Affordable Mortgage Programs

HomeReady® is a conventional mortgage program designed for eligible low-to-moderate income borrowers that allows down payments as low as 3%.

Minimum Down Payment: 3%
Income Limits: Yes
First-Time Homebuyer Required: No
Allows Gift Funds: Yes

Best For: Borrowers with moderate income looking for a lower down payment option.

Destination Home Mortgage™ is an affordable mortgage program that may provide down payment assistance, closing cost assistance, and the opportunity to avoid traditional private mortgage insurance (PMI).

Minimum Down Payment: 3% (for eligible borrowers)
Income Limits: May apply based on program and market eligibility.
First-Time Homebuyer Required: No
Allows Gift Funds: May be permitted based on program guidelines.
PMI Required: No traditional PMI.

Best For: Homebuyers looking for down payment assistance, lower upfront costs, and potentially no PMI.

These mortgage options help eligible borrowers purchase or refinance a home with a down payment as low as 3%.

Minimum Down Payment: 3%
Income Limits: No
First-Time Homebuyer Required: No
Allows Gift Funds: May be permitted depending on loan type.
PMI Required: Varies by loan program.

Best For: Borrowers with limited savings who want flexible financing options and a lower down payment.

ONE Mortgage® is an affordable home loan program available in eligible Massachusetts communities that offers reduced monthly housing costs and no PMI for qualified first-time homebuyers.

Minimum Down Payment: 3%
Income Limits: Yes
First-Time Homebuyer Required: Yes
Allows Gift Funds: May be permitted according to program guidelines.
PMI Required: No

Best For: Low-to-moderate income first-time homebuyers in Massachusetts seeking affordable financing and reduced monthly costs.

An FHA loan is a government-insured mortgage designed to help borrowers qualify for homeownership with a lower down payment and flexible qualification requirements.

Minimum Down Payment: 3.5%
Income Limits: No
First-Time Homebuyer Required: No
Allows Gift Funds: Yes
PMI Required: Mortgage insurance is required.

Best For: Borrowers seeking flexible qualification requirements and a lower down payment option.

A Conventional 97 loan is a conventional mortgage that allows qualified borrowers to purchase a home with as little as 3% down.

Minimum Down Payment: 3%
Income Limits: No
First-Time Homebuyer Required: No
Allows Gift Funds: Yes
PMI Required: Yes

Best For: Borrowers looking for a traditional conventional mortgage with a low down payment requirement.

A VA loan is a government-backed mortgage available to eligible veterans, active-duty service members, and qualifying military borrowers that offers up to 100% financing.

Minimum Down Payment: 0%
Income Limits: No
First-Time Homebuyer Required: No
Allows Gift Funds: Yes
PMI Required: No

Best For: Eligible veterans, service members, and military families looking to purchase a home with little or no upfront down payment.

Buying a home involves more than just a down payment. The Citizens Closing Cost Assistance Program provides eligible borrowers with funds that can be used towards closing costs, helping to reduce out of pocket expenses at closing. Contact a Citizens loan officer for details.

We work with a number of housing agencies in select states that have programs that may help eligible buyers:

• Access assistance worth thousands of dollars towards down payment and closing costs
• Take advantage of programs that may provide up to 5% of the home’s purchase price in assistance
• Explore opportunities for forgivable assistance
• Discover programs designed for first-time homebuyers

Our team stays informed on available opportunities and can help determine which programs may align with your needs. Program offerings, eligibility requirements, and assistance amounts vary by location and are subject to change.

Yes. A 20% down payment isn't required to buy a home. Many mortgage programs allow eligible borrowers to purchase a home with a lower down payment, and some may offer down payment or closing cost assistance to help reduce upfront costs.

Down payment assistance programs can help eligible homebuyers cover some of the upfront costs of purchasing a home. Assistance may be available through grants, forgivable loans, or other programs, depending on program guidelines and borrower eligibility.

Eligibility varies by program. Factors such as income, property location, credit history, and homebuyer status may be considered. One of our mortgage experts can help you determine which programs may be available based on your individual circumstances.

Some affordable mortgage programs have income limits, while others do not. Eligibility requirements vary by program and may be based on factors such as household income, property location, credit history, and homebuyer status.