Obtaining a Boston condo loan in 2018 is no easy feat. Aside from generally needing a minimum down payment and stellar credit, there are some obstacles to watch out for. Here are five tips for navigating the current loan landscape:

1. Be prepared to provide asset documentation twice in the process. In the good old days, furnishing the lender with two months of statements showing current balances was acceptable. Now, the lender will expect to see your latest statements at closing time. They’ll want to see all deposits, and verify that they’re legitimate payroll deposits. And they’ll also want to confirm that you still have all the liquid assets necessary to close. And that you still have your current job.

2. Expect the lender to run your credit report twice. A credit report was previously run by the lender at the time a buyer’s loan package was submitted. However, lenders are now running reports at the time of loan funding to ensure that you have no new debt, disputes or derogatory credit issues.

3. Your employer’s going to get a call. Pay stubs verifying your employment are no longer enough. Expect the lender to call your employer at the time of funding to make sure you’re still employed. They will also verify your current salary and any past and possible future bonus.

4. Tax returns will need secondary verification.  Lenders are no longer satisfied simply referencing the copy of your tax returns provided in the loan application package. They now want an electronic recap from the IRS.

5. Unwarranted spaces can be an issue. This sort of thing wasn’t a showstopper in the past. If you’re buying a townhouse with an “illegal” or unwarranted space, it’s key to let your lender know about it. It will be important for your lender and Realtor to work together to address the details so you can avoid a loan crash.

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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.


Back Bay

Beacon Hill

Charles River Park


North End

South End

Seaport District

South Boston



Surrounding Communities of Boston
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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