--- title: How to Buy a Home in Massachusetts with 3% Down description: Massachusetts buyers can purchase a home with just 3% down. Learn about ONE Mortgage, MassHousing DPA, and conventional options available in 2026. image: https://45730973.fs1.hubspotusercontent-na1.net/hubfs/45730973/Gemini_Generated_Image_4sbgrl4sbgrl4sbg.png --- [NateLoans](https://nateloans.com/) [About](https://nateloans.com/#about) [Loan Types](https://nateloans.com/#loans) [Calculators](https://nateloans.com/#tools) [How It Works](https://nateloans.com/#process) [Reviews](https://nateloans.com/#reviews) [Blog](https://nateloans.com/blog) [Contact](https://nateloans.com/#contact) [(617) 945-3632](tel:6179453632) [Get Pre-Approved](https://mobile.fairwaynow.com/homehub/signup/nate.moghadam@FAIRWAYMC.COM) # How to Buy a Home in Massachusetts with 3% Down April 4, 2026 Nate Moghadam Spring 2026 is shaping up to be one of the more interesting buying seasons Massachusetts has seen in a few years. Rates have pulled back from the highs of late 2024, inventory is slowly improving, and there are real programs available right now that let qualified buyers get into a home with just 3% down. If you have been sitting on the sidelines waiting for some combination of rates, prices, and savings to line up, this is worth reading. The statewide median single-family home price hit $665,000 last year and has kept moving in 2026. That number can make a 20% down payment feel completely out of reach, especially for first-time buyers in Greater Boston where the median has been closer to $800,000. But 20% down has never been a legal requirement, and Massachusetts has two of the better state-level mortgage programs in the country specifically designed for buyers who want to put less down. ## The ONE Mortgage Program The Massachusetts Housing Partnership runs a program called ONE Mortgage that most people outside the industry have never heard of, which is a shame because it is genuinely good. It is a 30-year fixed rate loan with a 3% minimum down payment and no private mortgage insurance. That last part matters more than people realize. On a $500,000 loan, PMI can easily run $150 to $250 per month. ONE Mortgage eliminates that entirely. To be eligible you need to be a first-time buyer, have a credit score of at least 640 for a single family or condo, meet household income limits that vary by community, and have less than $75,000 in total household assets not counting most retirement and college savings accounts. The down payment can include gift money or assistance from a down payment program, so the 3% does not have to come entirely from your own savings. If you live in or are buying in Boston, there is a version called ONE+Boston with enhanced city-funded down payment assistance layered on top. ## MassHousing MassHousing offers its own 30-year fixed mortgage with low down payments and something called MI Plus, which is mortgage insurance that also covers up to six months of your mortgage payment, up to $2,000 a month, if you lose your job. Given everything that has been happening in the economy in 2025 and into 2026, that kind of protection has a lot more appeal than it would have a few years ago. MassHousing also has a separate down payment assistance program that can provide up to $30,000 for buyers earning below certain income thresholds, or up to $50,000 in Boston and specific Gateway Cities. The assistance comes as a second mortgage, and depending on your income level it may be structured as a 0% deferred loan due only when you sell or refinance, or as a low-rate amortizing loan. You do not need to bring that money to the table up front. ## Conventional 3% Down If your income is above the limits for ONE Mortgage or MassHousing, you still have options. Conventional loans through Fannie Mae and Freddie Mac allow 3% down for first-time buyers with credit scores of 620 or higher. You will pay PMI until you reach 20% equity, but unlike FHA loans you can eventually cancel it. Current 30-year fixed rates in Massachusetts are running in the mid-6% range as of early April 2026, which is meaningfully lower than where they were in 2023 and 2024. ## What You Actually Need to Get Started Getting pre-approved before you start shopping is not optional in this market. Even with inventory improving slightly, well-priced homes in Eastern Massachusetts are still moving fast and sellers are not going to take an offer seriously without it. A good mortgage broker can run you through all three programs simultaneously and tell you which one fits your income, assets, and the specific property you are targeting. If you want to talk through which program makes sense for your situation, reach out. That is exactly what we are here for. Share this post: Copy Link ![Nate Moghadam](https://45730973.fs1.hubspotusercontent-na1.net/hubfs/45730973/raw_assets/public/nateloans/images/nate-headshot.jpeg) **Nate Moghadam** Mortgage Loan Officer · Fairway Independent Mortgage · NMLS #906770 10+ years helping buyers, homeowners, and real estate agents navigate the mortgage process across 14 states. ### Talk to Nate Have questions about your specific situation? Book a free 15-minute call. [Book a Free Call](https://calendly.com/natemoghadam/homebuyer-consultation) ### Ready to Apply? Start your pre-approval online in minutes. Fast, easy, no obligation. 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[(617) 945-3632](tel:6179453632) [nate@nateloans.com](mailto:nate@nateloans.com) Keep Reading ## More from Nate [![](https://45730973.fs1.hubspotusercontent-na1.net/hubfs/45730973/pexels-rdne-7821671%20(1).jpg)](https://nateloans.com/blog/questions-to-ask-a-mortgage-lender) ### [12 Questions to Ask a Mortgage Lender Before You Choose](https://nateloans.com/blog/questions-to-ask-a-mortgage-lender) October 8, 2026 [Read](https://nateloans.com/blog/questions-to-ask-a-mortgage-lender) [![](https://45730973.fs1.hubspotusercontent-na1.net/hubfs/45730973/pexels-ivan-s-8962337.jpg)](https://nateloans.com/blog/fha-vs-conventional-rental-income-old-home) ### [Can You Use Rent From Your Old Home on an FHA Loan?](https://nateloans.com/blog/fha-vs-conventional-rental-income-old-home) October 6, 2026 [Read](https://nateloans.com/blog/fha-vs-conventional-rental-income-old-home) [![](https://45730973.fs1.hubspotusercontent-na1.net/hubfs/45730973/ChatGPT%20Image%20Jul%2030%2c%202026%2c%2011_17_27%20AM-1.png)](https://nateloans.com/blog/october-fed-hike-odds-2026) ### [October Fed Hike Odds Collapse. 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