The Beacon Hill market isn’t unique from a mortgage perspective. We are experiencing some of the same pressures on buyers as most other markets around the country. Lenders are much more conservative, new rules are in place from Fannie Mae and Freddie Mac, and it’s tougher than anytime in the last 20 years to get a mortgage.
Down payments –
Conventional lenders are requiring minimum 20% down payments for most mortgages. We are helping some buyers to work with the FHA however, getting them loans with down payments as low as 5% of the Boston downtown condominium selling price.
Special condo rules –
Condominiums are scrutinized even more by lenders. New rules limiting the number of investor owners in a complex, as well as extra requirements about how many units are in foreclosure or delinquency are making it tougher to get a condominium mortgage.
Credit qualification –
Higher credit scores are required these days to qualify for a mortgage, though we’ve been helping buyers to overcome this obstacle to home ownership.
Call us at 617-720-5454 or email us to see how we can help you with this decision and give you a whole new look at buying a condominium in the downtown real estate market.