How to find the best mortgage rates in Hawaii as a first-time homebuyer

FeaturedHome BuyingMoney

Written by:

 

Owning a home in Hawaii is a dream shared by many islanders (and people around the world who hope to be islanders someday). But it can be a struggle for some to make that dream come true.

 

It’s no secret that buying a home in a place most people consider to be paradise can be expensive. And it’s been that way for decades. But in a hot seller’s market, with low inventory and rising prices, it can be tough for first-time homebuyers in Hawaii to catch a break.

______________________

SPONSORED: Find a Qualified Financial Advisor

1. Finding a qualified financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes.

2. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you're ready to be matched with local advisors that can help you achieve your financial goals get started now.

______________________

 

 

 

 

According to Redfin, the median sale price of a home in Hawaii went from $646,400 in April 2021 to $753,000 in April 2022. That’s a 16.7% increase in just 12 months.

 

In some communities, the numbers were even higher. In Kaanapali, where home prices were up 28.6% year-over-year, the median purchase price in April 2022 was $1.5 million. In East Honolulu, where the median sale price also rose to $1.5 million, home prices were up 59.4% compared to last year.

 

Coming up with enough money for a down payment and closing costs can be difficult in the best of times. But in Hawaii, where the cost of living in general is typically higher than on the mainland, inflation can make home buying especially challenging.

 

First-time homebuyers may be able to get financial help through the state, programs affiliated with the state, and in some cities and counties. There also are longstanding federal programs that could improve a buyer’s chances of success.

 

Recommended: The SoFi Guide to First-Time Home Buying

Who Is Considered a First-Time Homebuyer in Hawaii?

First, a point of clarity. For most programs offered in Hawaii, applicants are considered first-time homebuyers if they haven’t owned a home for the past three years.

The definition jibes with that of the U.S. Department of Housing and Urban Development (HUD).

3 Hawaii Programs for First-Time Homebuyers

In Hawaii, first-time buyers can find programs that offer down payment assistance, help locating an affordable home, and a mortgage credit certificate that can reduce a homeowner’s income taxes.

 

These programs were established to assist low- to moderate-income buyers. There also may be a limit on how much the purchased home can cost. Here’s a look at what’s available statewide.

1. HHOC Mortgage Down Payment Assistance Loan Program

HHOC Mortgage, a nonprofit affiliate of the Hawaii HomeOwnership Center (HHOC), was created to help low- to moderate-income families obtain financing.

The lender’s DPAL Program offers qualifying first-time buyers a first mortgage with a 3% down payment paired with a deferred second mortgage of up to $100,000 for down payment or closing cost assistance (including rate buydown), subject to the availability of funds.

 

Qualifications include:

  • Home must be a single-family dwelling, condominium, or townhouse
  • HHOC mortgage must originate the first mortgage, and will do so at the same time the 15-year down payment assistance loan (second mortgage) is originated
  • Conventional, USDA, VA, and FHA loans available
  • Can’t exceed 120% of area median income
  • Must complete in-class or online homebuyer education with a HUD-approved counseling agency
  • Must complete one counseling session with Hawaii HomeOwnership Center

To determine your eligibility, you can contact an HHOC Mortgage loan officer by calling 808-523-9500 (Oahu), or 877-523-9503 (toll-free). If you qualify, DPAL funds will be reserved once you’ve entered into a purchase contract.

 

Recommended: Understanding the Different Types of Mortgage Loans

2. HHFDC Affordable Resale Program

The Hawaii Housing Finance and Development Corp. is a government agency that provides affordable housing opportunities to residents of Hawaii. Its Affordable Resale Program offers previously owned condos repurchased by the agency for sale to qualified residents through a public drawing or lottery process.

