Clear answers for your
BU housing decision.

Start with a genuine non-owner-occupied rental and supportable market rent. Matt’s DSCR-Loan.ai college guide separates that investment plan from a student-owner-occupied purchase. Disclose any child or family occupancy and obtain a program-specific answer before assuming DSCR fits. Stress-test summers, study abroad and graduation vacancies.

One useful next questionWho will own the property and who will actually live there?

Its purchase guide describes 20–25% for single-family rentals and potentially 25–30% for condos or 2–4 units. On a hypothetical $600,000 purchase, 20%, 25% and 30% are $120,000, $150,000 and $180,000. Closing costs and reserves are additional. These published ranges are not confirmed Massachusetts program terms.

One useful next questionWhat property type and available down payment should Matt review?

No. DSCR-Loan.ai describes possible reserve requirements of 3–12 months per property. If a lender requires six months of a hypothetical $3,200 payment, that is $19,200 in qualifying reserves in addition to the purchase funds. Confirm the lender’s reserve definition, eligible assets and when funds must be documented.

One useful next questionHow much savings would remain after closing?

Include association dues in PITIA: principal, interest, taxes, insurance and association costs. With hypothetical accepted rent of $4,000 and other PITIA of $3,200, DSCR is 1.25. Adding $400 dues increases the denominator to $3,600 and lowers the ratio to about 1.11. Use the actual dues and lender calculation.

One useful next questionDoes your payment estimate already include the condo association fee?

No. The residential rent/PITIA calculation described by DSCR-Loan.ai is not a complete operating budget. With $4,000 rent and $3,200 PITIA, the initial $800 difference still has to absorb repairs, management, vacancy and capital work. Build those costs separately and ask which rent adjustments the lender applies.

One useful next questionHow much are you allowing for vacancy, repairs and management?

Treat that as an initial scenario, not accepted underwriting income. DSCR-Loan.ai emphasizes supportable rent and appraisal or rental-schedule evidence. Ask the lender how it treats individual room leases, family occupancy and vacancy. For a student’s primary-residence loan, any boarder-income exception must meet the actual program’s separate rules.

One useful next questionDo you have signed leases or only advertised per-room estimates?

Do not assume that. DSCR-Loan.ai describes personal guarantees and individual credit review as common in LLC loans. Prepare the operating agreement, formation and good-standing records, then confirm who guarantees the debt. Review the guarantee and ownership plan with appropriate legal counsel before signing or transferring an already-financed property.

One useful next questionWill you buy directly in an entity or transfer an existing property?

Check the current balance, appraised value, permitted LTV, seasoning, accepted rent and new payment. DSCR-Loan.ai describes cash-out examples around 70–75% LTV and 6–12 months seasoning, plus possible prepayment penalties. Its example ratio of 1.11 does not meet a 1.15 minimum. Get the actual loan’s payout costs and dates before planning an exit.

One useful next questionWhen might you sell, refinance or need to take cash out?

Start with who will live there, take title and sign the mortgage. A parent-only purchase for a college student does not automatically receive principal-residence treatment. An eligible student borrower who occupies the home with a parent as non-occupant co-borrower is a different structure.

One useful next questionWill your student be a borrower and live in the home?

Some conventional programs allow a non-occupant parent to share mortgage liability. Under Fannie Mae DU rules, the usual maximum LTV for this structure is 95%, with specific exceptions; manual underwriting differs. Have the lender review everyone’s income, credit, debt and ownership before choosing a down payment.

One useful next questionWho will be on the mortgage and title?

For an illustrative $600,000 purchase, 3.5% is $21,000. FHA permits that minimum only for eligible transactions. Closing costs, mortgage insurance, reserves and condo/co-borrower requirements remain separate. The $21,000 calculation is not an approval or total cash-to-close figure.

One useful next questionAre you considering a condo, single-family home or multi-unit property?

