Friday
August 1, 2014

5 Toughest States for Borrowers

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5 Toughest States for Borrowers

Lending standards are tight everywhere, but in some states, the odds may be stacked against you even more.

24/7 Wall St. factored in average credit scores, mortgage downpayments, median list price, and median income to determine the states where people are most struggling to qualify for mortgages. The states ranked in the top five are:

  1. Mississippi
    • Average credit score of mortgage applicants: 689
    • Average down payment: $24,253
    • Median list price: $141,500
    • Median household income: $36,919
  2. Arkansas
    • Average credit score of mortgage applicants: 693
    • Average down payment: $17,391
    • Median list price: $143,500
    • Median household income: $38,758
  3. Louisiana
    • Average credit score of mortgage applicants: 702
    • Average down payment: $29,118
    • Median list price: $159,900
    • Median household income: $41,734
  4. West Virginia
    • Average credit score of mortgage applicants: 702
    • Average down payment: $24,437
    • Median list price: $138,900
    • Median household income: $38,482
  5. Oklahoma
    • Average credit score of mortgage applicants: 704
    • Average down payment: $19,752
    • Median list price: $137,500
    • Median household income: $43,225

Source: “States Where People Cannot Get a Mortgage,” 24/7 Wall St. (Feb. 12, 2013)