Reviews

OneUnited Bank Mortgage Review: Empowering Communities

Empowering communities with tailored mortgages & support for underserved areas.

Rickie C. Keys, Ph.D., MPH

Mar 17, 2024 — 1 min read

Features

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.

Benefits

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.

Apply Now!

Insurance: Protecting Your Financial Future

Introduction Insurance is essential for protecting yourself and your family from unexpected financial burdens. This blog post will guide you through understanding different types of insurance and choosing the right policies and strategies to manage insurance costs effectively. By the end, you’ll have the knowledge to secure your financial

Identity Theft: Safeguarding Your Financial Future

Introduction Identity theft is a growing concern in our digital age, and protecting your personal information is essential to safeguarding your financial future. This blog post will guide you through best practices for protecting your identity, monitoring for identity theft, and recovering if your identity is stolen. By the end,

Home Ownership: A Journey to Financial Security

Introduction Owning a home is a significant financial milestone and a key component of financial security. This blog post will guide you through home-buying, managing home expenses, and exploring real estate investment opportunities. By the end, you’ll have the knowledge to make informed decisions about home ownership and build

Creating Wealth: Strategies for Long-Term Financial Success

Introduction Building wealth involves making informed investment decisions and understanding the long-term strategies that can lead to financial success. This blog post will guide you through different types of investments, the importance of risk and diversification, and key strategies for creating wealth. By the end, you’ll have the knowledge