Discovering the cash for a down fee is likely one of the greatest challenges going through first-time dwelling patrons. At 20 p.c of the sale worth, the usual down fee can quantity to quite a lot of money. However patrons who obtain a mortgage beneath the Federal Housing Administration could must give you as little as three.5 p.c.
The share of patrons capable of acquire these loans within the 50 largest metropolitan areas throughout the nation was one of many components taken into consideration in a recent study by Lending Tree, which ranked these cities by way of how hospitable they’re to first-time patrons.
Different standards included the typical down fee made by patrons, and its proportion of the sale worth; the proportion of profitable patrons with decrease credit score scores; and every space’s Housing Opportunity Index rating, which measures the supply of houses inexpensive to middle-income households.
The outcomes? Pittsburgh and Cleveland topped the record as the most effective cities for first-time patrons, whereas Los Angeles and Denver got here in final.