Denver is usually “the most challenging” city from the country for first-time homebuyers, according to a fresh report.
Mortgage company LendingTree ranked Denver toughest out of 100 cities nationally for first-time homebuyers, ahead of the next toughest cities, which included fresh York, San Francisco, Austin in addition to Las Vegas.
LendingTree said of which used the following criteria to come up with its rankings, including average down payment amount needed; the share of buyers using an FHA mortgage; average down payment percentage; percentage of buyers who have less than prime credit (below 680); the share of homes sold of which the median income family can afford (Housing Opportunity Index); in addition to average FHA down payment as a percentage of average down payment for all loans.
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“Denver is usually not the most challenging city in any single measure, having weak showings across the board, which could be (an) obstacle for first-time buyers. Down payments are high at $66,806, in addition to even the FHA down payment is usually a considerable $22,841,” LendingTree said in its report, which ranked Little Rock, Arkansas as the best U.S. city for first-time homebuyers.
Yesterday, of which was reported of which Denver ranked No. 1 nationally (tied with Seattle in addition to San Francisco) for fewest months supply of inventory at 1.1 months. in addition to earlier of which month, the Denver Metro Association of Realtors’ latest market trends report indicated January began off the year which has a record-low inventory of home for sale in metro Denver — 3,869 listings.