At 10% down, the down payment is $60,000. Applying CFPB’s rough 2–5% closing-cost range adds $12,000–$30,000, for $72,000–$90,000 before any extra reserves, moving or repairs. Actual cash due changes with deposits already paid, credits and lender disclosures.

One useful next questionWhat purchase price and down-payment amount do you want to compare?

The amounts are $30,000, $60,000 and $120,000 respectively. These are arithmetic comparisons, not statements that all three options qualify. Ask the lender to compare cash to close, payment, mortgage insurance and remaining savings at each eligible level.

One useful next questionHow much cash do you want to keep after closing?

No. PMI or FHA mortgage insurance protects the lender’s credit risk. Homeowners or condo insurance addresses covered property losses and liability. A low-down-payment budget may need both mortgage insurance and a separate property policy.

One useful next questionAre you comparing conventional and FHA financing?

Include principal and interest, property taxes, property insurance, mortgage insurance when required, condo/HOA dues, utilities and a repair reserve. Keep special assessments and vacancy exposure visible. A mortgage-payment figure alone will understate the household’s cost.

One useful next questionDo you have a listing with taxes and HOA dues to use?

The chat can help compare an editable rate assumption with your budget. A personalized rate requires a lender’s review of the borrowers, property, occupancy, loan structure and pricing. Compare the same loan type and amount across written offers; an example rate is not a current offer.

One useful next questionDo you want to compare monthly payments at two hypothetical rates?

One point is 1% of the loan amount: $4,800 on a $480,000 loan. If a written offer saves $100 monthly, a simple fee-only break-even is 48 months. That example ignores other differences and assumes you keep the loan; a point has no fixed rate reduction.

One useful next questionHow long might you keep the mortgage before selling or refinancing?

For a covered mortgage application, the lender generally must provide the Loan Estimate within three business days. Review loan terms, closing costs and cash to close. Receiving it does not mean the loan is approved. HELOCs and certain other products use different disclosures.

One useful next questionAre you comparing offers or preparing your first application?

Use the same loan type, amount and planning date. Compare points, lender fees, credits, monthly payment and the Loan Estimate’s cost comparisons. Also ask whether the rate is locked and whether the lender can meet your purchase timetable.

One useful next questionDo both estimates use the same loan amount and product?

Do not count hoped-for roommate payments as qualifying income. Boarder-income rules require eligible circumstances and documented history. Keep the household cash-flow scenario separate from the income the lender accepts for underwriting.

One useful next questionIs there existing documented income, or only a future roommate plan?

A DSCR review examines a lender-defined rent-to-housing-debt calculation for an eligible investment property. Ask Matt about accepted rent evidence, down payment, reserves, permitted occupancy, entity ownership and prepayment terms. Student or family occupancy must be disclosed; a DSCR label does not resolve eligibility.

One useful next questionWill the property be an investment rental or housing occupied by a borrower?

If a lender accepts $4,000 monthly rent and uses $3,200 in monthly housing debt, the ratio is 1.25. Those are hypothetical inputs. A 1.25 ratio does not guarantee approval or positive cash flow after repairs, management, vacancy and other expenses.

One useful next questionWhat rent and housing-debt figures has the lender accepted?

Yes. The condo project has its own eligibility review. Ask early for the association budget, insurance, assessments and repair information. Critical building repairs or other project problems can affect financing even when the borrower qualifies.

One useful next questionHas the lender reviewed this building yet?

Eligible transactions can use documented gifts from acceptable donors. The lender needs the required gift documentation and evidence of funds and transfer. Disclose any repayment expectation; borrowed family money is not a gift. Verify the rules for your occupancy and loan type.

One useful next questionIs the money a gift with no repayment obligation or a family loan?

Some employment-offer loan paths allow qualification before a new job starts, subject to the signed offer, fixed-base pay, start date, reserves and other conditions. Bring the offer letter to the lender before coordinating a closing date. Do not assume a future stipend or variable pay qualifies.

One useful next questionWhat is the job start date and is the pay fixed-base salary?

