Buying in Boston can feel like a puzzle. You know the neighborhood you want and your budget range, but financing options look confusing and the rules seem to change by property type. You are not alone. In this guide, you will learn how MassHousing, MHP’s ONE Mortgage, the City of Boston Home Center, physician and relocation loans, and jumbo financing work in Boston. You will also see how to match each option to condos, single‑family homes, and 2–4 unit properties. Let’s dive in.
Loan options at a glance
Boston buyers usually consider a mix of public programs and conventional products. State and city options, like MassHousing, MHP’s ONE Mortgage, and Boston Home Center assistance, focus on first‑time and income‑eligible buyers. Specialty loans help relocating professionals and physicians. Many buyers also use jumbo loans for higher price points common in central Boston and nearby towns.
Your goal is to map your price band, property type, and buyer profile to the program that fits. A lender who understands Boston condo rules and local assistance programs is important.
MassHousing: affordability with support
MassHousing is the state’s quasi‑public housing finance agency that offers fixed‑rate mortgages and options for down payment assistance. Programs target first‑time and low to moderate income buyers, and they require that you live in the home as your primary residence. You can explore current offerings and eligibility on the official MassHousing website.
What to expect:
- Fixed‑rate mortgages that focus on affordability.
- Potential down payment assistance or subordinate loans that can reduce upfront cash or private mortgage insurance.
- Income and purchase price limits that vary by program and household size.
- Condo project standards that must be met for Boston condo purchases.
Who it helps: First‑time buyers or anyone with limited down payment funds who meets program and property rules. Program details and limits update often, so verify the latest guidance through MassHousing and your participating lender.
MHP’s ONE Mortgage: low down payment, less PMI
The Massachusetts Housing Partnership designs programs to reduce barriers for first‑time buyers. The ONE Mortgage product uses a structure that can lower the down payment and reduce or eliminate traditional PMI, subject to income and purchase price caps. Lenders must participate. Review current information on MHP’s site.
What to expect:
- Low down payment combined with a second‑mortgage structure.
- Income and price limits, plus lender participation.
- Property eligibility requirements, including condo rules.
Who it helps: Buyers with steady income but limited savings who qualify under MHP’s limits and want predictable monthly costs.
City of Boston Home Center: local down payment help
If you are buying within Boston, the City of Boston Home Center offers homebuyer education and local down payment or closing cost assistance. Many options take the form of deferred loans. Most programs require completing HUD‑approved counseling. Learn more at the City of Boston Home Center.
What to expect:
- Deferred or forgivable assistance while you occupy the home.
- Income, residency, and occupancy rules.
- Counseling requirements before you can receive funds.
Layering: In some cases, city assistance can be combined with a MassHousing or MHP first mortgage. Rules vary by program and lender, so confirm whether your specific loan and property qualify.
Physician and relocation mortgages: flexible for professionals
Several regional and national lenders offer physician mortgages and relocation loans for medical professionals and other recent hires. These loans can allow low or zero down payments and often have more flexible treatment of student loans. Many accept a signed employment contract or residency match letter instead of a long employment history.
What to expect:
- Low down payment options with no PMI at some lenders.
- Flexible student loan calculations.
- Availability at conforming and jumbo loan sizes.
Who it helps: Relocating physicians, dentists, veterinarians, and other professionals with strong future earning potential but limited cash on hand. Terms vary widely, so compare lenders and verify underwriting details.
Jumbo loans in Boston: common at higher price points
A jumbo loan applies when your loan amount exceeds the conforming limit set for Suffolk County. You can check current limits by county on the FHFA site. Jumbo loans are common in Boston for single‑family homes, luxury condos, and higher price bands.
What to expect:
- Higher down payment, strong credit, and proof of reserves.
- Interest rates that can be competitive, but underwriting is lender specific.
- More documentation and stricter condo scrutiny, especially in investor‑heavy or newly converted buildings.
Who it helps: Buyers whose loan needs exceed the conforming limit or who are purchasing in premium neighborhoods where list prices sit above conforming thresholds.
Condos, multis, and eligibility: what to check early
Boston is a condo city. Many programs require that the condo association meets specific standards. Lenders will review owner‑occupancy ratios, insurance, reserves, delinquent dues, and litigation. Smaller associations, recent conversions, or investor‑heavy buildings can be challenging for program approval.
