If you’ve been waiting to purchase your first Beacon Hill condo because you haven’t been able to save 20% of the cost for a down payment, we have some good news! You don’t need 20% down. In fact, you may not even need 10%.

So how do I go about buying with less than 20% down?

Just as there are a wide variety of market factors that affect the price you pay for a Beacon Hill condo, there are similar variables that can affect how you go about financing your purchase. If you have excellent credit (generally described as a credit score of 700 or above), you will almost always qualify for lower interest rates on your loan, which can translate into a lower down payment as well. The types of financing you have available to you can also make a large difference in how much of a down payment will be required.

How do I know which type of financing I should get?

A good real estate agent in Beacon Hill will have working relationships with lenders from a variety of banks and mortgage brokers, and should be able to direct you to a lender that has proven themselves knowledgeable and trustworthy. The lender’s job is to get you a loan, and you will want to work with a lender who will present you with all of your financing options, so you can make an informed decision. Your choices might include getting a conventional loan (which usually requires the highest down payment), and FHA loan, VA loan, or other type of financing.

What else should I know?

If you’re a first time Beacon Hill condo buyer, there may be even more low down payment options available to you. The federal government and many state and local governments offer a wide variety of programs to help first time home buyers purchase their first property, with some allowing for as little as 3% down.

Whatever financing route you choose, the first step to a low down payment begins with you. Get out there, contact a reliable real estate agent, and start your search for that perfect condo or loft in Midtown Boston. For more information about loft or condo buying in Downtown Boston, reach out to us and take the first step to purchasing the Beacon Hill home of your dreams!

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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