It can be tough to get a mortgage these days, especially for those with less than stellar credit scores and people without a sizable down payment.
Read more: Good for Buyers: Mortgage Rates Barely Budge
But just how difficult it is may greatly depend on where you live, according to a new report released by the Urban Institute.
For example, in Detroit, borrowers can qualify for a home mortgage with a FICO credit score averaging 728. However, in San Francisco, the average borrower may need a 770 score.
The Urban Institute’s study revealed the following cities may offer the easiest chances for home buyers to get a mortgage:
- Detroit: 728 (average FICO score); 90% (average loan to value)
- Miami: 732; 84%
- Cleveland: 733; 88%
- Las Vegas: 735; 88%
- San Antonio, Texas: 736; 90%
- Houston: 736; 86%
- Cincinnati: 736; 89%
- Orlando: 738; 87%
- Riverside, Calif.: 738; 83%
- Atlanta: 738; 87%
- Columbus, Ohio: 738; 89%
On the other hand, in the following cities, borrowers may need to have the highest requirements to qualify for a mortgage:
- San Francisco: 770 (average FICO credit score); 72% (average loan to value)
- San Jose, Calif.: 766; 74%
- Oakland, Calif.: 762; 77%
- New York, N.Y.: 759; 75%
- Los Angeles, Calif.: 758; 78%
Source: “Here Are the Easiest Cities to Get a Mortgage,” CNBC (Aug. 24, 2016)