Visits: 10
Finding the money for a down payment is one of the biggest challenges facing first-time home buyers. At 20 percent of the sale price, the standard down payment can amount to a lot of cash. But buyers who receive a loan under the Federal Housing Administration may need to come up with as little as 3.5 percent.
The share of buyers able to obtain those loans in the 50 largest metropolitan areas across the country was one of the factors taken into account in a recent study by Lending Tree, which ranked those cities in terms of how hospitable they are to first-time buyers.
Other criteria included the average down payment made by buyers, and its percentage of the sale price; the percentage of successful buyers with lower credit scores; and each area’s Housing Opportunity Index score, which measures the availability of homes affordable to middle-income families.
The results? Pittsburgh and Cleveland topped the list as the best cities for first-time buyers, while Los Angeles and Denver came in last.
#g-0321-rea-calculator-firsttimebuyers-web-box .g-artboard { margin:0 auto; } #g-0321-rea-calculator-firsttimebuyers-web-box .g-artboard p { margin:0; } .g-aiAbs { position:absolute; } .g-aiImg { display:block; width:100% !important; } .g-aiSymbol { position: absolute; box-sizing: border-box; } .g-aiPointText p { white-space: nowrap; } #g-0321-rea-calculator-firsttimebuyers-web-Artboard_1 { position:relative; overflow:hidden; } #g-0321-rea-calculator-firsttimebuyers-web-Artboard_1 p { font-family:nyt-franklin,arial,helvetica,sans-serif; font-weight:300; font-size:17px; line-height:21px; height:auto; filter:alpha(opacity=100); -ms-filter:progid:DXImageTransform.Microsoft.Alpha(Opacity=100); opacity:1; letter-spacing:0em; text-align:left; color:rgb(0,0,0); text-transform:none; padding-bottom:0; padding-top:0; mix-blend-mode:normal; font-style:normal; } #g-0321-rea-calculator-firsttimebuyers-web-Artboard_1 .g-pstyle0 { font-family:nyt-cheltenham,georgia,’times new roman’,times,serif; font-size:32px; line-height:36px; height:36px; color:rgb(28,163,75); } #g-0321-rea-calculator-firsttimebuyers-web-Artboard_1 .g-pstyle1 { font-family:nyt-cheltenham,georgia,’times new roman’,times,serif; font-size:39px; line-height:36px; height:36px; color:rgb(209,32,39); } #g-0321-rea-calculator-firsttimebuyers-web-Artboard_1 .g-pstyle2 { font-family:nyt-cheltenham,georgia,’times new roman’,times,serif; font-size:39px; line-height:36px; height:36px; color:rgb(28,163,75); } #g-0321-rea-calculator-firsttimebuyers-web-Artboard_1 .g-pstyle3 { height:21px; } #g-0321-rea-calculator-firsttimebuyers-web-Artboard_2 { position:relative; overflow:hidden; } #g-0321-rea-calculator-firsttimebuyers-web-Artboard_2 p { font-family:nyt-franklin,arial,helvetica,sans-serif; font-weight:300; font-size:15px; line-height:21px; height:auto; filter:alpha(opacity=100); -ms-filter:progid:DXImageTransform.Microsoft.Alpha(Opacity=100); opacity:1; letter-spacing:0em; text-align:left; color:rgb(0,0,0); text-transform:none; padding-bottom:0; padding-top:0; mix-blend-mode:normal; font-style:normal; } #g-0321-rea-calculator-firsttimebuyers-web-Artboard_2 .g-pstyle0 { font-family:nyt-cheltenham,georgia,’times new roman’,times,serif; font-size:36px; line-height:36px; height:36px; color:rgb(28,163,75); } #g-0321-rea-calculator-firsttimebuyers-web-Artboard_2 .g-pstyle1 { font-family:nyt-cheltenham,georgia,’times new roman’,times,serif; font-size:22px; line-height:36px; height:36px; color:rgb(28,163,75); } #g-0321-rea-calculator-firsttimebuyers-web-Artboard_2 .g-pstyle2 { height:21px; } #g-0321-rea-calculator-firsttimebuyers-web-Artboard_2 .g-pstyle3 { font-family:nyt-cheltenham,georgia,’times new roman’,times,serif; font-size:36px; line-height:36px; height:36px; color:rgb(209,32,39); }
Austin, Tex.
Pittsburgh
17% or $53,800 | 10% FHA
15% or $34,049 average down payment
37% FHA mortgages
20% or $79,190 | 16% FHA
15% or $32,775 | 33% FHA
Oklahoma City
17% or $75,170 | 19% FHA
13% or $30,234 | 25% FHA
Cincinnati
17% or $51,374 | 11% FHA
15% or $36,042 | 32% FHA
Birmingham, Ala.
19% or $96,453 | 19% FHA
14% or $33,747 | 39% FHA
Portland, Ore.
Indianapolis
16% or $55,456 | 14% FHA
16% or $38,114 | 30% FHA
San Jose, Calif.
Columbus, Ohio
20% or $128,627 | 11% FHA
14% or $34,400 | 38% FHA
San Francisco
Louisville, Ky.
21% or $128,627 | 10% FHA
15% or $35,614 | 22% FHA
19% or $74,317 | 15% FHA
16% or $38,262 | 38% FHA
Kansas City, Mo.
Los Angeles
16% or $37,375 | 28% FHA
18% or $95,418 | 17% FHA
Pittsburgh
15% or $34,049 average down payment
37% FHA mortgages
15% or $32,775 | 33% FHA
Oklahoma City
13% or $30,234 | 25% FHA
Cincinnati
15% or $36,042 | 32% FHA
Birmingham, Ala.
14% or $33,747 | 39% FHA
Indianapolis
16% or $38,114 | 30% FHA
Columbus, Ohio
14% or $34,400 | 38% FHA
Louisville, Ky.
15% or $35,614 | 22% FHA
16% or $38,262 | 38% FHA
Kansas City, Mo.
16% or $37,375 | 28% FHA
Austin, Tex.
17% or $53,800 | 10% FHA
20% or $79,190 | 16% FHA
17% or $75,170 | 19% FHA
17% or $51,374 | 11% FHA
19% or $96,453 | 19% FHA
Portland, Ore.
16% or $55,456 | 14% FHA
San Jose, Calif.
20% or $128,627 | 11% FHA
San Francisco
21% or $128,627 | 10% FHA
19% or $74,317 | 15% FHA
Los Angeles
18% or $95,418 | 14% FHA
