Buying your first home in Boston can feel intense. Prices vary street to street, listings move fast, and every property type comes with its own rules. You want a clear plan that helps you compete without taking on hidden risk. In this local playbook, you’ll learn how Boston’s market works, which loan and assistance programs can stretch your budget, how to evaluate condos and multi‑families, and what to expect at closing. Let’s dive in.
Boston market snapshot
Boston is a collection of distinct micro‑markets. Values shift by neighborhood, building type, and even block. To keep your budget aligned with current conditions, track live data. According to the PropertyShark Boston market trends dashboard, medians change month to month and vary widely by area, so check the latest numbers when you’re ready to write an offer.
Neighborhood quick take
- Jamaica Plain. A mix of condos and classic triple‑deckers in walkable pockets. Many first‑time buyers focus here for mid‑range city pricing and green space.
- South End. Brownstones and higher‑end condos dominate. Expect premium prices and association fees that reflect full‑service buildings and historic maintenance.
- Dorchester. Boston’s largest neighborhood with varied housing stock, including many 2–4 unit properties. Parts of Dorchester offer comparatively lower entry points, which can be appealing if you plan to offset costs with rental income.
In many areas, homes still sell on compressed timelines. That makes a strong pre‑approval and clean offer terms essential.
Build your budget and pre‑approval
Get pre‑approved before you tour. A written pre‑approval signals strength to sellers and clarifies your price range, monthly payment, and cash needs. Expect this sequence: application and credit review, property under contract, appraisal, then full underwriting to clear to close. For local program lists and participating lenders, start at the City’s Homebuying Support Hub.
First‑time loan options to know
- Conventional low‑down (Fannie Mae HomeReady / Freddie Mac Home Possible). For eligible buyers, these allow as little as 3% down, with income limits and owner‑occupancy requirements. Learn the basics on Fannie Mae’s HomeReady page.
- FHA. A government‑insured option many first‑time buyers use when they have lower down payments or credit scores. Lenders may have overlays and mortgage insurance premiums, so compare estimates with multiple FHA‑approved lenders.
- VA and USDA. Excellent zero‑down paths if you qualify (veterans/service members for VA; USDA is generally for rural/suburban areas rather than Boston’s core).
Boston and Massachusetts assistance programs
These programs can reduce your interest rate, help with down payment and closing costs, or both. Most have income limits and owner‑occupancy requirements.
- City of Boston First‑Time Homebuyer Program (Boston Home Center). Income‑qualified buyers can receive down‑payment grants. Review eligibility tiers and how to apply on the First‑Time Homebuyer Program page.
- ONE+Boston and ONE Mortgage. Designed for income‑qualified buyers, these pair low‑down financing with assistance and competitive rates when you plan to live in the home. See program overviews and resources through the City’s Homebuying Support Hub.
- MassHousing Down Payment Assistance. As of June 11, 2025, MassHousing expanded its DPA to reach more first‑time buyers statewide. Check program limits and eligibility in the MassHousing announcement.
- Boston Housing Authority First Home Program. BHA tenants and Section 8 households may qualify for enhanced local assistance. The program has provided up to $75,000 for eligible buyers purchasing in Boston. Learn more on the BHA First Home Program page.
Stacking tip: City grants, MassHousing DPA, and ONE Mortgage can sometimes combine, but they usually require you to use a participating first‑mortgage product. Verify compatibility with your lender early.
Property types and what to inspect
Condos: fees, reserves, and the 6(d)
Condos are often the most accessible way to buy in central neighborhoods. Budget for monthly association fees and review the resale packet closely. Look at budgets, reserves, meeting minutes, master insurance, and any special assessments. In Massachusetts, a 6(d) certificate is typically required before closing to confirm the unit has no unpaid common charges. Order it early to avoid delays, and have the seller resolve any balances before closing.
2–4 unit properties: live and rent
Small multi‑families are common in Jamaica Plain and Dorchester. If you plan to occupy one unit, many conventional and program loans will consider projected rental income when you qualify. Expect extra due diligence around safety codes, insurance, lead paint in older structures, and operating costs. These homes can build equity and offset the mortgage, but they demand careful budgeting and property management planning.
Inspections and environmental checks
Boston’s housing stock is older, so pair a general home inspection with targeted specialty checks when warranted. Ask your inspector and lender about radon, chimney and flue, asbestos and lead paint for pre‑1978 homes, and oil‑tank or environmental sweeps if there is a tank history. The Greater Boston Association of REALTORS offers practical guidance on environmental risk and inspection rights; review their GBAR resources.
