ONE+ Mortgage Options for Massachusetts First-Time Buyers

 

If you’re a first-time homebuyer in Massachusetts, you may already know how challenging it can be to gather enough funds for a down payment and other upfront costs. But what if there was a program designed to make this journey smoother and more affordable? Enter the ONE+ Mortgage program – an incredible opportunity specifically tailored for first-time homebuyers, offering up to $50,000 in down payment and closing cost assistance. This program could be just the boost you need to make your homeownership dreams come true!

 

 

 

If you have any questions feel free to reach out, you can call: (617) 405-3054, or send an email to: [email protected]. My team would be honored to help!

 

The ONE+ Mortgage is an enhanced version of the well-known ONE Mortgage program. It’s designed to offer first-time buyers even more support, with lower interest rates, minimal down payment requirements, and the elimination of costly private mortgage insurance (PMI). The program is particularly beneficial for eligible buyers in certain Massachusetts gateway cities like Boston, Quincy, Worcester, and Lynn, among others. If you’re in one of these areas, the ONE+ Mortgage could be your path to affordable homeownership.

 

 

Here are some standout features that make the ONE+ Mortgage program a game-changer:

 

1. Up to $50,000 in Assistance: The ONE+ Mortgage offers as much as $50,000 in down payment and closing cost assistance for eligible buyers. This assistance can cover a significant portion of your upfront costs, making the process much more manageable.
   
   
2. Low Interest Rates: Buyers under this program can enjoy interest rates up to 100 basis points below the standard ONE Mortgage base rate, meaning you save more on your monthly payments over the life of the loan.

 

3. No PMI: Unlike most traditional loans, the ONE+ Mortgage eliminates the need for private mortgage insurance. Instead, the program includes a Loan Loss Reserve to protect the lender, allowing you to save hundreds each month on insurance costs.
   
   
4. Subsidies for Qualified Buyers: Buyers whose household income does not exceed 100% of the Area Median Income (AMI) may qualify for the ONE Mortgage program, while those below 80% AMI may be eligible for an additional subsidy. This subsidy can make homeownership even more affordable.

 

To qualify for the ONE+ Mortgage, you’ll need to meet a few key criteria:

 

• First-Time Buyer: You must be a first-time buyer, meaning you haven’t owned a primary residence in the last three years.

• Income Limits: Your household income must be at or below 100% of the area median income (AMI) to qualify for ONE Mortgage. If your income is at or below 80% of the AMI, you may qualify for additional MHP subsidies.

• Primary Residence Requirement: The property you’re purchasing must be your primary residence for the duration of the loan.

• Location: The ONE+ Mortgage is available to residents in certain Massachusetts gateway cities, including Boston, Quincy, Worcester, Lynn, and others. For a complete list, please see the link to our qualifying cities and median incomes.

 

 

Not sure if you qualify? Contact us at (617) 405-3054 or [email protected] and our team will help you determine your eligibility and guide you through the next steps.

 

One important thing to keep in mind is that these types of assistance programs, like the MassDreams Grant and the ONE+ Mortgage, often run out of funding quickly due to high demand. The MassDreams Grant, for instance, provided up to $50,000 in assistance and was immensely popular. The ONE+ Mortgage could be the next big opportunity, but the funds won’t last forever.

 

If you’re serious about buying your first home, we encourage you to take action now while the funding is still available. It could be the difference between achieving your dream of homeownership now or having to wait.

 

The funds you receive through the ONE+ Mortgage can be used to cover several key costs associated with buying a home, including:

 

• Down Payment: Cover part of your down payment to reduce your initial financial burden.

• Closing Costs: Assistance can be applied toward eligible closing costs like origination charges, title insurance, and transfer taxes.

• Other Expenses: Use the funds for additional upfront expenses, allowing you to allocate your savings more effectively.

 

If the ONE+ Mortgage sounds like the right fit for you, the next step is to get pre-approved. At Zander Realty Group, we work with a verified team of lenders who specialize in programs like ONE+ and can guide you through every step of the financing process. Reach out today to see if you qualify and to begin your pre-approval.

 

Buying your first home is a huge milestone, and the ONE+ Mortgage program could make that milestone even more achievable. Whether you’re just starting to explore your options or ready to dive in, our team at Zander Realty Group is here to support you. Contact us at (617) 405-3054, or email [email protected] to get started.

 

 

 

Don't miss out on this incredible opportunity to make homeownership more affordable. The time to act is now! Let Zander Realty Group help you find the home of your dreams and secure financing that works for you.