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N.J. tops housing market with highest average mortgage down payment

NJDollars030911_optBY JOHN SOLTES
NEWJERSEYNEWSROOM.COM

Out of all 50 states, New Jersey has the highest average down payment on real estate purchases, according to a new report published by LendingTree.com, an online resource for personal financial management.

For residential real estate transactions, New Jersey boasts an average 13.76 percent down payment, roughly 1.5 percent higher than the national average. Conversely, North Dakota has the lowest average with 11.37 percent.

Following New Jersey in the top five are Washington, D.C., New York, Hawaii and California. Rounding out the bottom with North Dakota are Wyoming, Oklahoma, Utah and Tennessee.

Texas features the most closings to date in 2011, while South Dakota has the fewest.

The study comes on the heels of a federal proposal that would require homebuyers to pay at least 20 percent of the down payment when purchasing a house. The measure was met with much controversy and public outcry earlier in 2011; its fate has yet to be determined.

“If federal regulators were to adopt the proposed 20 percent down payment requirement, a majority of borrowers wouldn’t be able to meet the standard given the findings in this report,” stated Doug Lebda, founder and CEO of LendingTree, in an official press release. “While this rule has yet to be put into effect, borrowers should be aware of the possibility and plan for future home loan needs.”

The report finds that the Garden State has a low loan-to-value ratio. Also, homes are priced higher than the national average and the overall state has an increased debt-to-income ratio, which should come as no surprise for New Jersey residents.

John Soltes is an award-winning freelance journalist based in New Jersey. He currently serves as publisher of Hollywood Soapbox (www.HollywoodSoapbox.com). E-mail him at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

 
Comments (2)
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