Will I qualify for a Boston Seaport condo loan?

Thinking about taking advantage of record low interest rates and purchase a Boston Seaport condo? One of the first and biggest questions asked by buyers is: Will I qualify for a home loan? Because of the stringent guidelines set forth by many of today’s lenders, this is not only a common question, but a realistic question, as well.

Will you qualify for a Boston Seaport condo loan? Although the answer to this question will ultimately depend on the lender and their minimum qualifications, there are a number of things you can look at to better determine whether or not you will qualify for a traditional mortgage in today’s home loan market:

• Down payment –

Do you have money saved up for a down payment, or will the sale of your current home be enough for a down payment for your new Boston condo? Although the total down payment amount required by a lender will vary according to the home loan program for which you qualify, generally speaking, you can expect to be required to put down about 20 percent of the cost of the home as a down payment. For example, if you plan to purchase a home that costs $400,000, you should be prepared to put at least $80,000 down, either from your cash reserves, from the sale of your current home or both.

• Credit score –

Here’s a biggie. Your credit score, in the eyes of a lender, is more important than ever. Consider that your credit score is determined using a number of factors, including your payment history, the type of credit you currently possess, and your debt-to-income ratio. If you feel uncertain about any of these factors, it is probably best to order a copy of your credit report and review it before applying for a home loan. Again, lenders will vary according to their minimum qualifications when it comes to credit scores, but you should aim for achieving a score above 700.

• Income –

You must have the income to support the home loan and the home loan amount for which you are applying. It is best to talk to a lender regarding this topic and to get preapproved for a home loan so you know how much home you can afford.

Need help or have questions? Give us a call at 617-595-3712 to speak to a professional Realtor who can help you find your next Boston Seaport condo.

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Address & Phone
John Ford
Ford Realty
137 Charles St
Boston, MA 02114
617-720-5454
Map Location
Contact By Email

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Author Profile

John Ford
John Ford
EXPERIENCE

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.



HISTORY

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.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
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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