What is the minimum down payment permitted in MA/Cambridge?

Asked by M. Curtsmith, Cambridge, MA Wed Mar 13, 2013

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James Daniel, Agent, Cambridge, MA
Mon Mar 25, 2013
Hi Mary,

That's a great question. There is no minimum for a down payment in MA/Cambridge. It depends on the bank or mortgage company you use. I have helped clients buy homes with nothing, zero down. However, that was a few years ago when the market was softer. Now that the market is red hot due to a serious lack properties for sale buyers are competing and there are multiple offers on what seems like every home for sale. In a market like this sellers are more likely to select an offer in that scenario that has a higher down payment because their is less risk to them.

Mass Housing has a program that is offered through many area lending institutions. A buyer can put down 3% and not have to pay Private Mortgage Insurance (PMI). Check the link below to get more information from their site.

0 votes
Jennifer Kee…, Agent, Cambridge, MA
Wed Mar 13, 2013
Hi Mary,

Definitely shop around to different lenders. Try a small local bank (i.e. Cambridge Savings, Winter Hill Bank) a mid-size bank (ie Century Bank, Leader Bank) and a larger bank (ie Citizens). You will find rates and programs [and subsequently down payments] vary from lender to lender. The good news is you'll be able to find something that best fits your needs and wants.

Jen Keenan, ePlace RE
Central Square, Cambridge
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Masha Sender…, Agent, Newton, MA
Wed Mar 13, 2013
The down payment requirements are dictated by the mortgage products, not location. Typically, the more you out down, the stronger your offer. Depending on the type of mortgage, you can put down 3% and up...
It is customary to pay $1000 with the offer, and 3-5% with the signing if the P&S
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Kenzo Tatsuno, Agent, Waltham, MA
Wed Mar 13, 2013
It all depends. If you were looking for a condo often times if there is less than 50% owner occupancy, You are looking at least 20% down. Do to invested competition and little inventory your competition is sometimes people that are 100% cash buyers. the greater down payment figure you have better. There are still fha programs that require only 3.5% down. I am very familiar with the Cambridge area and would be happy to help you.
Web Reference:  http://www.nemoves.com/kenzo
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Wen Farina, Agent, Reading, MA
Wed Mar 13, 2013
Hello Mary,
your down payment could be as little as 0,% 3.5%....it depends on what type of loan you qualify for (VA, FHA...) Hope this helps
Web Reference:  http://wenrealty.com
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Thomas von Z…, Agent, Cambridge, MA
Wed Mar 13, 2013
Hi Mary

Most banks will ask for 5% to 10% down, but first time homebuyer programs exist through Mass Housing that allow you to buy with as little as 3% down. I'd be glad to discuss the details with you if you wish.


Tom von Zabern
RE/MAX Destiny
Cambridge, MA
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