Qualifications Include:

  • Must be a first-time homebuyer who does not own any unit anywhere in the world
  • Must be a U.S. citizen or permanent resident alien and a Hawaii resident
  • Must reside in the unit through the time of ownership
  • Must meet area median income requirements
  • Must agree to the agency’s 10-year buyback and shared profit clauses

The HHFDC offers virtual information sessions for interested homebuyers. You can sign up at Hawaii Housing Finance & Development Corporation Affordable Resale Program or get more information on the program at the site. You can call the HHDC at 808-587-0620.

 

To apply, fill out an intake form.

3. HHFDC Mortgage Credit Certificate Program

The mortgage credit certificate program offered by the HHFDC is a different kind of statewide assistance program designed to help low-income homebuyers. Borrowers can use the certificate to claim a portion of their annual mortgage interest, dollar for dollar, up to $2,000, as a federal tax credit every year for the life of their loan.

The tax credit is available to homebuyers who meet specific household income and home purchase price limits.

 

Check out the program brochure to find out more about the benefits and requirements

 

You can apply for the credit certificate when you take out a home loan through a participating lender. There may be a fee to participate.

Other Homebuyer Programs by Location

If you’ve already chosen the island or county you hope to make your home in Hawaii, you also may want to research the local buyer assistance programs available there.

If you can’t find assistance in your chosen location, check back occasionally for new offers. Some first-time homebuyer programs base their opportunities (and deadlines) on the funds they expect to become available. When their money runs out, they may press pause.

Programs that are currently available include:

Kaua’i County Housing Agency Home Buyer Loan Program

The Kaua’i County Housing Agency Home Buyer Loan Program provides low-cost primary and gap mortgages to income-qualified first-time homebuyers on the island of Kaua’i. For information on benefits and requirements, you can check out the program brochure or call 808-241-4444.

City and County of Honolulu Down Payment Loan Program

The City and County of Honolulu’s Department of Community Services administers a down payment assistance program using HOME Investment Partnership Act funds from HUD. The program provides income-qualifying families with a 0% interest second loan to help with their down payment.

FAQ page offers information on the program’s benefits, requirements, and how to apply. Or call the Department of Community Services at 808-768-7762.

How to Apply to Hawaii Programs for First-Time Homebuyers

The way to get more information about each program, and apply, is described above.

Often an approved lender is the go-to for assistance programs.

 

Recommended: Understanding Mortgage Basics

Federal Programs for First-Time Homebuyers

Several federal government programs are designed for people who have low credit scores or limited cash for a down payment. Although most of these programs are available to repeat homeowners, like state programs, they can be especially helpful to people who are buying a first home or who haven’t owned a home in several years.

The mortgages are generally for single-family homes, two- to four-unit properties that will be owner occupied, approved condos, townhomes, planned unit developments, and some manufactured homes.

Federal Housing Administration (FHA) Loans

The FHA, which is part of the U.S. Department of Housing and Urban Development (HUD), insures mortgages for borrowers with lower credit scores. Homebuyers choose from a list of approved lenders that participate in the program. Loans have competitive interest rates and require a down payment of 3.5% of the purchase price for borrowers with FICO credit scores of 580 or higher. Those with scores as low as 500 must put at least 10% down.

Gift money for the down payment is allowed from certain donors and will be documented in a gift letter for the mortgage.

FHA loans always require mortgage insurance: a 1.75% upfront fee and annual premiums for the life of the loan, unless you make a down payment of at least 10%, which allows the removal of mortgage insurance after 11 years. You can learn more about FHA loans in general and FHA mortgage limits by area by area.

Freddie Mac Home Possible Mortgages

Very low- and low-income borrowers may make a 3% down payment on a Home Possible® mortgage. These loans allow various sources for down payments, including co-borrowers, family gifts, employer assistance, secondary financing, and sweat equity.

The Home Possible mortgage is for buyers who have a credit score of at least 660.

 

Once you pay 20% of your loan, mortgage insurance will be canceled, which will lower your mortgage payments.

Fannie Mae HomeReady Mortgages

Fannie Mae HomeReady Mortgages allow down payments as low as 3% for low-income borrowers. Applicants generally need a credit score of at least 620; pricing may be better for credit scores of 680 and above. Like the Freddie Mac program, HomeReady loans allow flexibility for down payment financing, such as gifts and grants.

