The ONE Mortgage Program in Massachusetts

Who the ONE Mortgage program fits

By Ryan and Megan Winslow, Mortgage Bankers with The Federal Savings Bank, NMLS #2426605 and #2692933. Updated October 3, 2026.

ONE Mortgage is a first-time buyer loan from the Massachusetts Housing Partnership (MHP). It pairs a low down payment with no private mortgage insurance and a below-market 30-year fixed rate (source, checked October 2026). MHP also pays part of your interest in the early years through a subsidy that steps down over the first seven years (source, checked October 2026).

ONE Mortgage fits you when:

• You have not owned a home in the past three years.
• Your household income falls under the limit for the town where you want to buy.
• Your household assets total $75,000 or less, not counting retirement and college savings.
• You want a single family home, a condo, or a 2 or 3 family home you will live in.
• You want a fixed payment for 30 years with no mortgage insurance on top.

Buyers in Worcester, Lowell, Springfield, Fall River and other Massachusetts communities use this program to keep the monthly payment down while they build savings.

What you need for ONE Mortgage

• First-time buyer status. No ownership of a home in the three years before you apply (source, checked October 2026).
• Income under the community limit. MHP sets income limits by community, so the number for Worcester differs from the number for Newton (source, checked October 2026).
• Assets at or below $75,000. Count checking, savings and investment accounts for everyone in the household (source, checked October 2026).
• Credit. A 640 score for a single family home or condo, and 660 for a 2 or 3 family home (source, checked October 2026). The lender's own underwriting rules also apply.
• Homebuyer class. Finish a pre-purchase homebuyer education class before you buy (source, checked October 2026).
• Counseling for 3 family homes. MHP requires one-on-one counseling before closing on a 3 family home (source, checked October 2026).
• Owner occupancy. You live in the home. On a 2 or 3 family home you live in one unit.

ONE Mortgage loans close through participating lenders. Ryan and Megan tell you up front whether The Federal Savings Bank offers the program on your file. If it does not, they compare ONE Mortgage with the Federal Housing Administration (FHA), Department of Veterans Affairs (VA) and conventional loans they do offer, so you see the trade-offs in writing.

How to buy a home with ONE Mortgage

1. Sign up for a pre-purchase homebuyer education class. Classes fill up, so book early.
2. Look up the income limit for the town where you want to buy on the MHP site (source, checked October 2026).
3. Add up household assets and confirm you sit at or under $75,000 after the allowed exclusions.
4. Apply at winslowloan.com. Ryan and Megan review income, credit and assets and tell you which loans fit.
5. Get your pre-approval letter and set a price range based on the step-up payment schedule.
6. Shop with a buyer agent who knows ONE Mortgage timelines.
7. Make your offer, order the appraisal and finish counseling if you buy a 3 family home.
8. Review the closing disclosure with your attorney and close.

How Ryan and Megan help Massachusetts first-time buyers

Ryan and Megan are Mortgage Bankers with The Federal Savings Bank. Ryan and Megan grew their real estate careers in Central Massachusetts and know how Worcester County deals come together. They read your income, assets and credit against the ONE Mortgage rules and the other loans on the table, then lay out the payments side by side.

Ryan and Megan also hold Massachusetts real estate broker licenses through Winslow Homes. That background helps when you buy a 2 or 3 family home and need rent figures, inspections and attorney timelines lined up. Start at winslowloan.com or try the program matcher.