Are you self-employed looking to buy a Boston North End condo for sale?

Looking to buy a Boston condo for sale in the Boston North End? Here is what you need to know…..

Boston self-employed minimum of two years

If you’re looking to buy a Boston condo for sale in the North End, you will be asked to provide one or more of the following…any name

  • A business company name with corporate of DBA tax returns
  • Your business company address and  website address
  • A letter from your accountant verifying that you have been in business for at least two years.

If you have a co-borrower who is a W2 wage earner, that person will need to fully document his or her income.

Minimum Credit Score Requirement

Credit scores play a major role in all types of loans including conventional and government mortgages for a Boston North End condos for sale. They often will help determine what your rate will be, what the down payment will be and often whether you qualify at all for the mortgage.

A good loan officer will have a feel for this during your initial discussions. For bank statement loans, some lenders will accept scores in the low to mid 500’s but that may also impact your rate and down payment.

Down Payment Requirement for the Boston North End condo

Each lender may vary but bank statement loans will typically require anywhere from 10%-20% down. Compensating factors such as high credit scores and large average monthly bank statement deposits could result in a lower down payment for you. Gift funds from a relative may also be permitted.

Asset Requirements

Assets need to be fully verified. The more assets you have, the stronger your application will be making it easier to get an approval. Assets to be verified include bank statements, 401k and other retirement accounts, stocks or brokerage account statements, real estate owned and any other significant assets.

Bank Statement and Deposit Requirements

Bank statement mortgage lenders will ask for a minimum of 12 months and up to 24 months bank statements. They will total of the deposits for that time frame and will then will divide by 12 or 24 to get an average. They use 100% of the personal bank statement deposits and 50-75% of the business bank statement deposits.

  • Business Bank Account – 12 months deposits 
  • Personal Bank Account – 12 month’s deposits 
  • Boston North End condos for sale

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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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