How Does It Work?
The ONE Mortgage has four features that make buying a home truly affordable:
- 3 percent minimum down-payment
- Low fixed interest rates
- No Private Mortgage Insurance (PMI)
- Extra assistance that lowers your monthly payments
With these features, ONE Mortgage can lower your monthly payments by hundreds of dollars every month compared to other 30-year mortgages. Use our ONE Mortgage calculator to see how ONE can boost your buying power.
Who is Eligible?
To get a ONE Mortgage, you must:
- 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 percent down payment to buy a condo, single-family home, or two-family home. We require a 5 percent down payment to buy a three-family property. You may use a down payment program or gifted money from a family member as part of this down payment.
- Have a total household income under our limits. These income limits vary by community and the number of people in your household.
- 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 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 ONE Mortgage.
ONE Mortgage also helps Section 8 voucher holders become homeowners. With our Section 8 for Homeownership Program, borrowers use their Housing Assistance Payments (HAP) towards their mortgage payment on a condominium or single family home. Email email@example.com for more information.
What Are my Next Steps?
- Ready to get started? Try our ONE Mortgage Calculator.
- Sign up for a first-time homebuyer class:
- Apply for a ONE Mortgage by calling our partner lenders (banks and credit unions).
- See if you are eligible for extra help from local down payment assistance programs.
- Once a seller accepts your offer, you’ll work with your lender to finalize your ONE Mortgage loan and buy your new home!
If you have questions, call us toll free at 1-800-752-7131 or email at firstname.lastname@example.org.