I am a first time home buyer with $50,000 to put down. We would like to carry no more than a $290,000

Asked by Linda Ciccone, Palm Beach Gardens, FL Wed Mar 11, 2009

mortgage. What price range should we be looking at taking into consideration the actual selling price of a home in Danvers, Ma?

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Greer Swiston’s answer
Greer Swiston, Agent, Newton, MA
Wed Mar 11, 2009
Linda, to answer your question ... I think the price range you're looking at is somewhere between $250K-$300K ... depending on your credit rating and willingness to pay PMI and closing costs ... putting 20% down would make you a strong candidate to borrow, no PMI ... but limits you to buying a home for $250K TOPS (and there will still be other closing costs to consider ... paying the Home Inspector, real estate attorney, points and closing) ... and wanting to carry no more than $290K on a mortgage ... you could buy something as much as $300K assuming that you're only putting 5% down ... If you qualify for an FHA loan, you can put as little as 3% down, but you'd most likely be paying a higher interest rate and slapping PMI on top of that.

Let me know how I can help. It won't cost you anything to speak with some mortgage consultants. John Capone of MSA Mortgage is based up near the North Shore. You might want to give him a ping at jcapone@msamortgage.com. You'd be better off speaking with a mortgage consultant from Massachusetts than talking with one in Florida.

I can be reached directly at greer.swiston@commonmoves.com if I can be of any more help.
Web Reference:  http://www.commonmoves.com
1 vote
Tina Brzezen…, Agent, Danvers, MA
Tue Oct 1, 2013
You may want to consider purchasing an "Affordable" unit. In Massachusetts there is a program that allows people within a certain income bracket to purchase condominiums at a fixed price. If you qualify, there are often down payment assistance programs as well. For example there is a development in Danvers, MA - The Residences at Rose Court - that has new construction condominiums where 25% of the units are designated as "affordable". The Income Limits: 1 Person HouseHold is $47,150, 2 Person HH $53,900, 3 Person HH $60,650, 4 Person HH $67,350, 5 Person HH $72,750
Please visit http://www.Roselandinglottery.com for additional information. or http://www.rosecourtdanvers.com/affordableunitinfo.html
Good Luck!
0 votes
Ed Jones, Home Buyer, Topsfield, MA
Sat Dec 17, 2011
Hi Linda,

I'm not a broker! I used to live in the area and we're planning our move back home. Danvers is a great town. Arteries in and out to Boston are adequate. Be very careful of the neighborhood you choose. Notice that most of the brokers were trying to steer you to their listings? Most did not consider your budget! Take care, extreme care and good luck!
0 votes
Terri Sheppa…, Agent, Burlington, MA
Tue May 10, 2011
I'm quite certain that you would be comfortable in the lower 300's...there are some in town now. Spring is busy in Danvers, so give me a call I will forward you what I have. Let me know when you would like to arrive in the North Shore area!
0 votes
Terri Sheppa…, Agent, Burlington, MA
Tue May 10, 2011
I'm quite certain that you would be comfortable in the lower 300's...there are some in town now. Spring is busy in Danvers, so give me a call I will forward you what I have. Let me know when you would like to arrive in the North Shore area!
0 votes
Anne Casale-…, Agent, Danvers, MA
Mon Apr 13, 2009
Hi Linda,
Thanks for your inquiry. I work in an office located in Danvers and I am a life-long Danvers resident. It's a great town and I would love to show you around. To answer your question, I would be looking at homes around $350,000- $355,000, no higher. You will want to discuss some mortgage options with a lender because in order to avoid PMI(private mortgage insurance), you would need to put down approximately $70,000. I have a great townhouse in Danvers at River Run priced at $349,900 in impeccable condition with 3 bedrooms, 1.5 new baths, a new kitchen, hardwood floors in the living and dining rooms and 2020 sf of living space. I would love the opportunity to speak with you in depth about your housing needs. When will you be planning a trip to the area. Please contact me directly at 978-8704-0510 or visit my website at
0 votes
Rosemary Dis…, Agent, Wakefield, MA
Wed Apr 8, 2009
Hi Linda, You need to work with a Buyer Agent that knows the Danvers, Ma market. My Mom lives in Danvers, I moved her from the Cape to Danvers. It's a really nice town with a great downtown and lots of great places to eat. I have lots of experience working with relocation clients and I'd love to be of assistance to you. I am a Certified Buyer Agent. If you don't already have a Buyer Agent my number is 978-882-4346
Rosemary Diskin
Re/Max Advantage Real Estate
Beverly, Ma
0 votes
Jason Discip…, , Topsfield, MA
Wed Mar 25, 2009
Hi Linda,
I am a local broker servicing the Danvers area. All the suggestions to speak with a Mortgage Broker first and get a pre-approval is the best route to go. Since you have $50,000 to put down, you should make that your 20%. Since loans work on an 80:20 ratio, if you decide to look at homes that you can afford to put 20% down on, you will eliminate the need for pmi (private mortgage insurance) and reduce your payments by almost $150 per month in pmi payments alone. Please feel free to contact me direct with any questions.
Web Reference:  http://www.inlinerealty.com
0 votes
Patricia Hou…, Agent, Middleton, WI
Wed Mar 11, 2009
Hi Linda,
My office is in the town directly adjacent to Danvers and I list and sell homes in Danvers and the surrounding communities. First off, I would suggest that you speak with a loan officer to determine the amount of loan you would qualify for and are comfortable carrying. A pre-approval from a mortgage company is strongly suggested and customary when submitting an offer on a home in this area.

