Tuesday
June 27, 2017

The Easiest Cities to Get a Mortgage

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The Easiest Cities to Get a Mortgage

It can be tough to get a mortgage these days, especially for those with less than stellar credit scores and people without a sizable down payment.

Read more: Good for Buyers: Mortgage Rates Barely Budge

But just how difficult it is may greatly depend on where you live, according to a new report released by the Urban Institute.

For example, in Detroit, borrowers can qualify for a home mortgage with a FICO credit score averaging 728. However, in San Francisco, the average borrower may need a 770 score.

The Urban Institute’s study revealed the following cities may offer the easiest chances for home buyers to get a mortgage:

  • Detroit: 728 (average FICO score); 90% (average loan to value)
  • Miami: 732; 84%
  • Cleveland: 733; 88%
  • Las Vegas: 735; 88%
  • San Antonio, Texas: 736; 90%
  • Houston: 736; 86%
  • Cincinnati: 736; 89%
  • Orlando: 738; 87%
  • Riverside, Calif.: 738; 83%
  • Atlanta: 738; 87%
  • Columbus, Ohio: 738; 89%

On the other hand, in the following cities, borrowers may need to have the highest requirements to qualify for a mortgage:

  • San Francisco: 770 (average FICO credit score); 72% (average loan to value)
  • San Jose, Calif.: 766; 74%
  • Oakland, Calif.: 762; 77%
  • New York, N.Y.: 759; 75%
  • Los Angeles, Calif.: 758; 78%

Source: “Here Are the Easiest Cities to Get a Mortgage,” CNBC (Aug. 24, 2016)