Today’s blog post is about financial concerns when buying a Boston condo. Whether you’re buying a triple deck in Dorchester or a luxury Boston Beacon Hill condo, we all have concerns we need to address before signing documents for buying a Boston condo. Let’s address a few of them:

Building Eligibility for Certified Mortgages

In today’s mortgage market, downtown Boston condos may be eligible for three types of home loans certified by government-sponsored entities such as Freddie Mac, Fannie Mae, and the Federal Housing Administration. The guidelines are usually related to the bylaws and management record of the homeowners association. If the building does not qualify for conventional or FHA loans, your mortgage broker or real estate agent may still be able to find a lender that will provide financing, but this could come with a higher down payment and more expensive closing costs. You may be able to refinance into a conventional loan down the line if the building becomes eligible.

Boston Condo Association Litigation History

As a condo buyer, don’t be discouraged to learn that a lender will not grant a mortgage on a condominium tower deemed to be too risky due to a history of prior and pending lawsuits involving the homeowners association. Instead of trying to find another lender, you may want to look for other listings.

Insufficient Down Payment

This issue is not uncommon in the downtown Boston condo market due to high demand and high property values. Not all homebuyers will be able to come up with a 20 percent down payment on the penthouse unit of a boutique condo in Beacon Hill. In this case, applying for FHA financing is a solution that may allow a down payment as low as 3.5 percent, and some of the funds can come from gifts made by relatives.

Low Appraisals

Even though low appraisals are not common in established markets such as downtown Boston, there is always a chance of this happening and holding up the loan approval. Appraisals can always be disputed, but success may be hard to come by when a bank is processing the loan application internally. Mortgage brokers have a greater chance of winning an appraisal dispute, and they can also push for a second appraisal as long as the seller knows getting to the closing table will take longer.

Whatever type of Boston condo you’re looking for, whether it’s condos, lofts, or penthouses, make sure to connect with a reliable agent who knows the downtown neighborhoods. Reach out to Ford realty at 617-595-3712.

Boston condos for sale

Back Bay new condos for sale
Beacon Hill  new condos for sale
Charlestown area new condos for sale
Navy Yard Charlestown  new condos for sale
Dorchester new condos for sale
Fenway  new condos for sale
Jamaica Plain new condos for sale
Leather District new condos for sale
Midtown  new condos for sale
Seaport District area new condos for sale
South Boston new condos for sale
South End new condos for sale
Waterfront new condos for sale
North End  new condos for sale
West End new condos for sale
East Boston new condos for sale

Condos around Boston to rent:

Back Bay area condos for rent
Beacon Hill area condos for rent
Charlestown area condos for rent
Navy Yard Charlestown area condos for rent
Dorchester area condos for rent
Fenway area condos for rent
Jamaica Plain area condos for rent
Leather District area condos for rent
Midtown area condos for rent
Seaport District area condos for rent
South Boston area condos for rent
South End area condos for rent
Waterfront area condos for rent
North End area condos for rent
West End area condos for rent
East Boston area condos for rent

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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