Homeownership has never been more affordable
For first-time buyers making less than 80% of Area Median Income.
You need a FICO® score of at least 620 to qualify for the program.
This loan applies only to single-unit homes that will be your primary residence.
Your debt-to-income (DTI) ratio must be 50% or lower to qualify. One+ is a special type of conventional loan
Your income must be less than 80% of the area's median income (AMI). Check AMI limits here
Seller credits are limited to 3% of the home's purchase price because the down payment is 1-3%.
You need at least 1% with a max of 3%, and we'll contribute another 2%, for a total to 3-5%.
One+ offers reduced mortgage insurance, making monthly payments more affordable.
The maximum home price limit for One+ is $350,000 since it is an affordability initiative for first time hombuyers.
Get a 2% Grant for Free
Put 1% down and get an additional 2% grant with no strings attached. That's 3% equity in your home from day one. Lower down payments translate into a more equitable future for families.
A Great New Deal on Mortgage Insurance
When you put down 1%, we contribute an additional 2% grant, giving you 3% equity in your home from day one. This helps lower your loan amount, making your mortgage more manageable.
Own the American Dream, for Less
Affordable products such as ONE+ come qualify for LLPA waivers. A loan level pricing adjustment or LLPA is a risk based (credit, home-type and LTV) rate increase that don't apply on ONE+ loans.
Lower Payments Every Month
Rates are locked for 30 year terms with a fixed monthly principal & interest payment. You have the flexibility to make extra or bi-weekly payments to save on interest and shorten your loan length.
AMI or Area Median Income varies by county and city. To qualify for One+ you must make less than 80% of Area Median Income Levels. Check your AMI here
Complete a homebuyer course and qualify for the loan based on your Credit, Debt-to-income, and Cash (for 1% down plus closing costs)
Make offers on homes priced under $350,000 and we'll help you get to the closing table with our 11 step process faster than your next paycheck.
A minimum credit score of 620 is typically needed to be eligible for this mortgage.
Do Check Eligibility
Ensure you meet income and credit score requirements before applying.
Do Save for Closing Costs
While the down payment is low, you’ll still need to budget for closing costs and other fees.
Do Plan for the Long-Term
Make sure you can afford monthly payments and long-term homeownership costs.
Don’t Skip the Pre-Approval
Get pre-approved to know how much you can borrow & avoid surprises.
Don’t Overstretch Your Budget
Stay within the $350K limit and how much you can afford for stress-free homeownership.
Don’t Forget About Maintenance
Don’t overlook future costs like maintenance and taxes that impact your budget.
How does ONE+ stack up against other affordable mortgages
ONE+
HomeReady
FHA
Down Payment
1%
3%
3.5%
Credit Score Min
620+
620+
580+
Income Limit
80% of AMI
80% of AMI
No Limit
Loan Limit
$350,000
$806,500
$522,255
Grant Amount
Up to $7,000
$3,500
0
Everything you need, in one place!
Learn everything you need to know as a first-time homebuyer
You’ve got questions, we’ve got answers
Yes! With ONE+ you only need to put down 1%, and Altgage's lending partners contribute a 2% grant—giving you 3% equity right away. This helps you start with more ownership and less out-of-pocket costs!
Yes! Temporary interest rate buydowns are allowed with ONE+ if they are funded by an eligible source like a seller, builder, or real estate agent. This can help lower your initial monthly payments and make homeownership even more affordable!
You may still qualify for an FHA loan with 3.5% down with a 580 credit score or higher. Altgage also helps with a rapid rescore to help boost your credit. If you don't immediately qualify, boosting your credit could help.
No, ONE+ already offers 2% towards your down payment, but you can combine the ONE+ grant with seller concessions to pay for up to 3% of your closing costs.
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