4 reasons why buying a Boston condo for sale is not right for YOU

Everyone touts the benefits of owning a Boston condo and, for the most part, owning a Boston condo, i for most people is wise. However, there are times and occasions when buying a Boston Seaport condo may not be the best decision.

If you’ve been considering one of the many Boston condos for sale but are not sure if you’re in a position to buy, the following list will help you decide. 

1. No Cash in the Bank –

In the past banks were offering plenty of attractive Boston condo loan programs. Many of which required little to no down payments. Today, however, banks are much more particular regarding to whom they will lend money. In particular, a lender will view you a credit risk if you have at least 20 percent for a down payment. Of course there are loan programs that require less of a down payment.

2. A High Debt-to-Income Ratio –

You may pride yourself on paying all of your bills on time each and every month, but a bank will look further into the situation. In particular, one of the criteria lenders use when determining your eligibility for a Boston Seaport condo loan is your debt-to-income ratio. Although this ratio will differ from lender to lender, it is always best to pay down the better part of your debt load before applying for a home loan.

3. An Unstable Job –

Unless you are comfortable in your current position and see yourself employed in the foreseeable future, it just doesn’t make sense to own a home. In particular, individuals who do not see themselves working in an area or at a company for an extended period of time will just not benefit from owning a home short term. In fact, it is quite possible that they could lose money on the deal.

4. A Less-than-Perfect Credit Score –

If you have a less-than-stellar credit past, it pays to first clean up your credit and improve your credit score before applying for a home loan. The ideal FICO score, by many lenders’ standards, is over 700. Order a copy of your credit report and check out your current FICO score before deciding whether applying for a home loan is right for you.


Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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