For income limits, a comparison to an FHA loan, and other information, go to this Fannie Mae site.

Fannie Mae Standard 97 LTV Loan

The conventional 97 LTV loan is for first-time homebuyers of any income level who have a credit score of at least 620 and meet debt-to-income criteria. The 97% loan-to-value mortgage requires 3% down. Borrowers can get down payment and closing cost assistance from third-party sources.

Department of Veterans Affairs (VA) Loans

Active-duty members of the military, veterans, and eligible family members may apply for loans backed by the Department of Veterans Affairs. VA loans, to buy, build, or improve homes, have lower interest rates than most other mortgages and don’t require a down payment. Most borrowers pay a one-time funding fee that can be rolled into the mortgage.

Native American Veteran Direct Loans (NADLs)

Eligible Native American veterans and their spouses may use these no-down-payment loans to buy, improve, or build a home on federal trust land. Unlike VA loans listed above, the Department of Veterans Affairs is the mortgage lender on NADLs. The VA requires no mortgage insurance, but it does charge a funding fee.

U.S. Department of Agriculture (USDA) Loans

No down payment is required on these loans to moderate-income borrowers that are guaranteed by the USDA in specified rural areas. Borrowers pay an upfront guarantee fee and an annual fee that serves as mortgage insurance.

The USDA also directly issues loans to low- and very low-income people. For loan basics and income and property eligibility, head to this USDA site.

HUD Good Neighbor Next Door Program

This program helps police officers, firefighters, emergency medical technicians, and teachers qualify for mortgages in the areas they serve. Borrowers can receive 50% off a home in what HUD calls a “revitalization area.” They must live in the home for at least three years.

First-Time Homebuyer Stats for 2022

Ever wonder where you fit amid the mix of buyers who are out there shopping for their first home? Here are some stats from a recent National Association of Realtors Profile of Home Buyers and Sellers:

  • Percentage of buyers nationwide who are first-time buyers: 34%
  • Median household income of first-time buyers nationwide: $86,500

Type of home purchased by first-time buyers:

  • Detached single-family home: 80%
  • Townhouse/rowhouse: 9%
  • Condo/apartment (five or more units): 1%
  • Duplex/condo/apartment (two to four units): 2%
  • Other: 8%

Median home price of first-time homebuyers: $252,000

Median down payment of first-time homebuyers: 7%

Median age of first-time homebuyers: 33

 

Relationship status of first-time homebuyers:

  • Married: 50%
  • Single females: 20%
  • Unmarried couples: 17%
  • Single males: 11%

First-time homebuyers with kids nationwide:

  • No children: 70%
  • One child: 15%
  • Two children: 11%
  • Three or more children: 5%

Additional Financing Tips for First-Time Homebuyers

In addition to federal and state government-sponsored lending programs, there are other financial strategies that may help you become a homeowner. Some examples:

