Down Payment Percentages See 94 Drop from 2011

first_imgDown Payment Percentages See 9.4% Drop from 2011 Though rising mortgage rates may act as a weight on today’s increased housing affordability, a report from “”LendingTree””: shows down payment percentages continue to decline even as interest rates recover.[IMAGE]According to LendingTree’s study, average down payments for 30-year fixed-rate purchase mortgages have declined 9.4 percent since May 2011. As of May 31, 2013, the average down payment percentage across the nation [COLUMN_BREAK]was 16.1 percent, while the average national loan amount was $221,694.76.””As the housing market begins to improve, lenders are beginning to loosen their guidelines to more normalized standards and approve loans with lower down payments,”” said Doug Lebda, founder and CEO of LendingTree. “”Although a good credit score is still important to have, borrowers may have an easier time qualifying for loans after years of tight guidelines, especially as home prices rise and we see fewer homeowners underwater.””In terms of lowest down payment percentages, LendingTree’s report has Mississippi at the top of the list with an average 11.9 percent down payment. West Virginia (12 percent), Alabama (12.4 percent), Kansas (12.7 percent), and Missouri (13.2 percent) complete the top five.At the other end of the spectrum, Hawaii (18.2 percent), Massachusetts (18.3 percent), New York (19.0 percent), California (19.1 percent), and New Jersey (20.5 percent) have the highest average down payment percentages in the United States. in Origination June 3, 2013 421 Views center_img Agents & Brokers Attorneys & Title Companies Home Prices Housing Affordability Investors Lenders & Servicers LendingTree Mortgage Rates Service Providers 2013-06-03 Tory Barringer Sharelast_img

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