First-time buyer guide · Boston area

Buying your first
home in Boston.

Start with your monthly housing budget and the cash you will need at closing. Compare Boston condos, houses and two- or three-family homes by condition, condo fees, T access and parking. Our Boston office can help you build a search around those priorities.

Talk with a buyer’s agent Browse Boston homes

01 · Budget & cash to close

Set the payment before the price range.

A lender’s maximum and the payment you want to live with are different decisions. Start with your income, current debts, regular expenses and savings goals.

Cash to close and cash to keep

Ask your lender to estimate the cash due at closing, accounting for the down payment, closing costs, prepaids, deposits and credits. Budget separately for moving, repairs and savings you want to keep.

Your full monthly housing cost

Mortgage principal and interest, taxes, insurance and any condo fee. Add utilities and upkeep; ask what the condo fee actually covers.

Do you need 20% down?

No single percentage fits every buyer or loan. Ask lenders about available down-payment options, mortgage insurance, closing costs and the total payment. Compare the tradeoffs before deciding how much savings to use.

Check the property-tax assumptions

If this will be your primary residence in Boston, ask the City about its residential exemption and when you may qualify. Do not assume the seller’s current tax bill will be the same as yours after closing.

Boston residential exemption

CFPB homebuying budget guidance Understanding cash to close

02 · Preapproval

Get ready for
preapproval.

Check your credit

Review your credit reports for errors. Ask your lender or a housing counselor how your credit, debts and income affect the options available to you.

Gather the requested documents

Start with income records, recent bank statements, tax documents and the source of your down payment. Requirements vary; ask what applies if you are self-employed or using gift funds. Share financial documents through the submission process your lender provides, not a general website contact form.

Understand your preapproval

A preapproval is conditional, not a guaranteed loan. Ask what the lender has verified, what remains to be checked and when the letter expires. Keep your own spending limit even if you qualify to borrow more.

CFPB document checklist Understanding preapproval

03 · At the property

Compare the home, building and location.

A condo near the T, a two-family in Boston and a house in a nearby town can raise different questions. Compare the property’s ongoing costs, condition and daily logistics.

Condo finances

Request the budget, reserves, master insurance, meeting minutes and any known special assessments.
Ask who handles repairs and whether major work is planned. A special assessment is an additional charge to owners beyond regular condo fees.
Have your attorney and lender review the documents relevant to your purchase.

Your daily routine

Try the door-to-door route at your usual travel time, including walks, subway, bus or Commuter Rail connections, transfers and parking.
At the home, check stairs or elevator access, laundry and storage.
If parking matters, have your attorney confirm the space or rights included with the property.

Condition & inspections

Ask a licensed home inspector about the roof, structure, heating, electrical and plumbing systems, and the limits of the inspection.
Before signing an offer, ask your attorney how Massachusetts inspection rules apply.
For a home built before 1978, review the required lead-paint notification and available reports with your attorney; ask what separate lead evaluation may be needed.

Considering a two- or three-family home?

Compare financing, insurance, upkeep and landlord responsibilities. If rent from another unit is part of your budget, ask your lender how rental income is evaluated before relying on it. Discuss existing leases and your obligations as an owner with your attorney.

Fannie Mae condo questions Massachusetts inspection guidance Massachusetts lead-paint disclosures

First-time buyer programs

Check Boston and Massachusetts buyer programs early.

Buying outside Boston? Check the programs and property-tax rules for that city or town. MassHousing offers programs across Massachusetts; eligibility and property requirements still apply. Confirm current terms before counting assistance toward your purchase.

Boston Home Center

Explore homebuyer education and counseling through the City. Its First-Time Homebuyer Program supports qualifying purchases within Boston; check property, income, lender and education requirements, along with the terms of assistance.

Boston Home Center resources

ONE+Boston

A mortgage option for qualifying first-time buyers purchasing in Boston. Check the program’s residency, income, education and lender requirements when comparing your financing options.

ONE+Boston requirements

MassHousing

Explore Massachusetts mortgage and down-payment assistance options with a participating lender. Ask about eligibility, required education and the terms of any assistance.

MassHousing programs

Ready to start looking?

Turn your budget into a Boston home search.

Tell us your areas, price range and timing. Include the details that will shape your search: property type, T or commute needs, parking, stairs or elevator access, outdoor space and how much work you are willing to take on.

Our Boston office can help arrange showings, compare recent sales and work through offer decisions. Your lender handles financing, your attorney advises on legal terms, and your inspector evaluates the property’s condition within the inspection’s scope.

Talk with a buyer’s agent How our buyer services work

Renting first?

Guidance reviewed September 2026. Confirm current loan and program details with the provider.