At $340,000 you should be able to buy a home in an older, established neighborhood in Danvers. You most likely will find a Ranch, Cape, Bungalow or old style colonial under 1600 square feet. Danvers has some delightful older neighborhoods. You could also find a newer townhouse style condo in that price range. If you wanted a newer home or a rural atmosphere, I would suggest you look further north to the towns of Rowley, West Newbury, Amesbury or Merrimack.

My website, http://www.massachusettsnorthshorehomes.com offers an easy to use search portal to MLS (multiple listing service) for this region and lists names of mortgage loan officers that I have found to be particularly helpful to first time buyers. Keep in mind that as a first time buyer you can take advantage of the new $8000 federal tax credit. My web site also includes tips on home inspections and other information that you will need to become an informed buyer.

Please fell free to call or e-mail me with any additional questions. Happy home search! Pat Houlden
0 votes
Paul Stonkus, Agent, Lynn, MA
Wed Mar 11, 2009
Although the average North Shore town is down 25% to 30% for single family homes from the peak of the market in June of 2005, Danvers is still a pricey town. If you are willing to do some work and possibly accept something that might be in a busier location, you should be able to find something in your +/- $340k price range. Not having looked at any properties with you, it's impossible for me to know what location/condition/size property is acceptable to you. I suggest you go into Realtor.com, or my website and do some checking into what's available at what prices before you come up to investigate in person. If you have a more flexible timeframe you may be able to save some money by trying to get in on a short sale property with a local agent.
I also second Greer's suggestion to you that you contact a North Shore mortgage person, and I agree that John Capone or his brother Bob are the best in the area. You can reach Bob at 978-479-8886. Remember that initial contact with a mortgage person for preapproval should not cost you ANY money.
Please let me know if I can be of further assistance.
Web Reference:  http://www.lynnforsale.com
0 votes
Michael Giles, Agent, Beverly, MA
Wed Mar 11, 2009
Hi Linda,
It is a strong buyer's market here. I feel very comfortable that you can achieve your goal. There are many properties on the market at $340 and under, but it will depend heavily on what your needs are. Please contact me if you would like an area market survey on Danvers over the last 3 months. this will give you a better idea of what is on and more importantly what is selling in Danvers.
0 votes
Rob Goodwin,…, , Easton, MA
Wed Mar 11, 2009
Good morning Linda:

The answer is it depends. I could give you the standard answer of $340,000 plus 10% for negotiating, but that wouldn't happen in every case. You are trying to find a home to live in , maybe raise a family in, have friends visit, etc and you are tring to hold the line at a mortgage of $290,000. What is the most important criteria? Would you want to pass on your dream home if you increased your mortgage to $295,000?

Don't get me wrong I love the fact that you saved $50,000 and aplaud your decipline of holding the line, but the answer still is it depends.


0 votes
Marty S, , Irvine, CA
Wed Mar 11, 2009
Anywhere up to 340k. Sit down with a mortgage broker and discuss your options.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes
Daniele Summ…, , Charlotte, NC
Wed Mar 11, 2009
Linda, I come from 30 minutes North of Boston and know that area well. The only downfall is that I have been away from New England for some time and no longer know the market, BUT I know an agent up there who is fantastic and works the Danvers area. Let me know if you would like me to get you in touch with her. Send me a quick e-mail explaining your timeframe, if you have to sell your house in FL first and what you are looking for in Massachusetts. I know she will be happy to help.

Daniele Summerfield
Wilkinson & Associates
0 votes
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