FHA Loan Calculator for Massachusetts

FHA Loans in Massachusetts

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Massachusetts's median home of $560,000, that's a minimum down payment of $19,600.

FHA Loan Limits in Massachusetts

FHA loan limits vary by county and are tied to conforming limits. In most Massachusetts counties, the FHA floor limit is $498,257 (2024). High-cost areas like Massachusetts (limit: $1,089,300) may qualify for higher limits up to $1,149,825. Most eastern Massachusetts counties — including Suffolk, Middlesex, Norfolk, and Essex — qualify for high-cost limits of $1,089,300.

FHA vs Conventional in Massachusetts

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Massachusetts's median home at $560,000, buyers who can put down $112,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Massachusetts closing costs average $5,800. Massachusetts charges an excise stamp tax of $4.56/$1,000 of sale price. The Boston area also sees elevated attorney, title, and lender fees that push total closing costs above the national average. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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