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D.C. has Highest Mortgage Payment

November 28th, 2012 Comments off

OriginationNews informs MHProNews at $1,642 a month Washington, D.C. has the highest mortgage payment, accounting for 31 percent of household income, according to Lending Tree. Hawaii ranked second with a monthly average payment of $1,536, and California was third at $1,446 a month. Both Hawaii’s and California’s payments represented 30 percent of household income. D.C. also had the highest loan amount at $331,886. In the survey, 15 of the 51  areas studied have an average monthly payment above $1,000. At $711 a month, Nebraska had the lowest mortgage payment, followed by Arkansas, Iowa, Oklahoma and Missouri.

(Image credit: caudium)

High Down Payments Still Roil Many in Industry

December 30th, 2011 Comments off

NationalMortgageNews tells MHProNews.com a survey by mortgage lender Lending Tree reveals Americans who can afford to buy homes are putting 12 percent down on average, even more where the property is more expensive. While some regulatory proposals push for down payments of 20 percent in order to be exempt from risk retention, as in the Dodd-Frank Act, many in the mortgage industry advocate a rate as low as five percent down, while regulators say ten percent would be wiser. Policymakers are even suggesting Fannie Mae and Freddie Mac minimums need to be raised from the current five percent. Doug Lebda, Lending Tree chief executive says of the data, “You’re dealing here in averages. In this data some borrowers have put 40% down and some have put 5% down. I’m for the 5%.” New Jersey has the highest average down payment at 13.8 percent, followed by California at 13.6 percent, Washington, D.C. and NYC at 13.5 percent, and Hawaii with 13.4 percent. Home buyers in Utah, Tennessee, Wyoming, and Oklahoma averages the lowest with between 11.4 percent and 11.7 percent.

(Photo credit: NewsCourier/Rebecca Croomes)