  • Traditional IRA withdrawals. The IRS allows qualifying first-time homebuyers a one-time, penalty-free withdrawal of up to $10,000 from their IRA if the money is used to buy, build, or rebuild a home. The IRS considers anyone who has not owned a primary residence in the past three years a first-time homebuyer. You will still owe income tax on the IRA withdrawal. If you’re married and your spouse has an IRA, they may also make a penalty-free withdrawal of $10,000 to purchase a home. The downside, of course, is that large withdrawals may jeopardize your retirement savings.
  • Roth IRA withdrawals. Because Roth IRA contributions are made with after-tax money, the IRS allows tax- and penalty-free withdrawals of contributions for any reason as long as you’ve held the account for five years. You may also withdraw up to $10,000 in earnings from your Roth IRA without paying taxes or penalties if you are a qualifying first-time homebuyer and you have had the account for five years. With accounts held for less than five years, homebuyers will pay income tax on earnings withdrawn.
  • 401(k) loans. If your employer allows borrowing from the 401(k) plan that it sponsors, you may consider taking a loan against the 401(k) account to help finance your home purchase. With most plans, you can borrow up to 50% of your 401(k) balance, up to $50,000, without incurring taxes or penalties. You pay interest on the loan, which is paid into your 401(k) account. You usually have to pay back the loan within five years, but if you’re using the money to buy a house, you may have up to 15 years to repay.
  • State and local down payment assistance programs. Usually offered at the regional or county level, these programs provide flexible second mortgages for first-time buyers looking into how to afford a down payment.
  • The mortgage credit certificate program. First-time homeowners and those who buy in targeted areas can claim a portion of their mortgage interest as a tax credit, up to $2,000. Any additional interest paid can still be used as an itemized deduction. To qualify for the credit, you must be a first-time homebuyer, live in the home, and meet income and purchase price requirements, which vary by state. If you refinance, the credit disappears, and if you sell the house before nine years, you may have to pay some of the tax credit back. There are fees associated with applying for and receiving the mortgage credit certificate that vary by state. Often the savings from the lifetime of the credit can outweigh these fees.
  • Your employer. Your employer may offer access to lower-cost lenders and real estate agents in your area, as well as home buying education courses.
  • Your lender. Always ask your lender about any first-time homebuyer grant or down payment assistance programs available from government, nonprofit, and community organizations in your area.

The Takeaway

Being a first-time homebuyer in Hawaii can be especially challenging, but if you can qualify for one of the mortgage and assistance programs, you may be able to reduce costs. Other first-time buyers can look for advantages among the world of mortgages on their own.

Learn More:

This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.

 

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 1121636. 

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

More from MediaFeed:

States where home foreclosures are  spiking

 

Editor’s Note: Updated for July 2022

 

Amid rising mortgage rates and falling home sales, foreclosures are on the upswing. The number of U.S. properties with foreclosure filings in June was 31,707, according to ATTOM Data Solutions. This is up over 143% from a year ago. Much of the foreclosure activity is on loans that began prior to the pandemic and would have been foreclosed on without pandemic protections.

 

With the median home price reaching a record $407,600, home ownership is becoming more difficult for new buyers and existing owners alike. In this climate of high mortgage rates combined with historically high inflation, sellers may need to adjust, especially considering that home resales, which form the majority of US home sales, plummeted by over 8% compared to this time last year.

 

While the rate of increased foreclosure filings was relatively small from May to June – up by just a little over 2.5% – the dramatic year-over-year increases in foreclosure activity, which the experts at ATTOM expect to continue, suggest that foreclosure starts could be back to normal levels by early 2023.

Read on for the foreclosure rates in June 2022 – plus the five counties with the highest rates within those states.

 

Related: The safest cities in the US

 

DepositPhotos.com

 

As noted, foreclosures are up marginally from last month, but significantly compared to last year. Read on for June foreclosure rates for all 50 states — plus the District of Columbia — beginning with the state that had the lowest rate of foreclosure filings per housing unit.

 

 

DepositPhotos.com

 

Ranking in population between Vermont and Alaska, the country’s 49th and 48th least populated states, Washington, D.C. had 16 foreclosures in June. With a total of 350,364 housing units, Washington, D.C.’s foreclosure rate was one in every 21,898 households, putting it in between the states of North Dakota (#48) and West Virginia (#47).

 

 

DepositPhotos.com

 

South Dakota nabbed the 50th spot in June. Having 389,921 total housing units, the fifth least populated state had a foreclosure rate of one in every 48,740 households with eight foreclosures. Only four counties saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Brookings, Codington, Minnehaha, and Pennington.

 

 

RiverNorthPhotography

 

In 49th place for population, Vermont claimed the 49th spot for its foreclosure rate. Of Vermont’s 334,318 housing units, seven homes went into foreclosure at a rate of one in every 47,760 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Grand Isle, Rutland, Addison, Bennington, and Washington.

