For many people, buying a condo in Downtown Boston with average or poor credit is outside the realm of possibility. With the mortgage meltdown of 2008, many banks tightened their lending guidelines to the point where borrowers needed near perfect credit scores to secure financing. However, there are effective methods borrowers can take to secure mortgages for the Boston condo of their dreams.

Apply for an FHA Loan

The Federal Housing Administration caters to low-income borrowers and borrowers with poor credit. Many times the FHA approves applicants with credit scores as low as 580 with a minimum of 3.5 percent down. Traditional banks and mortgage lenders offering conventional loans backed by Fannie Mae or Freddie Mac usually require scores of 620 or better.

Review Individual Credit Reports

Many potential mortgage applicants fail to review their individual credit reports before applying for financing. TransUnion, Experian, and Equifax are the three major credit reporting agencies in the United States. Although each agency charges a small fee to obtain actual scores, offers one free credit report per year without the score. Individuals can see all of their active trade lines and past accounts. Mortgage applicants often find their scores are higher than expected.

Down Payment Assistance

Individuals with average or poor credit scores do qualify for financing if they can produce 20 percent or more down. However, that is much easier said than done. The good news is many states offer down payment assistance and first mortgage programs for many potential borrowers. For example, The California Finance Agency offers programs designed to help potential borrowers with poor credit scores and lower incomes.

A middle of the road or downright poor credit score is not a death warrant for those who wish to buy a condo in Downtown Boston. Many individuals do not realize that lenders do approve mortgages, although their automated underwriting systems decline the applications. If applicants can show strong incomes, hefty assets, strong cash reserves or low DTI ratios, they enjoy a real chance at approval.

Purchasing a property with poor credit can be challenging, but not impossible. The first step in securing the home of your dreams is finding the right real estate broker in Downtown Boston to work with. Schedule an appointment with us today by calling 617-720-5454 and let us show you how we can help you find the perfect Midtown condo or loft.

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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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