MassHousing currently advertises up to $30,000 for eligible first-time buyers using a MassHousing mortgage for a primary residence. The assistance is a second mortgage. Some options defer repayment; others require monthly payments. Income, property and program rules apply.

One useful next questionWill this be your own primary residence and first home?

A HELOC can provide a revolving line secured by your current home, usually at a variable rate. Compare the combined debt payments, repayment period and effect of rising rates. The lender must review the source of down-payment funds and both housing obligations.

One useful next questionWould you keep your current mortgage and add a second payment?

VA purchase loans require a Certificate of Eligibility, lender qualification and an eligible occupancy plan. A parent’s veteran status alone does not make a child-only college residence eligible. Have the lender review the actual occupants before treating VA financing as an option.

One useful next questionWho has VA eligibility and who will live in the home?

Compare the loan amount with FHFA’s current limit for the property’s county and number of units. A Boston address and a Brookline address belong to different municipalities and counties. Do not compare purchase price alone with a national headline limit.

One useful next questionWhat is the property address, unit count and proposed loan amount?

Boston’s published FY2026 residential rate is $12.40 per $1,000 of assessed value. At an illustrative $600,000 assessment, base tax is $7,440 annually or $620 monthly before exemptions and other adjustments. This is an FY2026 reference, not a verified final FY2027 bill.

One useful next questionWhat assessed value and tax year appear on the actual property bill?

No. Brookline’s FY2026 published example implies $10.24 per $1,000. At $600,000 assessed value, base tax is $6,144 annually; applying its 1% CPA surcharge without exemptions gives $6,205.44, or $517.12 monthly. Confirm the current bill; this is a prior-year illustration.

One useful next questionIs the property actually in Brookline or within Boston city limits?

No. Ownership and principal-residence occupancy determine eligibility. A nonresident parent should not assume their student’s occupancy qualifies the parent. Boston lists prior-year savings up to $4,353.74 and an April 1, 2027 deadline for FY2027 applications; obtain the assessor’s decision for the actual ownership.

One useful next questionWho owns the property and uses it as their primary residence?

BU lists the standard shared room at $13,170 plus $7,570 for Open Access dining: $20,740 for the academic year. An apartment shared by two or more students is $17,560 per student; dining is optional for apartment-style residences. These are campus charges, not off-campus rent.

One useful next questionAre you comparing a traditional room or an apartment-style assignment?

Keep the time periods and included items consistent. BU’s published charge covers an academic year; an off-campus lease may include summer months. Add food, utilities, insurance and transportation separately where needed. A refundable deposit affects cash needed upfront but is not automatically a permanent housing expense.

One useful next questionHow many months do you need housing, including summer?

If first month, last month and a full one-month security deposit are all charged, that is $9,000, plus an allowed new-lock cost. The deposit is not the same as rent expense. Do not automatically add a landlord-hired broker’s fee. This is a hypothetical rent, not a listing.

One useful next questionWhich upfront charges are itemized in the proposed lease?

Since August 1, 2025, Massachusetts owners cannot require a renter to pay a broker the renter did not hire. A renter’s own broker arrangement is different. Ask who engaged the broker and get the fee agreement in writing before adding it to the moving budget.

One useful next questionDid you hire the broker yourself?

Matt Dean of NEXA Lending is the CollegeHousing.ai financing contact. His published site lists Arizona and Texas; it does not establish Massachusetts origination authority. He can discuss the housing scenario and confirm the appropriately licensed Massachusetts originator and program before an application.

One useful next questionAre you exploring a budget or ready for a property-specific review?

Goosehead describes progressively different association responsibility for the building and unit interiors: bare-walls coverage, coverage including original fixtures, and broader all-in coverage that may include improvements. Names alone are not enough. Give the agent the actual master policy and unit details to coordinate your HO-6 structure, belongings, liability and loss-assessment limits.

One useful next questionCan you obtain the association’s master policy and insurance requirements?

