"The total money you need for a down payment and closing costs to purchase a condo in Boston depends on the purchase price and your financing. Closing costs generally range from 2% to 5% of the purchase price. The down payment can range from 3% to 20% or more, depending on your loan type. Loan Type: Government-backed loans like VA and USDA may offer 0% down payment for qualifying buyers, while FHA loans can be as low as 3.5%."
"Avoiding Private Mortgage Insurance (PMI): With a conventional loan, a down payment of less than 20% will require you to pay private mortgage insurance, which increases your monthly payment. First-Time Homebuyer Programs: The City of Boston offers a First-Time Homebuyer Grant, which can provide financial assistance toward your down payment and closing costs. As of May 2025, eligible buyers could receive up to 5% of the purchase price (max $50,000), but this amount was set to decrease in June 2025."
Total upfront cash needed for a Boston condo depends on purchase price and chosen financing. Closing costs typically run 2% to 5% of the purchase price. Down payments range from as low as 0% for qualifying VA and USDA loans, 3.5% for FHA, to 3%–20% or more for conventional loans. Conventional loans with less than 20% down require private mortgage insurance, increasing monthly payments. The City of Boston offers a First-Time Homebuyer Grant that, as of May 2025, provided up to 5% of purchase price (maximum $50,000), with the program terms changing in June 2025. Closing cost contributions can be negotiated with sellers. Lower credit scores can raise rates and down payment requirements.
Read at Boston Condos For Sale Ford Realty
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