 

 

DenisTangneyJr

 

North Dakota’s foreclosure rate was one in every 28,511 homes. That puts the fourth least populated state – with a total of 370,642 housing units (of which 13 were in foreclosure) — in 48th place. The counties with the most foreclosures per housing unit were (from highest to lowest): Wells, Pembina, Traill, Stark, and Stutsman.

 

 

DepositPhotos.com

 

The 39th most populated state, West Virginia, ranked 47th. It has 855,635 homes, of which 48 went into foreclosure. That means the foreclosure rate was one in every 17,826 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Boone, Hancock, Raleigh, Jackson, and Marion.

 

 

 

istockphoto

 

Kansas took the 46th spot once again. With 1,275,689 homes and a total of 88 housing units going into foreclosure, the 35th most-populated state’s foreclosure rate was one in every 14,496 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Rush, Harper, Pawnee, Cowley, and Cowley.

 

 

Michael Pham

 

Ranked 13th for most populated state, Washington came in 45th place for highest foreclosure rate. It has 3,202,241 housing units, of which 240 went into foreclosure, making the state’s foreclosure rate one in every 13,343 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Pacific, Cowlitz, Asotin, Okanogan, and Lewis.

 

 

4nadia

 

With a total 1,994,323 housing units, Kentucky saw 155 homes go into foreclosure. That put the foreclosure rate for the 26th most populated state at one in every 12,867 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Hardin, Jackson, Grayson, Daviess, and Mercer.

 

 

Thomas Kelley

 

The 38th most populated state, Idaho had 65 homes go into foreclosure. With 751,859 total housing units, the state’s foreclosure rate was one in every 11,567 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lincoln, Jerome, Gooding, Caribou, and Payette.

 

 

knowlesgallery

 

With 276 foreclosures out of 2,727,726 total housing units, Wisconsin, the 20th most populated state, had a foreclosure rate of one in every 9,883 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Dodge, Douglas, Marquette, Vernon, and Walworth.

 

 

FierceAbin

 

The 27th most populated state ranked 41st for highest foreclosure rate. Of Oregon’s 1,813,747 homes, 187 went into foreclosure, making for a foreclosure rate of one in every 9,699 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Crook, Lake, Multnomah, Clackamas, and Douglas.

 

Recommended: Tips on Buying a Foreclosed Home

 

DC_Colombia / iStock

 

The 41st most populated state, New Hampshire, ranked 40th for highest foreclosure rate. Of 638,795 homes, 67 went into foreclosure, making for a foreclosure rate of one in every 9,534 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Belknap, Carroll, Cheshire, Rockingham, Coos, and Grafton.

 

 

DenisTangneyJr

 

The 15th most populated state ranked 39th for highest foreclosure rate. Of Massachusetts’ 2,998,537 housing units, 335 went into foreclosure, making for a foreclosure rate of one in every 8,951 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hampden, Berkshire, Franklin, Plymouth, and Worcester.

 

 

 

Rolf_52

 

In Tennessee, the 16th most populated state, there were 370 foreclosures out of 3,031,605 housing units. That put the foreclosure rate at one in every 8,194 homes and in the 38th spot once again. The counties with the most foreclosures per housing unit were (from highest to lowest): Houston, Polk, Chester, Mcnairy, and Haywood.

 

 

NathanMerrill

 

Ranked 37th for population, Nebraska claimed the 37th spot with a foreclosure rate of one in every 8,041 homes. With a total 844,278 housing units, the state had 105 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Boyd, Gage, Hamilton, Johnson, and York.

 

 

marekuliasz

 

Ranked 33rd for most populated state, Arkansas took the 36th spot for highest foreclosure rate. It has 1,365,265 housing units, of which 173 went into foreclosure, making the state’s latest foreclosure rate one in every 7,892 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Franklin, Lonoke, Pulaski, Saint Francis, and Conway.

