Mortgage & Financing
For most buyers in Newton and Greater Boston, financing starts with one step: getting a full pre-approval before you tour homes. A pre-approval tells you the price range you can actually close on, and sellers here rarely take an offer seriously without one. Everything else — the loan type, the down payment, the rate — follows from that conversation with a lender, and we can connect you with lenders who work this market every week.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is a quick estimate based on numbers you tell a lender — nothing is verified. Pre-approval is the real thing: the lender checks your credit, verifies income and assets, and issues a conditional commitment for a specific loan amount. In a competitive offer, pre-approval is what gives your bid credibility. Aim for a full pre-approval, not just a pre-qualification letter.
How much do you actually need for a down payment?
Twenty percent is the number people quote, but it is not a requirement. Many buyers purchase with far less. Conventional loans can go as low as 3% down for qualified buyers, FHA loans as low as 3.5%, and VA loans (for eligible veterans and service members) can require nothing down. Putting less than 20% down usually means paying private mortgage insurance (PMI) until you reach enough equity — a real monthly cost to factor in, but often worth it to buy sooner rather than saving for years.
Which Massachusetts programs help first-time buyers?
Massachusetts has some of the strongest first-time-buyer programs in the country:
- MassHousing — competitive fixed-rate loans with low-down-payment options and, for some borrowers, down-payment assistance.
- ONE Mortgage — a state-supported program with a low down payment and no private mortgage insurance, which can meaningfully lower the monthly payment for qualified buyers.
- Down-payment assistance — grants or low-interest second loans that help cover the down payment and closing costs.
Eligibility and income limits change, so treat these as a starting point and confirm current terms with a participating lender. If you are early in the process, the first-time buyer guide walks through the bigger picture.
What do lenders look at?
Three things carry most of the weight: your credit score, your debt-to-income ratio (how much of your monthly income already goes to debt), and your documented, stable income and assets. Before you apply, avoid opening new credit lines or making large unexplained deposits — both can complicate underwriting later.
Before you start touring: since August 2024, buyers in Massachusetts sign a written buyer-agency agreement with their agent before homes are shown. It spells out how your agent is paid and what they owe you — we will walk you through it in plain language on the first call.
What comes after pre-approval?
Once you are pre-approved, the search and offer process begins. See the full home-buying roadmap for every step from offer to keys, and the closing process for what happens at the finish line.
Not sure where to start?
We can introduce you to trusted local lenders and help you figure out which programs fit your situation — no obligation.
Talk to us about financing