The First-Time Home Buyer's Guide to Greater Boston
Buying your first home in Massachusetts works differently than almost anywhere else in the country -- from the binding Offer to Purchase to attorney-run closings and lead paint rules. This guide walks you through every step, shows you what a home really costs each month, and points you to the programs that can help you get there.
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Greater Boston at a Glance
A first look at what's for sale right now at first-time-buyer price points, and what borrowing costs today.
Listing counts are from MLS PIN active listings searchable on this site as of October 28, 2026 and change daily. Rate is the Freddie Mac Primary Mortgage Market Survey national average for the week of October 22, 2026 (15-year fixed: 6.68%). Your rate will depend on your credit, down payment and loan type.
The Home Buying Process, Step by Step
Most Greater Boston purchases take 60 to 90 days from accepted offer to keys. Here's how the journey usually unfolds -- and where Massachusetts adds its own twist.
Get your finances in order Weeks 1–4
Check your credit, gather two years of tax returns, recent pay stubs and bank statements, and decide what you're comfortable paying each month -- not just what a lender will approve. Plan cash for your down payment, roughly 2–4% of the price for closing costs, and a cushion for moving and first-year repairs.
Get pre-approved Before you tour
A full pre-approval (not just a pre-qualification) tells you your real budget and makes sellers take your offer seriously. Ask lenders about first-time buyer options like MassHousing and the ONE Mortgage before you commit.
Choose your buyer's agent MA rule
At your first meeting, Massachusetts agents must give you the state's Mandatory Licensee-Consumer Relationship Disclosure, explaining who they represent. Before touring, you'll also sign a written buyer agreement that spells out the services you'll receive and how your agent is paid. A local agent knows which neighborhoods, condo associations and price points fit your goals.
Search and tour homes 2–8+ weeks
Set up saved searches so new listings hit your inbox the moment they're live. Greater Boston's best starter homes often see the most activity in their first weekend -- being ready to tour quickly matters.
Make an Offer to Purchase MA rule
In Massachusetts, a signed Offer to Purchase is a binding contract once the seller accepts it. You'll typically put down a small deposit (often around $1,000 or 1%) and include contingencies for your home inspection, financing and appraisal.
Home inspection ~7–10 days
Inspect the structure, roof, heating system, electrical and plumbing. For homes built before 1978, consider a lead paint inspection; for condos, review the association's budget, reserves and recent meeting minutes.
Sign the Purchase & Sale Agreement MA rule
About two weeks after acceptance, attorneys finalize the detailed Purchase & Sale Agreement (P&S). This is when the rest of your deposit is due -- the total is commonly up to 5% of the price, held in escrow.
Mortgage commitment and appraisal 3–5 weeks
Your lender orders the appraisal and underwrites the loan. Avoid new credit, big purchases or job changes until you close. Shop homeowners (or condo HO-6) insurance now; you'll need it in place for closing.
Final walk-through and closing MA rule
Closings in Massachusetts are conducted by an attorney, and the deed is recorded at the county Registry of Deeds. Do a final walk-through within 24 hours, bring certified funds or wire per your attorney's verified instructions, sign, and get your keys.
Protect yourself from wire fraud. Never wire money based on emailed instructions alone. Call your closing attorney at a phone number you already know to confirm wire details before sending a single dollar.
Why the All-In Monthly Payment Matters Most
Online calculators often show only principal and interest. In Greater Boston, property taxes, condo fees, insurance and mortgage insurance can add $1,000 to $1,500 or more every month. Budget for the whole number -- that's what actually leaves your account.
Boston condo · $650,000
10% down ($65,000) · $585,000 loan · 30-yr fixed at 7.32%
| Principal & interest | $4,019 |
| Property tax ($12.40 per $1,000) | $672 |
| Condo fee (example) | $450 |
| Private mortgage insurance (est.) | $244 |
| HO-6 condo insurance (est.) | $45 |
Weymouth single-family · $750,000
10% down ($75,000) · $675,000 loan · 30-yr fixed at 7.32%
| Principal & interest | $4,637 |
| Property tax ($10.12 per $1,000) | $633 |
| HOA / condo fee | $0 |
| Private mortgage insurance (est.) | $281 |
| Homeowners insurance (est.) | $190 |
Examples for illustration only, not a loan offer. Taxes use FY2026 residential rates on the purchase price. PMI is estimated at 0.5% of the loan per year and varies with credit and down payment; it can be removed once you reach 20% equity. Boston owner-occupants may lower their tax bill with the residential exemption.
How rates move your payment
Principal and interest for every $100,000 you borrow on a 30-year fixed loan:
| Interest rate | Per $100K borrowed | On a $585K loan |
|---|---|---|
| 6.00% | $600 | $3,507 |
| 6.50% | $632 | $3,698 |
| 7.00% | $665 | $3,892 |
| 7.32% (today's avg.) | $687 | $4,019 |
| 7.50% | $699 | $4,090 |
Don't forget the costs outside the payment. Heating is a real line item in New England -- ask for a year of utility history, and know whether a home heats with gas, oil, electric heat pumps or propane. Older homes also deserve a maintenance fund of about 1% of the price per year.