 

 

Rolf_52

 

The eighth least populated state took the 35th spot for highest foreclosure rate. A total of 62 homes went into foreclosure out of 483,474 total housing units, making the foreclosure rate for the Ocean State one in every 7,798 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Bristol, Kent, Providence, Washington, and Newport.

 

 

SeanPavonePhoto/istockphoto

 

The 40th most populated state, Hawaii, came in 34th for highest foreclosure rate. Of 561,066 homes, 73 went into foreclosure, making for a foreclosure rate of one in every 7,686 households. Only four counties in the state had foreclosures. They were (from highest to lowest): Hawaii, Honolul, Maui, and, Kauai.

 

 

Art Wager

 

In Mississippi, the 34th most populated state, there were 173 foreclosures out of 1,319,945 housing units. That put the foreclosure rate at one in every 7,630 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Jefferson Davis, Leake, Coahoma, Simpson, and Quitman.

 

 

stevegeer

 

Ranked 18th for most populated state, Maryland took 32nd place for highest foreclosure rate. With a total of 2,530,844 housing units, of which 334 housing units went into foreclosure, the state’s foreclosure rate was one in every 7,577 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Caroline, Prince George’s County, Wicomico, Cecil, and Baltimore City.

 

 

James_Lane

 

The 21st most populated state ranked 31st for highest foreclosure rate. Of Colorado’s 2,491,404 housing units, 329 went into foreclosure, making for a foreclosure rate of one in every 7,573 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Rio Blanco, Park, Pueblo, Morgan, and Weld.

 

Recommended: What Is a Short Sale?

 

” Adventure_Photo

 

In Arizona, the 14th most populated state, there were 424 foreclosures out of 3,082,000 housing units. That put the foreclosure rate at one in every 7,269 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Yuma, Greenlee, La Paz, Pinal, and Cochise.

 

 

wanderluster

 

The 36th most populated state took the 29th spot for highest foreclosure rate. Of its 940,859 homes, 130 went into foreclosure, making for a foreclosure rate of one in every 7,237 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Valencia, Chaves, Sierra, Curry, and Lincoln.

 

 

 

Davel5957

 

Ranked the least populated state in the country, Wyoming claimed the 28th spot once again for highest foreclosure rate. With 271,887 housing units, of which 43 went into foreclosure, the state’s foreclosure rate was one in every 6,323 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Campbell, Weston, Carbon, Sweetwater, and Converse.

 

 

AnujSahaiPhotography

 

Pennsylvania had the 27th highest foreclosure rate once again. The fifth most populated state had a total of 939 housing units out of 5,742,828 homes go into foreclosure, making the state’s foreclosure rate one in every 6,116 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Philadelphia, Delaware, Wayne, Montgomery, and Bucks.

 

 

 

AppalachianViews

 

Alaska saw 52 foreclosures, making the foreclosure rate one in every 6,106 homes. That caused the third least populated state, with a total of 317,524 housing units, to take the 26th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Anchorage, Fairbanks North Star, Matanuska-Susitn, Kenai Peninsula, and Juneau.

 

julof90

 

The 12th most populated state ranked 25th for highest foreclosure rate, with 620 homes going into foreclosure. Having 3,618,247 total housing units, the state saw a foreclosure rate of one in every 5,836 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Galax City, Martinsville City, Buena Vista City, Suffolk City, and Portsmouth City.

 

 

ABEMOS / istockphoto

 

Ranked 22nd for most populated state, Minnesota took the 24th spot for highest foreclosure rate. It has 2,485,558 housing units, of which 429 went into foreclosure, making the state’s foreclosure rate one in every 5,794 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Jackson, Sherburne, Mower, Rice, and Steele.

 

 

JoeChristensen

 

The 19th most populated state, Missouri came in 23rd for highest rate of foreclosures. Of its 2,786,621 homes, 488 went into foreclosure, making for a foreclosure rate of one in every 5,710 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Webster, Stoddard, Pulaski Randolph, and Bates.

