ONE Mortgage Program
Funding status: Active
How much assistance
30-year fixed-rate mortgage with 3% down payment and no PMI; qualified borrowers below 80% AMI receive an additional subsidy to lower monthly payments (Zero-Interest Loan)
Not applicable — this is a first mortgage product, not a forgivable loan.
Eligibility
- Income limits: Up to 100% of Area Median Income; borrowers below 80% AMI may qualify for additional MHP subsidy
- First-time buyer required: Yes — Must not have owned a home in the past 3 years.
- Credit score minimum: 640
- Geographic restrictions: Available statewide through over 40 participating lenders.
- Homebuyer education required: Yes
How to Apply for ONE Mortgage Program
Step 1: Complete homebuyer education, contact a participating ONE Mortgage lender, and apply. Total household assets must be under $100,000. Credit score minimum is 640 for single-family or condo, 660 for two- or three-family.
Notes
ONE Mortgage eliminates PMI, which can save borrowers hundreds of dollars per month. Over 40 lenders participate statewide. Contact MHP at 1-800-752-7131 for details.