Goosehead notes that belongings away from home may be covered, including some property in a vehicle or storage. That does not promise every loss is covered. Check theft coverage, the deductible, off-premises limits and any special limits or endorsements for valuable equipment before relying on a BU campus or summer-storage claim.

One useful next questionWhich items and off-campus storage locations do you want covered?

Ask for the combined annual cost and equivalent coverage with and without bundling. Goosehead describes possible savings, but discounts vary by insurer and state. Compare deductibles, belongings and liability limits as well as premium; use the actual quote rather than a testimonial or a promised percentage saving.

One useful next questionAre auto and renters policies currently with the same insurer?

Tell the insurance professional that you own the rental and supply its furniture or appliances. Goosehead highlights protection for those non-structural belongings alongside landlord liability and possible umbrella coverage. The tenants’ belongings are a separate coverage conversation. Disclose who occupies the home and how it is rented when requesting the policy.

One useful next questionWhich furniture and appliances belong to you rather than the tenants?

Goosehead describes private flood options that may include benefits such as additional living expenses beyond a standard NFIP policy. Compare the actual contract’s building and contents limits, deductibles, exclusions and effective date. Do not assume a private option is available for every BU-area address or provides the same terms as NFIP.

One useful next questionDo you need building, contents or temporary-living-expense protection?

Use it to check the insured name and property, insurer, policy number, coverage dates, limits and deductibles. Goosehead explains that this summary is not the full policy. Read the contract and endorsements for exclusions and conditions, and ask the licensed representative to resolve any mismatch before closing or moving.

One useful next questionWhich coverage or exclusion are you trying to verify?

Massachusetts DOI says renters insurance premiums average between $15 and $30 per month depending on the location and size of the rental unit and the policyholder’s possessions. Treat that as consumer guidance, not a BU-area quote. The actual 2026 price depends on the address, limits, deductible, occupants and insurer.

One useful next questionWhat property limit and deductible would you like to compare?

Look for the policy’s personal-property and personal-liability coverage, and ask whether loss-of-use or additional-living-expense coverage applies after a covered loss. Massachusetts DOI makes clear that the landlord’s policy does not insure a tenant’s belongings. Check the exclusions, limits and deductible rather than choosing solely by monthly premium.

One useful next questionAre you living in a dorm or an off-campus rental?

BU says its insurance program covers University-owned property and encourages residents to carry personal-property protection. Check whether your family policy covers you at school, and compare a student policy if needed. BU’s NSSI link is an informational option; students may choose another carrier.

One useful next questionHave you checked the school-address coverage with your family’s insurer?

Possibly, depending on the policy and living arrangement. NAIC notes that some on-campus students under age 26 may have parental coverage with limits and exclusions. Do not assume that continues unchanged when moving into an off-campus lease. Ask the insurer to confirm the address and covered people.

One useful next questionAre you moving off campus or staying in university housing?

Do not assume it does. Massachusetts DOI advises roommates to research whether a policy can be purchased together and notes that, outside certain household definitions, separate coverage for adult tenants may be appropriate. Confirm the named insureds, shared limits and carrier rules for the actual household.

One useful next questionHow many unrelated roommates will share the apartment?

Yes. Massachusetts DOI explains that actual-cash-value coverage reflects depreciation, while replacement-cost coverage reimburses the cost of a new replacement subject to the policy’s terms. For a laptop or furnishings, the difference can be substantial. Compare settlement conditions and deductible as well as premium.

One useful next questionWould you be comfortable paying the gap to replace your laptop and furnishings?

For a hypothetical covered $2,000 property loss with a $500 applicable deductible and no limiting conditions, the simple calculation is $1,500. Actual settlement still depends on covered cause, valuation and limits. A higher deductible lowers what you recover on smaller claims.

One useful next questionCould you comfortably pay that deductible from savings?

