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Conventional loans in Massachusetts

Quick answer

Conventional loans in Massachusetts allow as little as 3% down (about $15,774 on a $525,800 home) with a 620+ credit score, up to the $832,750 baseline conforming limit.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsLast updated

Conventional loan snapshot for Massachusetts

ItemEstimate
Minimum down payment3%
Minimum credit score620
Typical MA home value$525,800
3.5% down on typical home$18,403
20% down on typical home$105,160
Avg. effective property tax1.11%/yr (~$485/mo)
Income for typical home (31% rule)$168,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Which Massachusetts programs pair with Conventional loans?

  • MassHousing Down Payment Assistance: A deferred second loan toward down payment and closing costs for eligible buyers.
  • Workforce Advantage: Higher assistance and reduced mortgage insurance for moderate-income first-time buyers.

Details and current limits: MassHousing.

How does a conventional loan work?

Conventional loans are made by private lenders and usually sold to Fannie Mae or Freddie Mac. Because they follow those agencies' guidelines, they're called conforming loans. You can choose a fixed rate (15, 20 or 30 years) or an adjustable rate.

Your rate and mortgage insurance cost depend heavily on your credit score and down payment, so improving either before you apply can noticeably lower your payment.

Who qualifies for a conventional loan?

  • Credit score: generally 620 minimum.
  • Debt-to-income (DTI): up to 45%, and sometimes 50% with strong compensating factors.
  • Down payment: 3% (HomeReady, Home Possible, 97% LTV programs) to 5%+.
  • Steady, documented income — usually two years of history.
  • Property: primary homes, second homes and investment properties are all allowed (with higher down payments for non-primary homes).

Conventional loans in Massachusetts cities

Conventional in BostonConventional in WorcesterConventional in SpringfieldConventional in CambridgeConventional in LowellConventional in BrocktonConventional in QuincyConventional in LynnConventional in New BedfordConventional in Fall RiverConventional in NewtonConventional in LawrenceConventional in SomervilleConventional in FraminghamConventional in HaverhillConventional in MaldenConventional in WalthamConventional in BrooklineConventional in RevereConventional in TauntonConventional in MedfordConventional in Weymouth TownConventional in ChicopeeConventional in PeabodyConventional in Methuen TownConventional in EverettConventional in Barnstable TownConventional in AttleboroConventional in ArlingtonConventional in SalemConventional in LeominsterConventional in PittsfieldConventional in BeverlyConventional in FitchburgConventional in MarlboroughConventional in WoburnConventional in WestfieldConventional in ChelseaConventional in Braintree TownConventional in HolyokeConventional in Amherst TownConventional in Watertown TownConventional in Randolph TownConventional in LexingtonConventional in Franklin TownConventional in NeedhamConventional in NorwoodConventional in North Attleborough TownConventional in WellesleyConventional in GloucesterConventional in MelroseConventional in Bridgewater TownConventional in NorthamptonConventional in West Springfield TownConventional in SaugusConventional in Agawam TownConventional in MiltonConventional in DanversConventional in MilfordConventional in Wakefield

Frequently asked questions

Yes. Conventional loans are available statewide in Massachusetts through approved lenders, subject to county loan limits where they apply.

Often yes. MassHousing and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.

Answer a few questions on Purchase Mortgage Loan and we'll match you with lenders and loan officers in our network who serve Massachusetts.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.