Boston condos for sale: What credit score do you need to buy a condo?

When you first start looking into financing a Boston condo for sale, you’ll quickly learn your credit score makes a huge difference. This three-digit number is essentially a calculation of how likely you are to repay a loan. Even if you’ve never checked your score before, it still exists and can either help or harm you when purchasing property. Whether you’re looking at Boston Beacon Hill homes or Boston downtown high rise condo, read on to discover how your credit score could affect your ability to buy a home.

550 & Lower

This is considered a bad credit score. You may not even qualify for standard FHA loans, which are often the recommended loan type for people with poor credit. Those who can get an FHA loan need to have a score of at least 500, and they’ll have to pay a down payment of 10 percent. The higher down payment is required because it’s a bigger risk for lenders.

550 to 649

Once you get into this category, your credit score still isn’t ideal, but you’re not in such a bad position. You can qualify for an FHA loan with only a 3.5 percent down payment once your score hits 580, and if your score is at least 620, you can even get normal housing loans backed by Fannie Mae and Freddie Mac. In general, anyone with a credit score of at least 600 will be able to find some reasonable mortgage options.

650 to 699

Most Boston Midtown condo buyers tend to fall in the upper 600s. You might find your interest rates are a little higher, costing about .5 percent on average more than the company’s lowest interest rate offerings. However, most lenders will still be willing to work with you, and it shouldn’t be particularly challenging to get a home. You may find you can get more favorable rates by being willing to pay a higher down payment.

700 to 749

All loaning institutions see people with credit scores of 700 or higher as having good scores, which puts them in a far better position when shopping for loans. Since lenders see you as being decently reliable and likely to pay off your loan on time, you’ll have access to lower down payment options and lower interest rates.

750 & Higher

If your credit score is in this range, you’re one of the rare people with excellent credit. Lenders love working with those who have excellent credit because they feel like it’s a wise investment. You can expect to get interest rates as much as two percent lower than people with poor credit. Those with excellent credit are also far less likely to have to pay hefty fees or high mortgage insurance rates when settling on a loan.

If you’re interested in purchasing downtown Boston real estate, is an area that always has a variety of Boston condos for sale available, and if you aren’t happy with the initial interest rate on your home loan, you can take advantage of the opportunity to refinance later. The experienced agents at Ford Realty we can help you start your search for the perfect property. Call us at 617-595-3712.

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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.


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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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