Title V septic inspections usually do not apply in Boston’s sewered neighborhoods, but confirm the utility setup for any property you consider.
Closing costs, taxes, and timeline
Who pays what in Massachusetts
Massachusetts collects a deeds excise tax at recording that is typically paid by the seller. In many counties, including Suffolk, the standard rate has been reported as $4.56 per $1,000 of consideration (rounded per local rules). See local mechanics and fee details at the Suffolk Registry of Deeds.
Boston property taxes and the residential exemption
Use Boston’s Assessing resources to estimate taxes by address and to understand the city’s residential exemption for owner‑occupants. The exemption can reduce your annual tax bill on your primary residence. Start with the City’s Assessing Department.
Documents that can delay closings
Massachusetts closings often require: a smoke and carbon‑monoxide certificate from the local fire department, a municipal lien certificate, a final water/sewer reading, Title V if private septic applies, and a 6(d) certificate for condos. Confirm requirements early to avoid last‑minute surprises.
Typical timeline
With financing, many Boston purchases close about 30 to 45 days after offer acceptance. Inspection periods often run 5 to 14 days. If you are buying a condo, order the resale packet and 6(d) early, since association turnaround can add time.
Offer strategy in a competitive market
- Bring a current pre‑approval from a lender who supports the loan or assistance program you plan to use.
- Include proof of funds for your earnest money and closing costs.
- Be clear and realistic on timelines for inspection, financing, and appraisal contingencies.
- If you plan to use assistance, confirm your lender is listed as a participating lender for that program before you write the offer (check the City’s Homebuying Support Hub).
- Be cautious about waiving the inspection. In Boston’s older housing stock, smart inspections are one of the best ways to control risk.
Quick‑start checklist
Get a written pre‑approval and confirm lenders who offer ONE Mortgage or MassHousing options.
Run neighborhood price checks and compare property types. Include HOA fees and taxes in your monthly budget. For current trends, review PropertyShark’s Boston dashboard.
Save for earnest money and closing costs, and review eligibility for the MassHousing Down Payment Assistance program early.
Schedule a general home inspection and add targeted checks (oil tank, chimney, lead paint, radon) as needed. See the GBAR updates for environmental considerations.
If buying a condo, request the full resale packet early and plan for the 6(d) certificate 2 to 3 weeks before closing.
Use the City’s Homebuying Support Hub and First‑Time Homebuyer Program pages to verify program rules and participating lenders.
How Prism helps first‑time buyers
You deserve both heart and hard data when you buy your first home. Based in Jamaica Plain and working across Greater Boston, our team pairs appraisal‑level pricing expertise with hands‑on guidance. We help you compare neighborhoods, model monthly costs, vet condo documents and reserves, and structure offers that align with your financing and assistance programs. If a 2–4 unit home is on your radar, we can also advise on rental assumptions and long‑term asset planning.
When you are ready, reach out to Prism Real Estate Group for a calm, data‑driven path to your first Boston home.
FAQs
What should a first‑time buyer know about Boston’s market right now?
- Track live data and be ready to move. Neighborhood medians and days on market vary. Use the PropertyShark Boston trends page to check current numbers.
Which down‑payment grants exist for Boston first‑time buyers?
- The City’s First‑Time Homebuyer Program offers grants for income‑eligible buyers, and qualified BHA households may access additional help through the BHA First Home Program.
How does MassHousing Down Payment Assistance work in 2025 and beyond?
- MassHousing expanded DPA on June 11, 2025, broadening eligibility and assistance amounts. Review limits and requirements in the official announcement and confirm details with a participating lender.
What is a 6(d) certificate in a Massachusetts condo closing?
- It is a recordable statement from the association confirming any unpaid common charges for the unit. Lenders and title companies usually require it before closing, and it is typically ordered 1 to 2 weeks before settlement.
Are 2–4 unit properties eligible for first‑time buyer programs?
- Many programs and conventional loans allow 2–4 unit purchases if you will occupy one unit. Income limits, reserves, and underwriting rules differ by program, so confirm with a participating lender via the City’s Homebuying Support Hub.
Who pays the Massachusetts transfer tax and how much is it?
- The deeds excise is typically paid by the seller at recording. In Suffolk County, the standard rate has been reported as $4.56 per $1,000 of consideration. See the Suffolk Registry of Deeds for details.