For 2–4 unit properties, some state programs allow owner‑occupied purchases. Requirements vary by lender and program. Confirm early so you can plan your offer strategy.
PMI basics: Some loans require mortgage insurance if you put less than 20 percent down. State programs and second‑mortgage structures can reduce or avoid PMI. For a neutral overview of PMI and mortgage terms, visit the CFPB’s mortgage basics.
How to choose the right program
Use this simple decision path to narrow your options:
- Start with price and loan size.
- If your expected loan is at or below the conforming limit, look at MassHousing, MHP’s ONE Mortgage, or a standard conforming loan. Add City of Boston DPA if you qualify.
- If your expected loan is above the conforming limit, consider a jumbo loan. If you are a physician or relocating professional, ask about physician or relocation products that allow lower down payments at jumbo sizes.
- Match to property type.
- Condos: Confirm the association meets program and lender standards before you commit. Get the condo questionnaire started early.
- 2–4 units: Ask whether owner‑occupied multis are allowed under your chosen program and lender.
- Single‑family: Often the most straightforward, but price can push you into jumbo territory.
- Consider your profile.
- First‑time buyer with limited savings: MassHousing, MHP, and Boston Home Center may help.
- Relocating or early‑career professional with student loans: Physician or relocation mortgages can be more flexible.
- High‑income buyer targeting premium neighborhoods: Jumbo financing is often the best fit.
- Compare total cost.
- Look beyond interest rates. Weigh PMI, second‑mortgage terms, required reserves, and closing costs.
Your documentation checklist
Gather these items to speed up pre‑approval and condo approval:
- Photo ID, two months of bank statements, and recent pay stubs.
- Offer letter, signed employment contract, or residency match letter if you are relocating.
- Student loan statements or repayment plan details for accurate DTI calculations.
- Most recent two years of W‑2s or tax returns if requested.
- For condos: association budget, reserves, insurance certificate, and condo questionnaire. Ask the listing agent to request docs early.
- Any down payment assistance approvals or counseling certificates from the City of Boston.
- A plan for required reserves, especially for jumbo loans.
Common Boston scenarios
Entry‑level condo under the conforming cap: You may pair MassHousing or MHP’s ONE Mortgage with City of Boston DPA if you meet income and purchase price limits. Confirm condo eligibility immediately and start counseling early if you plan to use city funds.
Professional relocating for a hospital role: A physician mortgage may accept your employment contract in place of a long work history and may treat student loans more flexibly. If your target home is above conforming, ask about jumbo‑sized physician options.
Brownstone or luxury condo above conforming: A traditional jumbo loan often fits best. Expect stronger credit and reserve requirements and a close review of the condo association’s finances.
Next steps
- Check conforming loan limits and sketch your budget by neighborhood. Use the FHFA tool to confirm the current threshold for Suffolk County.
- Decide if you may qualify for MassHousing, MHP’s ONE Mortgage, or Boston Home Center assistance. If yes, start counseling or eligibility reviews now.
- If you are a physician or relocating professional, gather employment contracts and ask lenders how they treat student loans and start dates.
- For any condo you are serious about, request association documents and ask your lender to review the project early.
If you want a personalized path that fits your price band, property type, and timeline, connect with Colin Bayley for a buyer strategy session and introductions to lenders who regularly work with MassHousing, MHP, Boston Home Center, physician products, and jumbo financing.
FAQs
Are MassHousing and MHP loans available for Boston condos?
- Often yes, but the condo association must meet lender and program standards, so ask your lender to review the project and request a condo questionnaire early.
Can I combine City of Boston down payment assistance with a MassHousing or MHP loan?
- Many buyers can layer assistance with a qualifying first mortgage, but rules vary by program and lender, so confirm details with the Boston Home Center and your lender.
What makes a loan “jumbo” in Boston?
- A loan is jumbo when it exceeds the conforming limit for Suffolk County; you can verify the current limit on the FHFA website.
How do physician mortgages treat student loans and job history?
- Many physician programs use more flexible student loan calculations and may accept a signed employment contract or residency letter instead of a long employment history.
What condo documents will my lender need in Boston?
- Expect the budget, reserves, insurance certificate, owner‑occupancy data, delinquency information, and answers to a condo questionnaire to verify project eligibility.
Do I have to live in the home to use MassHousing or MHP?
- Yes, these programs are for primary residences and typically require owner occupancy, so they are not intended for investors.
