One Plus Boston Mortgage
The City of Boston announced the new One Plus Mortgage (also known as One+) today.
According to Mayor Marty Walsh’s office, the program will benefit lower income buyers. Specifically, it should help to lower interest rates for first-time buyers. The target group is those who make under the area median income, or AMI.
Of course, the best way to find out whether the One Plus Boston mortgage option is right for you is to talk to a mortgage pro. Contact Jennifer Goddard for referrals through The Mandrell Company: 617.942.1133.
According to the press release from the City of Boston, here are the 5 main points you need to know.
One Boston Plus Mortgage
The One Plus Boston Key Points:
- The program permanently drops interest rates for a fixed-rate 30-year mortgage.
- People who make less than 100 percent of the area median income are eligible.
- Those who participate in this program may combine it with Boston Home Center assistance.
- It doesn’t matter if the home has an income restriction for buyers.
- The program is being paid for via $3.8 million in Community Preservation money.
