Low down payment is the trend for Boston condo buyers

A new report released by Down Payment Resource shows that 61% of first-time home buyers purchased their condos and townhouses with a down payment of 6% or less. The trend also applies to Boston condo buyers.

The report from Down Payment Resources noted that seventy-three percent of Boston first time home-buyers made a payment of less than twenty percent. Please note, when looking at Boston condos for sale and your planning a low down-payment you must keep somethings in mind.

  1. Find out what the owner occupancy for the condo building is. If you have a low owner occupancy this reflects badly on the condo association. In other words, banks are not likely to allow a low down payment on low occupied condos associations. Banks like to see a high owner occupancy as it reflects lower delinquency rate.
  2. Review the Boston condo budget. Banks like to see a strong financial reserve in the budget. Stronger reserves reflects the strength of the condo association.
  3. Review Boston condo meeting notes. This will show you if there’s any up coming repairs, major improvements, future capital expenditures which can hurt the condo association reserves and may lead to a condo assessment. A bank may require a larger down payment as result of this.

But fear not, low down payments are still in play and are very popular with the younger generation.

Among millennials who purchased homes, David Norris, Loan Depot’s Head of Retail Lending, said:

“It’s clear from the survey results that Millennials have a lot of anxiety built up about the home buying process.

There is good news, however, as there’s more flexibility than most Millennials think regarding how to qualify for a loan and what’s needed for a down payment.”


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Updated: 1st Quarter 2018.

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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