DEDHAM SAVINGS PARTICIPATING IN ONE+BOSTON MORTGAGE PROGRAM
ONE+Boston increases the buying power for income-eligible, first-time
Boston homebuyers purchasing a home within the City.
Dedham Savings is participating in the ONE+Boston program, according to an announcement by Laura Dorfman, Executive Vice President for Residential & Consumer Lending.
Stated Dorfman, “Buying a home may be one of the largest and most important purchases many of us will ever make. Dedham Savings is participating in the ONE+Boston program so we can help our homebuyers who live in Boston, which is known as one of the most expensive homeownership cities in the U.S.”
About The ONE+Boston Program
The ONE+Boston program is a partnership between the City of Boston, Massachusetts Housing Partnership (MHP), and the Massachusetts Affordable Housing Alliance (MAHA). Homebuyers must meet program eligibility requirements, which include:
- Currently live in Boston
- First Time Homebuyer (hasn’t owned a home in last 3 years)
- Meet income guidelines
- Meet credit score requirements
- Take a required Homebuyer Class
According to Dorfman, Dedham Savings Loan Officers are well-versed in the ONE+Boston program and can assist Boston homebuyers in determining if they qualify for the program. Once qualified, program benefits are significant and help buyers afford a more expensive home than they might otherwise qualify for. Program benefits include:
- Heavily discounted fixed interest rate – buyers can secure a rate that is ½-1% below the already discounted ONE Mortgage rate, thanks to funds provided by the City of Boston.
- Enhanced down payment assistance – the City of Boston is increasing the maximum they will contribute towards down payment assistance for those who qualify.
Interested buyers who live in Boston and are first time homebuyers should contact the Dedham Savings Mortgage Team to learn if they qualify and to take next steps.