Let's start with the down payment assistance program from MassHousing. It is divided into three categories based on income levels. For those earning up to 60% of the area median income, a maximum of $30,000 is available interest-free; for those earning between 60% and 80%, a maximum of $25,000 is available at a 2% interest rate; and for those earning between 80% and 135%, a maximum of $25,000 is available at a 3% interest rate (MassHousing). The interest-free option allows repayment to be deferred until the sale or refinancing, while the other two options have a 15-year repayment structure.

The average home value in Burlington is $800,401 (Zillow, 2026, a 3.0% increase from the previous year). Other sources report an average value of $890,832. Based on the $800,401 figure, a 3.5% down payment would be $28,141, 5% would be $40,201, 10% would be $80,402, and 20% would be $160,803. Receiving the $30,000 interest-free assistance from MassHousing would cover most of the 3.5% down payment.

With the same budget, a 20% down payment and a 5% down payment lead to very different outcomes. A 20% down payment eliminates PMI and lowers monthly payments. Starting with 5% saves initial cash but incurs PMI. If your income falls within the assistance eligibility, you can combine this assistance with a 5% or 10% down payment to reduce initial costs.

Even within Burlington, the choice between conventional and FHA loans can vary. FHA loans can start at 3.5% with a credit score of 580 or higher, but the mortgage insurance premium burden increases as the loan amount rises. Conventional loans can start at 3% for first-time homebuyers, and if you put down more than 20%, PMI is completely eliminated. When comparing the two methods side by side, in areas like Burlington with larger loan amounts, combining conventional loans with MassHousing assistance often results in lower monthly payments. However, this assistance program can only be combined with MassHousing-designated mortgages, so it's important to check this limitation beforehand.

Approval rates vary based on credit scores and DTI. For a 30-year fixed mortgage, rates are 6.59% for scores above 780, 6.66% in the 760s, 6.75% in the 740s, and 6.91% in the 700s (themortgagereports.com, July 2026). The DTI guidelines are a front-end ratio of 28% or less and a back-end ratio of 43% or less (Consumer Financial Protection Bureau). Getting pre-approved can give you an advantage in competitive offers.

It's also important to note that pre-approval and actual approval are different. Pre-approval is a stage where limits are estimated based on documents, while actual approval comes after verifying income, assets, and appraisals. If you create a new loan or transfer a large amount of money during this time, the lender may need to recheck the source of funds, which can delay closing. In areas like Burlington with larger loan amounts, maintaining your financial status during this period is crucial.

• Manage your credit score in advance
• Avoid new loans or job changes before closing
• Prepare income verification documents ahead of time
• Secure reserve funds beyond the down payment

Property taxes are at an effective rate of about 1.07% in Massachusetts (Tax Foundation, 2026). However, each town sets its own tax rate, which can range from $2.18 to $20.35 per $1,000 based on the 2026 fiscal year (Mass.gov). Be sure to check the actual tax rate for specific property addresses in Burlington. For school districts, refer to ratings from GreatSchools or Niche, but since boundaries change frequently, it's advisable to verify assigned schools before purchasing. Burlington is a popular area for Korean families looking for proximity to Boston and good school districts, so checking school assignments when planning your down payment can help avoid regrets later. This article is not investment or legal advice, and it is recommended to consult with professionals before proceeding with any contracts.