Buying or selling a home in Pittsburgh? LendingTree, an online loan marketplace, ranks Pittsburgh at the top of their list of best cities for first-time homebuyers.
“Pittsburgh, Cleveland and Oklahoma City offer first-time homebuyers the easiest time purchasing a home,” LendingTree writes. “While these metros may not necessarily have the lowest credit score requirements or down payments in the country, they consistently rank highly across all six metrics that were considered in this study. Overall, Pittsburgh and Cleveland are tied for first place, while Oklahoma City is third.”
Here are the numbers they quoted for Pittsburgh:
Average down payment amount: $34,049
Average down payment percentage: 15 percent
Share of buyers using an FHA mortgage: 36.5 percent
Average FHA down payment as a percentage of average down payment for all loans: 31.2 percent
Percentage of buyers who have credit scores below 680: 41.3 percent
HOI Index Score: 78.4
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