Boston first-time homebuyer programs can cover up to $50,000 of a down payment and closing costs, and the city pairs that aid with ONE+Boston, a discounted 30-year mortgage. That matters in a city where the U.S. Census Bureau puts the median owner-occupied home value at $722,800. This guide, current as of Oct. 25, 2026, covers who qualifies, how much help is available and a rule change that took effect Sept. 15.
Boston’s First-Time Homebuyer Program: how much help
The city’s Mayor’s Office of Housing runs the First-Time Homebuyer Program through the Boston Home Center. Assistance depends on household income compared with the area median income (AMI):
- Below 100% of AMI: up to 3% of the purchase price plus eligible closing costs, with a maximum of $50,000
- 101% to 135% of AMI: up to 2% of the purchase price plus eligible closing costs, with a maximum of $35,000
- Deed-restricted (affordable) homes: up to 2% of the purchase price
For current Boston residents, the assistance is a grant. Since Sept. 15, 2026, buyers who do not already live in Boston receive it as a 0% interest deferred loan, repayable when the home is sold, refinanced or transferred. Non-residents who submitted a complete application with a signed offer or purchase and sale agreement by Sept. 14 are not affected.
Who qualifies
According to the city, buyers must:
- Buy a one- to three-family home or condominium in Boston and live in it as a primary residence
- Not have owned property in the past three years
- Complete a CHAPA-approved Homebuying 101 class
- Get pre-approved by one of the city’s participating lenders, with a loan within Fannie Mae’s general limits
- Have total household income below 135% of AMI and household assets below $100,000
The program’s application checklist adds that no more than half of a buyer’s assets may be gifts, that the buyer must move in within 60 days of closing, that at least one unit must be vacant at move-in, and that the buyer may not raise rents to push existing tenants out during the first year.
ONE+Boston: a lower mortgage rate
The ONE+Boston program combines city money with the Massachusetts Housing Partnership’s ONE Mortgage. The city says it offers its lowest fixed 30-year rates, discounted below standard ONE Mortgage rates, along with enhanced down payment and closing cost help. The Massachusetts Housing Partnership says the loans carry no private mortgage insurance. In an April 2026 presentation, MHP described the Boston discount as a 1.00% rate reduction.
ONE+Boston buyers must currently live in Boston and buy in Boston. Proof of residency can be a lease, a utility bill or voter registration. Applicants should meet a participating lender before going to the Boston Home Center for down payment help.
Why the help matters: Boston prices and rates
Census Bureau American Community Survey 2024 1-year data put Boston’s median home value $115,400 above the statewide median of $607,400. Owners occupy only 105,927 of Boston’s 294,977 households, or about 36%, compared with about 62% statewide, according to ACS table B25003.
Borrowing costs remain high. Freddie Mac’s weekly survey, published on FRED by the Federal Reserve Bank of St. Louis, put the average 30-year fixed rate at 7.32% for the week of Oct. 22, 2026, down from 7.40% the previous two weeks. The Federal Housing Finance Agency’s all-transactions price index for the Boston metropolitan division, also on FRED, rose from 498.13 in the first quarter of 2026 to 502.13 in the second.
For more context, read TBR’s explainer on why Boston housing is so expensive and our list of the cheapest places to live in Massachusetts. Property tax basics are in Massachusetts taxes explained.
How to apply
- Review the income and asset limits on the city’s program page.
- Register for a CHAPA-approved Homebuying 101 course; the Boston Home Center lists options on its classes page.
- Get a mortgage pre-approval from a participating lender.
- Submit the First-Time Homebuyer Financial Assistance Application with documents.
The Boston Home Center is at 26 Court Street, Boston, open Monday through Friday from 9 a.m. to 5 p.m., and can be reached at 617-635-4663. For federal guidance on buying a first home, the U.S. Department of Housing and Urban Development keeps a home buying page.
Related reading
Sources
- City of Boston: First-Time Homebuyer Program
- City of Boston: ONE+Boston Homebuyer Program
- U.S. Census Bureau: ACS 2024 1-year, B25077 Median Value
- U.S. Census Bureau: ACS 2024 1-year, B25003 Tenure
- FRED: 30-Year Fixed Rate Mortgage Average (Freddie Mac)
Additional sources
- City of Boston: First-Time Homebuyer Program Application Checklist (PDF)
- FRED: FHFA All-Transactions House Price Index, Boston metro division
- Massachusetts Housing Partnership: ONE+Boston
- MHP presentation, April 2026 (PDF)
- HUD: Buying a Home
Photo: Row houses on Union Park in Boston’s South End, by Boston Starbucks Rebel, Wikimedia Commons, public domain.
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