Key Takeaways
- MassHousing offers income-eligible first-time buyers down payment assistance of up to $30,000 as a 0% deferred second loan, or up to $25,000 as a 15-year loan at 2% or 3%.
- The ONE Mortgage Program, run by the Massachusetts Housing Partnership (MHP), requires as little as 3% down, charges no PMI and adds an interest subsidy that phases down over seven years.
- The Mortgage Reports data: 27.9% of Massachusetts home buyers who requested mortgage quotes through our site in 2026 described their credit as fair or poor, vs. 35.1% nationwide.
Massachusetts first-time buyers have two main state-backed options as of November 2026. MassHousing pairs its mortgages with down payment assistance of up to $30,000 as a 0% deferred second loan, and the ONE Mortgage Program from the Massachusetts Housing Partnership (MHP) offers a low fixed rate with as little as 3% down, no private mortgage insurance and a state interest subsidy for buyers at or under 100% of area median income.
Check your home buying eligibility. Start hereIn this article (Skip to...)
- MassHousing vs. ONE Mortgage at a glance
- MassHousing down payment assistance: amounts and terms
- ONE Mortgage: eligibility and benefits
- The Mortgage Reports data: How Massachusetts home buyers rate their credit in 2026
- How to apply
- How we got these numbers
- MassHousing and ONE Mortgage FAQ
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MassHousing vs. ONE Mortgage at a glance
The table below compares the two programs’ key terms as of November 2026.
| Feature | MassHousing mortgage + DPA | ONE Mortgage (MHP) |
| Down payment help | Up to $30,000 (0% deferred) or $25,000 (15-year, 2% or 3%) | MHP interest subsidy lowers monthly payments |
| Minimum down payment | Set by first mortgage | 3% (1.5% from your savings); 5% for 3-family homes |
| Mortgage insurance | Not stated; MI Plus job-loss coverage on MassHousing-insured loans | No PMI |
| Income limit | Up to 80% or up to 135% of AMI, depending on product | Up to 100% of AMI |
| Asset limit | Not stated | $75,000 in household assets (retirement excluded) |
| Credit score | 640 minimum (June 2026 matrix) | Set by participating lender |
| First-time buyer | Required for DPA | No home owned in past 3 years |
| Education | Required | Required; 3-family buyers also need counseling |
MassHousing down payment assistance: amounts and terms
MassHousing, the state’s housing finance agency, offers three down payment assistance (DPA) options on its DPA page. Your MassHousing-approved lender determines which option and amount you get:
| Option | Maximum | Rate | Repayment |
| 1 | $30,000 | 0% | Deferred; no payments until sale, refinance or payoff of the first mortgage |
| 2 | $25,000 | 2% fixed | 15 years; $160.88 a month on $25,000 |
| 3 | $25,000 | 3% fixed | 15 years; $172.62 a month on $25,000 |
All options must be repaid if you sell or refinance, or when the first mortgage is paid off. DPA can be used in any Massachusetts community, subject to first mortgage eligibility, for single-family homes, condos and 2- to 4-family homes you’ll live in.
Who qualifies for MassHousing DPA
- First-time buyer: DPA is only for income-eligible first-time buyers.
- Income: MassHousing’s 2026 product matrix (effective June 15, 2026) lists conventional products for borrowers at or under 80% of AMI and others up to 135% of AMI.
- Credit and debt: 640 minimum credit score and 45% maximum debt-to-income ratio on the products in the matrix.
- First mortgage: DPA must be paired with a MassHousing conventional or FHA mortgage with a rate fixed for the life of the loan.
- Education: a homebuyer education class is required.
MassHousing loans it insures include MI Plus, which can cover mortgage payments for up to six months, up to $4,000 a month, if you lose your job, per its loans page. MassHousing also ran a limited expanded DPA window from April 27 to July 31, 2026, for households up to 135% of AMI, according to its 2026 flyer; that window has ended.
