How does Boston compare with Massachusetts?
The city's median is above the statewide median by $184,600. The higher price-to-income ratio makes the down payment and monthly debt budget particularly important. The median is 73.8% of the conforming limit. A median-valued purchase fits the FHA base-loan limit at 3.5% down.
When does a Boston purchase become jumbo?
| Purchase benchmark | Down payment | Loan amount | Jumbo? |
|---|---|---|---|
| $710,400 | 10%: $71,040 | $639,360 | No |
| $710,400 | 20%: $142,080 | $568,320 | No |
| $962,550 | 10%: $96,255 | $866,295 | No |
| $962,550 | 20%: $192,510 | $770,040 | No |
The loan amount, not the purchase price, determines jumbo status. At 10% down the conforming purchase ceiling is $1,069,500; at 20% down it is $1,203,188. A loan exactly at $962,550 is conforming. Jumbo down payments, reserves, PMI and rates are lender-specific; 10% and 20% are scenarios, not promised minimums.
Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.
Is there down payment assistance in Boston?
- First-Time Homebuyer Program (Boston Home Center Financial Assistance) — Up to 3% of purchase price plus eligible closing costs, capped at $50,000 (under 100% AMI); up to 2%, capped at $35,000 (101-135% AMI); grant; city-level. City of Boston Mayor's Office of Housing - Boston Home Center · Verified October 25, 2026
- MassHousing Down Payment Assistance (Option 1) — Up to $30,000; deferred; state-level. MassHousing · Verified October 23, 2026
- MassHousing Down Payment Assistance (Option 2) — Up to $25,000 at a fixed 2% rate over 15 years; second_mortgage; state-level. MassHousing · Verified October 23, 2026
Jumbo loans in the nearest eligible cities
Home loan options in Boston
Frequently asked questions
Sources
- U.S. Census Bureau — ACS 2019–2023 5-Year Estimates
- FHFA — 2026 Conforming Loan Limit Values
- HUD — 2026 FHA Forward Mortgage Limits (county file)
- Fannie Mae Selling Guide
- NAIC — Homeowners Insurance Report, Data for 2023 (HO-3 average premium)
- Freddie Mac PMMS
- First-Time Homebuyer Program (Boston Home Center Financial Assistance)
- MassHousing Down Payment Assistance (Option 1)
- MassHousing Down Payment Assistance (Option 2)
Data last updated November 5, 2026.
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Get My MatchesFigures 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.