 

 

eyecrave

 

Ranked 25th for population, Louisiana took the 22nd spot, with 365 homes out of a total of 2,073,200 housing units going into foreclosure. That means Louisiana had a foreclosure rate of one in every 5,680 households. The counties with the most foreclosures per housing unit were (from highest to lowest): West Baton Rouge, Tangipahoa, Livingston, Beauregard, and Ascension.

 

 

DenisTangneyJr

 

Utah placed 21st for highest foreclosure rate. Of the Beehive State’s 1,151,414 housing units, 214 homes went into foreclosure, making the 30th most-populated state’s foreclosure rate one in every 5,380 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Daggett, Tooele, Beaver, Morgan, and Salt Lake.

 

Recommended: 4 Signs You May Be Ready to Buy

 

 

AndreyKrav

 

The 44th most populated state took the 20th spot. With 100 foreclosures out of 514,803 housing units, its foreclosure rate was one in every 5,148 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Sheridan, Wheatland, Judith Basin, Blaine, and Hill.

 

 

JoeChristensen

 

Ranked as the ninth least populated state, Maine placed 19th for highest foreclosure rate. With a total of 739,072 housing units, the Pine Tree State saw 144 foreclosures for a foreclosure rate of one in every 5,132 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Aroostook, Penobscot, Somerset, Washington, and Waldo.

 

 

DepositPhotos.com

 

The Lone Star State saw 2,284 foreclosures. With a foreclosure rate of one in every 5,074 households, this put the second most populous state with 11,589,324 housing units into the 18th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Orange, Scurry, Terry, Liberty, and Carson.

 

 

DenisTangneyJr

 

With 1,733 out of a total 8,488,066 housing units going into foreclosure, the fourth most populated state took the 17th spot. New York’s foreclosure rate was one in every 4,898 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Steuben, Schoharie, Cattaraugus, Suffolk, and Nassau.

 

 

Boogich

 

Ranking 10th in population, Michigan took the 16th spot with a foreclosure rate of one in every 4,678 homes. With a total of 4,570,173 housing units, the state had 977 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Cass, Saint Joseph, Calhoun, Ionia, and Genesee.

 

 

 

haveseen

 

Iowa had the 15th highest foreclosure rate. With 308 housing units out of 1,412,789 homes going into foreclosure, the 31st most populated state’s foreclosure rate was one in every 4,587 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Taylor, Jones, Des Moines, Tama, and Washington.

 

 

JoeChristensen

 

The ninth most populated state took 14th place for highest foreclosure rate. Out of 4,708,710 homes, 1,060 went into foreclosure. That put the Tar Heel State’s foreclosure rate at one in every 4,442 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Martin, Cleveland, Hertford, Hoke, and Cumberland.

 

 

” Darwin Brandis”

 

The eighth most populated state, Georgia ranked 13th for highest foreclosure rate. Of its 4,410,956 homes, 1,096 were foreclosed on. That put the state’s foreclosure rate at one in every 4,025 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Crawford, Quitman, Rockdale, Macon, and Liberty.

 

 

SeanPavonePhoto

 

Oklahoma claimed the 12th spot. With housing units totaling 1,746,807, the 28th most populated state saw 436 homes go into foreclosure at a rate of one in every 4,006 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Kingfisher, Cimarron, Tillman, Caddo, and Comanche.

 

 

DepositPhotos.com

 

The country’s most populated state ranked 11th for highest foreclosure rate. Of its 14,392,140 housing units, 3,663 went into foreclosure, making California’s foreclosure rate one in every 3,929 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Glenn, Sutter, Lake, Merced, and Trinity.

 

Recommended: Your 2022 Guide to All Things Home

 

mlauffen

 

The 17th largest state by population, Indiana took the 10th spot once again with a foreclosure rate of one in every 3,908 homes. Of its 2,923,175 homes, 748 homes were foreclosed on in June. The counties with the most foreclosures per housing unit were (from highest to lowest): Grant, Wabash, Vanderburgh, Wayne, and White.

