Interest Rates – 0.5% – 1.0% below the already discounted ONE Mortgage Rates
- Low Down Payments – 3% – 5% of the purchase price, depending on the housing type
- No Points on the Mortgage
- No PMI (Private Mortgage Insurance) is required – a significant savings!
- Qualified buyers might qualify for a 0% interest subsidy payment
2. How Do You Qualify for ONE+Boston
The goal of ONE+Boston is to increase homeownership and all of the benefits that go along with owning property by amplifying the purchasing power of first-time Boston homebuyers who are income-eligible. To qualify for the new ONE+Boston mortgage program, home buyers must meet the following eligibility requirements:
- Residency – You must be a resident of the City of Boston and be shopping for a home within Boston.
- First-Time Home Owners or Buyers who have not owned a home within the last 3 years
- Education – You must take a homebuyers class
- Total Assets must not exceed $75k for the household
- Credit Score – Must be above 640 for single-family homes or condos and above 660 for 2/3-family buildings
- Primary Residence – you have to live here (you can’t use a ONE+Boston loan for an investment property that isn’t your primary residence)
- Timing – you cannot have signed a Purchase + Sale Agreement at the time of your application.
- Income Limits – Must be below the income limits determined by the Massachusetts Housing Partnership – see if you qualify (scroll down to Suffolk County)
3. Next Steps to Apply for the ONE+Boston Program
- Determine your eligibility. Revisit the checklist above or check out the ONE+Boston Mortgage Program website for a full list of qualifications.
- Take a homebuyer class. Make sure you complete an approved pre-purchase homebuyer education class before applying.
- Meet with a participating lender to determine your eligibility for the ONE+Boston mortgage program. The following lenders are participating in the ONE+Boston program:
- Santander Bank
- Cambridge Trust
- Citizens Bank
- Boston Private Bank & Trust
Homeownership is your path to financial freedom and the best way to set yourself and your family up for generations of property ownership. Qualifying for financing is always the most difficult hurdle, whether coming up with the down payment or qualifying for financing with favorable terms. The ONE+Boston Mortgage Program is specifically designed to make home ownership attainable for people of all income levels.
Are you ready to apply for the ONE+Boston Mortgage Program so you can buy a home in Boston? Great!
Please reach out to us at NextHome Titletown Real Estate with any questions you have about the application process or how to find your first home right here in Boston.
Just give us a call at (617) 657-9811 or send us a message.
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