OneUnited Bank Mortgage Review: Empowering Communities

Empowering communities with tailored mortgages & support for underserved areas.

OneUnited Bank Mortgage Review: Empowering Communities


  • Focus on Underserved Communities: Specializes serving Boston, Miami, and Southern California borrowers.
  • Minimum Credit Score: Accepts borrowers with a credit score as low as 620.
  • Minimum Down Payment: Offers mortgages with as little as 3% down.
  • Loan Types: Specializes in fixed-rate, conventional mortgages.


  • Online Mortgage Application: The streamlined application process is available online.
  • Community Land Trust Loans: Supports affordable housing through partnerships with community organizations.
  • Specialized Lending: Focus on supporting Black and underserved communities.
  • Customizable Mortgage Rates: Detailed rate information is available online and tailored to individual needs.

Product Summary

OneUnited Bank is a Black-led and Black-owned institution committed to empowering underserved communities and borrowers of color, particularly in Boston, Miami, and Southern California. The bank offers conventional, fixed-rate loans tailored to first-time homebuyers, those with limited income, or those with minimal down payment savings. Although it restricts its services to specific counties and does not offer government-backed or adjustable-rate mortgages, its HomeReady mortgage provides flexible qualifications compared to standard loans.

A notable advantage of OneUnited Bank is its strong emphasis on community support through Community Land Trust loans, making affordable housing more accessible in high-cost areas. The online application process is straightforward, though potential borrowers should note the absence of a mortgage preapproval option, which could require working with another lender initially.

Despite these limitations, OneUnited Bank's dedication to financial inclusivity and community empowerment, coupled with its innovative approach to mortgage lending, makes it a compelling choice for eligible borrowers seeking to make their home ownership dreams a reality.

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