Check your down payment assistance options. Start here
ONE Mortgage: eligibility and benefits
The ONE Mortgage Program is run by MHP, a public nonprofit that works with the state’s Executive Office of Housing and Livable Communities. According to MHP, it offers:
- Low down payment: at least 3% of the price, with 1.5% from your own savings. Three-family homes need 5%, with 3% from savings.
- No PMI: you don’t pay private mortgage insurance.
- Interest subsidy: an MHP subsidy lowers your monthly payment and gradually decreases over the first seven years of the loan.
- Fixed rate: a low fixed rate from a participating lender. Actual rates vary by lender and depend on your credit and loan.
Who qualifies for ONE Mortgage
- You haven’t owned a home in the three years before applying.
- Household income is at or under 100% of area median income. Buyers under 80% of AMI may also qualify for MHP subsidy.
- Household assets are $75,000 or less, not counting retirement savings, approved college savings plans or municipal down payment assistance.
- You meet the participating lender’s credit and underwriting rules.
- You complete an approved pre-purchase homebuyer education class.
These are selected ONE Mortgage 2026 income limits (updated May 2026) at 100% of AMI:
| County | 1 person | 2 people | 4 people |
| Suffolk (Boston) | $120,000 | $137,150 | $171,400 |
| Barnstable (Cape Cod) | $98,850 | $113,000 | $141,200 |
| Hampden (Springfield) | $91,700 | $104,800 | $131,000 |
Homebuyer classes are offered by approved agencies, including the Massachusetts Affordable Housing Alliance (MAHA), which runs a Homeownership University for first-time and first-generation buyers.
The Mortgage Reports data: How Massachusetts home buyers rate their credit in 2026
27.9% of Massachusetts home buyers who requested mortgage quotes through The Mortgage Reports in 2026 described their credit as fair or poor, compared with 35.1% nationwide. That matters here because most state assistance programs and the loans paired with them set a minimum credit score, so check this program’s requirements above before you apply.
| Self-reported credit | The Mortgage Reports data: Massachusetts home buyers (1,031 requests) | The Mortgage Reports data: all U.S. home buyers (54,285 requests) |
| Excellent | 20.0% | 15.6% |
| Very good or good | 52.1% | 49.3% |
| Fair | 27.5% | 34.2% |
| Poor | 0.4% | 0.9% |
Source: The Mortgage Reports analysis of 1,031 home purchase quote requests submitted through our online mortgage form from Jan. 1 to Nov. 9, 2026. Credit tiers are self-reported; the form offers Excellent, Very good, Good, Fair and Poor, and Very good and Good are counted together. States are assigned by ZIP code. These are people who used our form, not a sample of all buyers.
How to apply
Both programs go through private lenders, not the agencies:
- MassHousing: complete MassHousing’s online Eligibility Quick Check, take a homebuyer education class and work with a MassHousing-approved lender, which sets your DPA option and amount. MassHousing: 617-854-1000.
- ONE Mortgage: take a homebuyer education class, then contact a ONE Mortgage participating lender to get prequalified. MHP: 1-800-752-7131 or ONEmortgage@mhp.net.
Ask each lender how the programs compare for your income and price, and whether you can combine either one with local assistance. Our Massachusetts first-time home buyer programs guide lists city and town programs. If you’re over the income limits, low-down-payment loans such as HomeReady and the options in our down payment assistance guide and first-time home buyer grants page may help.
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How we got these numbers
We took MassHousing DPA terms from its down payment assistance page, credit and income rules from its 2026 homeownership product matrix (effective June 15, 2026) and its 2026 flyer, and ONE Mortgage terms and 2026 income limits (updated May 2026) from MHP. All were checked on Nov. 10, 2026. Confirm figures with a participating lender.
MassHousing and ONE Mortgage FAQ
Sources: MassHousing Down Payment Assistance; MassHousing Mortgage Loans; MassHousing Homeownership Product Matrix 2026; MassHousing 2026 Expanded First Time Homebuyer Assistance flyer; MHP ONE Mortgage; MHP ONE Mortgage 2026 Income Limits; Massachusetts Affordable Housing Alliance.
