Affordable Mortgage Products

Choosing the right mortgage product will not only get you into homeownership but will also establish housing costs that you can sustain for the long term. There are several mortgage products available to income-eligible first-time homebuyers. These products can offer lower rates than conventional mortgage products; downpayments between 1.5 - 5 % of the purchase price; and no or reduced-rate private mortgage insurance that protects you in the event that you lose your employment.

Massachusetts Housing Partnership

The Massachusetts Housing Partnership (MHP) supports affordable homeownership with the One Mortgage Program. This loan product offers a below-market interest rate and a low down payment without requiring private mortgage insurance. Buyers must be income eligible first-time homebuyers. Currently, the income limit is 100% AMI for the Greater Boston Area. In order to qualify, buyers must take approved pre- and post-purchase homebuyer classes.  For more information about the One Mortgage Program, please visit MHP at


MassHousing supports affordable housing opportunities across the Commonwealth. Mass Housing offers several affordable mortgage products. Many of these products are available to families with higher incomes. These products include the MassHousing Mortgage; MassHousing Mortgage with No Mortgage Insurance; Purchase and Rehab Loans for purchasing homes needing repair; and the Home for the Brave program, providing no-downpayment financing for veterans. For more information, visit

Federal Housing Administration (FHA)

FHA loans have been helping people become homeowners since 1934.  The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), insures the loan, so your lender can offer you a better deal. Some of the benefits of an FHA loan are low downpayments, low closing costs and lower credit qualifying criteria.  For more information about FHA loans, visit

For More Information

If you have questions regarding affordable mortgage products, please contact Antonia Finley, Homebuyer Coordinator, at 617/349-4643 or The Community Development Department TTY line is 617/349-4621.