 

 

f11photo

 

Ranked 24th for most populated, Alabama came in ninth for highest foreclosure rate. Of its 2,288,330 homes, 624 went into foreclosure, making for a foreclosure rate of one in every 3,667 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Dallas, Jefferson, Butler, Geneva, and Walker.

 

 

James Deitsch

 

With 423 of its 1,530,197 homes going into foreclosure, Connecticut had the eighth highest foreclosure rate at one in every 3,617 households. In the 29th most populated state, the counties that had the most foreclosures per housing unit were (from highest to lowest): Windham, Litchfield, New Haven, New London, and Fairfield.

 

 

traveler1116

 

The third most populated state in the country has a total of 9,865,350 housing units, of which 3,429 went into foreclosure. The state’s foreclosure rate is one in every 2,877 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Gadsden, Gilchrist, Osceola, Santa Rosa, and Pasco.

 

 

Elisa.rolle

 

With a foreclosure rate of one in every 2,735 homes, New Jersey fell out of the top three and into sixth place for highest foreclosure rate. The 11th most populated state has 3,761,229 housing units, of which 1,375 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Cumberland, Salem, Camden, Atlantic, and Gloucester.

 

 

Ultima_Gaina / istockphoto

 

With one in every 2,471 homes going into foreclosure, South Carolina took the fifth spot. Ranked 23rd for population, South Carolina has 2,344,963 housing units and saw 949 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Fairfield, Dorchester, Kershaw, Richland, and Spartanburg.

 

 

SeanPavonePhoto

 

Ranking 32nd in population, Nevada took the fourth spot for foreclosure rate. With one in every 2,408 homes going into foreclosure, and a total of 1,281,018 housing units, the state had 532 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Lander, Churchill, Washoe, Clark, and White Pine.

 

 

AlizadaStudios

 

Ohio moved into the top three in June with a foreclosure rate of one in every 2,386 homes. With a total of 5,242,524 housing units, the seventh most populated state had a total of 2,197 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Cuyahoga, Huron, Lake, Fayette, and Stark.

 

 

dypics

 

The sixth least populated state in the country, Delaware crept up from third to second place in June for highest foreclosure rate. With one in every 2,117 homes going into foreclosure and a total 448,735 housing units, Delaware saw a total of 212 foreclosure filings. With only three counties in the state, the most foreclosures per housing unit were in (from highest to lowest): Kent, New Castle, and Sussex.

 

 

mdgmorris

 

Illinois took the number one spot again in June. Of its 5,426,429 homes, 2,589 went into foreclosure, making the sixth most populated state’s foreclosure rate one in every 2,096. The counties with the most foreclosures per housing unit were (from highest to lowest): Saint Clair, Madison, Piatt, Gallatin, and Rock Island.

 

 

ibsky

 

Of all 50 states, California had the most foreclosure filings (3,663); Vermont had the least (7). As for the states with the highest foreclosure rates, Illinois, Delaware and Ohio took the top three spots, respectively.

 

Two regions – The Great Lakes and the Southeast – tied for having the largest presence among the 10 states that ranked the highest for foreclosure rates. The states in the Great Lakes region were (from highest to lowest): Illinois, Ohio, and Indiana. The states in the Southeast region were (from highest to lowest): South Carolina, Florida, and Alabama.

 

The Plains region had the largest presence among the 10 states that ranked the lowest for foreclosure rates. The states were (from highest to lowest): Kansas, North Dakota, and South Dakota.

 

Learn More:

This article originally appeared on SoFi.comand was syndicated by MediaFeed.org.

 

SoFi Loan Products

SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636. For additional product-specific legal and licensing information, see SoFi.com/legal.


SoFi Home Loans
Terms, conditions, and state restrictions apply. SoFi Home Loans are not available in all states. See SoFi.com/eligibility for more information.


External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

 

zimmytws / istockphoto

 

 

Suwanmanee99 / istockphoto

 

Featured Image Credit: todamo / iStock.

AlertMe