Property Taxes Vary a Lot by Town
Massachusetts towns set their own tax rates, so the same price can carry a very different tax bill a few miles apart. Here's the FY2026 residential rate and the yearly tax on a $700,000 home.
FY2026 residential tax rates from the Massachusetts Department of Revenue. Assessed values often differ from purchase prices. Boston, Cambridge and Somerville offer a residential exemption that can significantly reduce the bill for owner-occupants who apply.
What's Unique About Buying in Massachusetts
If friends or family bought a home in another state, some of these may surprise you.
Two contracts, not one
Your accepted Offer to Purchase is binding, and a more detailed Purchase & Sale Agreement follows about two weeks later. Know your contingency deadlines before you sign the offer.
Attorneys run the closing
Massachusetts is an attorney state. Most buyers hire their own real estate attorney to review the P&S, and the lender's closing attorney handles title, the closing and recording at the Registry of Deeds.
Lead Paint Law
For homes built before 1978, sellers must give you the Property Transfer Lead Paint Notification and you have 10 days to inspect. If a child under 6 lives in the home, the owner is responsible for deleading.
Title 5 septic inspections
Homes on a private septic system generally need a passing Title 5 inspection before sale. Ask for the report -- a failed system can be a five-figure repair.
Smoke & CO certificate
The seller must obtain a smoke and carbon monoxide detector certificate from the local fire department before closing.
Condo 6(d) certificate
For condos, the association issues a 6(d) certificate confirming the unit's fees are paid up. Also review the master insurance policy, budget, reserves and any planned special assessments.
Declare a homestead
Massachusetts protects your primary home's equity from many creditors. Some protection is automatic, but recording a Declaration of Homestead at the Registry of Deeds increases it substantially -- often done at closing for a small fee.
Who pays which fees
The seller customarily pays the state deed excise (transfer) tax. Buyers typically cover lender fees, attorney fees, title insurance, recording fees and prepaid taxes and insurance.
Programs That Help First-Time Buyers
Massachusetts has some of the strongest first-time buyer programs in the country. Eligibility depends on income, purchase price and location, so ask your lender early.
MassHousing
Low down payment mortgages with down payment assistance loans of up to $25,000 or more for eligible first-time buyers, plus MI Plus job-loss mortgage protection.
ONE Mortgage (MHP)
As little as 3% down with no PMI and possible interest subsidies for income-eligible first-time buyers.
Boston Home Center
Down payment and closing cost assistance for income-eligible buyers purchasing in the City of Boston, plus the required Homebuying 101 class.
Homebuyer education (CHAPA)
Find a certified first-time homebuyer class -- often required for MassHousing, ONE Mortgage and local assistance programs.
MAHA
Free homebuyer classes and the STASH matched-savings program for first-generation first-time buyers.
Mass.gov: Homestead
How the Declaration of Homestead works and how to record one.
Program terms and limits change; confirm current details directly with each program or an approved lender.
Start Your Search: Starter Homes by Town
Live counts of homes for sale right now at popular first-time-buyer price points. Tap a town to see every listing.
Counts as of October 28, 2026. Looking for a different town or price? Try Advanced Search or the map search, or create a free market report to track a neighborhood.
First-Time Buyer FAQ
How much do I need for a down payment?
Less than many people think. Conventional loans start at 3% down, FHA at 3.5%, and VA loans can be 0% for eligible veterans. Programs like MassHousing and the ONE Mortgage can lower the cash you need further. Putting less than 20% down usually means paying mortgage insurance -- that's included in the all-in payment examples above.
What are typical closing costs in Massachusetts?
Buyers typically budget about 2–4% of the purchase price for lender fees, attorney fees, title insurance, registry recording fees and prepaid property taxes, insurance and interest. Your lender's Loan Estimate itemizes these within three business days of your application.
Should I buy a condo or a single-family home first?
Condos usually cost less to buy and maintain and put you closer to transit and the city, but the monthly fee is part of your payment and associations can raise fees or issue special assessments. Single-family homes offer more space and control but come with every repair. Compare the all-in monthly cost, not just the price.
Is a two- or three-family a good first home?
It can be. Owner-occupants can buy 2–4 unit properties with low-down-payment loans, and rental income from the other units may help you qualify and offset your payment. You'll also be a landlord, so factor in vacancy, repairs and Massachusetts tenant rules.
Do I really need my own attorney?
It's strongly recommended. The closing attorney represents the lender, not you. Your own attorney reviews and negotiates the Purchase & Sale Agreement and protects your deposit and contingencies.
Ready to take the first step?
Peter Oswald has guided many first-time buyers from Southie to the South Shore -- from the first pre-approval conversation to closing day. Get answers to your questions, a custom home search, and a plan that fits your all-in budget.
Contact PeterMeet PeterSources: Freddie Mac Primary Mortgage Market Survey (week of Oct. 22, 2026); Massachusetts Department of Revenue FY2026 tax rates; MLS PIN listing data via this site's search. This guide is general information, not legal, tax or lending advice. Consult a licensed attorney, lender or tax professional about your situation.