ONE+ Boston Vs. ONE Mortgage For East Boston Buyers

Trying to buy in East Boston and wondering if ONE Mortgage or ONE+Boston will stretch your budget further? You are not alone. With local prices often in the high-$600,000s to $800,000s, the right program can lower your payment and reduce your cash to close. Below, you will see how each program works, who qualifies, and how much savings you might expect so you can choose confidently. Information is current as of October 2025. Let’s dive in.

Program basics

ONE Mortgage is a statewide, affordable first-time homebuyer loan from the Massachusetts Housing Partnership (MHP). It offers a 30-year fixed rate, low down payment, no PMI, and an interest subsidy for eligible lower-income buyers through participating lenders. You can review features and find tools on the MHP program page for ONE Mortgage. (MHP ONE Mortgage)

ONE+Boston is a City of Boston enhancement that layers additional savings on top of ONE Mortgage for eligible Boston residents buying within city limits. The city funds a deeper rate buydown and provides access to Boston Home Center assistance. Boston updated these discounts in 2023 to help more residents compete. (City announcement on ONE+Boston updates)

Key differences for East Boston

Interest rate savings

• ONE Mortgage: fixed rate set by the participating lender with possible MHP subsidy for eligible buyers. See current guidance and tools on MHP’s site. (MHP ONE Mortgage)
• ONE+Boston: deeper city-funded buydown on top of ONE. Buyers under 80% of AMI may receive up to a 2 percentage point reduction; 80% to 100% of AMI may receive up to 1 percentage point. Your final rate still depends on the base ONE rate and lender. (City announcement with buydown details)

Down payment help

• ONE Mortgage: can pair with compatible down-payment assistance programs when available. MHP provides resources and tools to explore options. (Program overview)
• ONE+Boston: adds Boston Home Center assistance, typically a grant equal to 5% of the purchase price with commonly cited caps of $50,000 for households at or below 100% AMI and $35,000 for 101%–135% AMI. Actual caps and availability can change, so confirm current terms with the City. (Boston Homebuying Support Hub)

Eligibility and location

• ONE Mortgage: available statewide to first-time buyers who meet income, asset, credit, and down-payment rules. Owner-occupancy is required. (MHP requirements)
• ONE+Boston: for current Boston residents buying within Boston. Owner-occupancy, first-time status, income/asset screening, and a homebuyer education class are required. East Boston purchases meet the location rule. (City announcement)

Caps, funding, timing

ONE+Boston has assistance limits and funding windows. Some benefits may be subject to recapture if you sell or refinance very early. Funding is reserved through systems used by MHP and participating lenders, so timing matters. Always confirm lender participation and available funding up front. (MHP program update)

East Boston market impact

East Boston’s median sold prices have often landed around the high-$600,000s to $800,000s in 2024–2025, depending on listing mix and timing. In this price range, a 1 to 2 percentage point rate reduction and city assistance can move your monthly payment and debt-to-income ratio enough to qualify. See current market snapshots for context. (East Boston market overview)

You will see a mix of condos, single-family homes, and 2–3 family properties in East Boston. ONE and ONE+Boston can finance all three, with higher minimum down payments and credit requirements for multi-family. Owner-occupancy is required. (MHP requirements)

Which program fits you

• If you live in Boston and want to buy in East Boston: ONE+Boston often delivers the biggest payment reduction through the added buydown and access to Boston Home Center funds.
• If you live outside Boston or might buy elsewhere in Massachusetts: ONE Mortgage is still a strong, low-down-payment option with no PMI and broad lender access.
• If your income is between 80% and 100% of AMI: ONE+Boston may give you a 1 point rate buydown, plus potential City assistance.
• If your income is up to 135% of AMI: Boston may still offer down-payment help at a lower cap, even if the ONE+ rate buydown does not apply. Always check current rules with the City.
• If you want a 2–3 family: plan for a higher down payment and stronger credit profile, and confirm owner-occupancy and underwriting details early. (MHP requirements)

Your action plan

1. Verify eligibility. Confirm first-time status, household income vs. Suffolk County AMI, and asset limits. Review program basics and tools on MHP’s ONE Mortgage page. (MHP ONE Mortgage)

2. Take a certified class. Complete an approved first-time homebuyer education course required by MHP and the Boston Home Center. Local nonprofits such as MAHA list class options and resources. (MAHA resources for homebuyers)

3. Talk to participating lenders early. Ask which lenders are actively offering ONE+Boston, what DPAs they can pair, and how they reserve funds. Timing matters because programs use funding reservations. (MHP update on program coordination)

4. Get a side-by-side estimate. Request a comparison showing the base ONE rate, any ONE+Boston buydown you qualify for, your expected City assistance amount, and the monthly payment impact. Earlier program examples showed meaningful buying-power gains when combining these benefits. (Program example background)

5. Confirm City assistance. Review current Boston Home Center caps, rules, and availability before you write offers. The City updates these programs as funding changes. (Boston Homebuying Support Hub)

6. Prepare documents. Expect proof of Boston residency, income and asset verification, class certificate, and any City forms your lender needs. Owner-occupancy is required for both programs. (MHP requirements)

Need local help

Choosing the right path is easier with a local guide who knows the process, the neighborhoods, and how to write strong offers in a competitive price band. If you are planning a move in East Boston or nearby north-of-Boston communities, our team is ready to help you align financing, search strategy, and timing. Reach out to Coldwell Banker First Quality Realty to get started.

FAQs

Who can use ONE Mortgage vs. ONE+Boston in Boston?

• ONE Mortgage is available statewide to eligible first-time buyers through participating lenders, while ONE+Boston is for current Boston residents purchasing inside the City of Boston.

How big is the ONE+Boston interest-rate buydown?

• Under Boston’s 2023 update, buyers under 80% of AMI may qualify for up to a 2-point buydown and buyers between 80% and 100% of AMI may qualify for up to 1 point, subject to the base ONE rate and lender.

Can I buy a 2–3 family in East Boston with these programs?

• Yes, both programs can finance owner-occupied 2–3 family properties, but you will need a higher down payment and stronger credit profile than for a single-unit or condo.

Do these loans require PMI?

• No. ONE Mortgage is designed so eligible borrowers do not pay private mortgage insurance, and ONE+Boston layers on top of ONE.

How much down-payment help can I get from Boston?

• Boston Home Center commonly provides a grant equal to 5% of the purchase price with caps that are often cited as $50,000 at or below 100% AMI and $35,000 for 101%–135% AMI, subject to funding and updates.

Are funds always available for ONE+Boston?

• Funding windows and lender participation can change. Confirm availability and reserve funds with your lender and the Boston Home Center early in your process.

What happens if I sell or refinance soon after closing?

• Some discounts and assistance may be subject to recapture if the loan is satisfied very early, and certain City grants may require repayment on sale or refinance. Ask your lender and the City for your exact terms.