Inventory what you would have to replace: clothing, furniture, electronics and other belongings. Keep photos and receipts somewhere accessible after a loss. Ask about limits on expensive items and whether extra coverage is available before selecting a total property limit.

One useful next questionDo you have expensive electronics, instruments, jewelry or a bicycle?

Additional living expense coverage may help with the increase in necessary living costs after a covered loss makes the home unusable. It is not an unlimited hotel allowance and does not apply to every move-out situation. Ask about covered causes, time limits and dollar limits.

One useful next questionAre you comparing coverage or dealing with a current loss?

Do not assume standard property coverage includes flood. Massachusetts DOI and federal flood guidance treat flood insurance as separate coverage that may be available through private insurers or the NFIP. Renters can buy contents coverage. Ask specifically about the source of water and the policy that would respond.

One useful next questionIs the concern river/surface flooding, plumbing failure or sewer backup?

Plan ahead. NFIP flood insurance typically has a 30-day waiting period, although exceptions exist. Ask the agent for the actual effective date. Buying a policy is not proof that an imminent event or an existing loss will be covered.

One useful next questionWhen does your lease or home purchase begin?

Yes. Boston flags below-street-level rentals as more vulnerable to flooding. Also, NFIP has strict basement contents limitations; buying flood insurance does not guarantee coverage for ordinary furniture, electronics or a finished basement. Review the exact unit and policy definitions before relying on coverage.

One useful next questionIs any part of the unit below ground on all sides?

No. They describe different causes of water damage. Outside sewer or drain backup often requires added coverage, while flood usually needs a separate policy. Ask the insurer to explain all three scenarios for the actual home and policy form.

One useful next questionWhich type of water damage are you most concerned about?

No. Massachusetts DOI explains that the condominium association master policy and the unit owner’s HO-6 policy cover different responsibilities. Obtain the master-policy information and relevant association documents, then have the licensed insurance professional identify what the unit owner still needs to insure. Do not infer full coverage from an HOA-dues line.

One useful next questionCan the association provide its master policy and deductible schedule?

No. Massachusetts DOI notes that a condominium unit-owner form may provide coverage for insurance-related assessments, but that does not make every special assessment insured. Coverage remains subject to the actual policy, cause of loss, limits and association documents.

One useful next questionIs the assessment related to an insured loss or planned building work?

Tell the insurer who owns and occupies the property, including family members and unrelated roommates. Rental use can require a landlord or other appropriate policy. The owner’s coverage and the students’ renters coverage address different risks; neither should be assumed to replace the other.

One useful next questionWill the owner live there, and will rent be collected?

Check before agreeing to a sublet. Tell the insurer about the occupants, dates and any short-term rental activity, and separately verify lease or condo permission. Massachusetts DOI warns that typical home or renters policies may not cover losses connected with short-term rental activity.

One useful next questionIs this a permitted full-summer sublease or a series of short stays?

Ask for coverage effective when your responsibility for the unit and belongings begins, and obtain written confirmation of the address, named insureds and dates. If you are moving between homes, ask how the policy treats belongings in transit and at both locations.

One useful next questionWhat date do you receive the keys and move your belongings?

BU Human Resources publishes an auto/home discount resource through Liberty Mutual. Compare its actual offer with alternatives using equivalent coverage. The university page does not guarantee a particular saving, premium or eligibility for every employee.

One useful next questionAre you comparing renters, condo or homeowners coverage?

For a Massachusetts property, use a Massachusetts-licensed insurance professional and verify the license through the state directory. This guide helps you prepare the coverage questions; the agent and insurer must confirm the actual policy, quote and effective date.

One useful next questionIs the property being insured in Massachusetts or Texas?

Prepare the property address, ownership and occupancy, move or closing date, desired limits and deductibles, and relevant condominium master-policy details. If there is financing, bring the lender’s insurance requirements. Use the insurer’s secure quote process for sensitive information and verify Massachusetts licensing before relying on the policy.

One useful next questionAre you renting, buying a condo or insuring a rental property?