Vermont’s new homebuyer assistance programs & grants

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The Green Mountain State is a nature lover’s paradise with forests, lakes, and mountains. Along with its natural beauty, it’s also the safest state in the country.

 

No wonder then that the housing market has heated up: Home prices have risen 15.3% in the past year (May 2021-May 2022), according to Redfin, a real estate brokerage that analyzes housing market data.

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Home buyers can find the Vermont market challenging, since there are 40.8% fewer homes for sale now than there were in 2021. And they go fairly quick: In 2021,a home was on the market for a median of 56 days. In 2022, the median dropped to 39 days.

 

The good news is, if you’re a first time home buyer in Vermont, there are state and federal programs to help you purchase your home. This home buying guide can help walk you through the process.

Who Is Considered a First-Time Homebuyer in Vermont?

You qualify if you’ve never owned a home, of course, but you are also considered a first-time homeowner in Vermont if you haven’t owned a house in the last three years. In addition, the U.S. Department of Housing and Urban Development (HUD) considers you a first-time home buyer if you’re a single parent who has only owned a home with a partner while married, or a displaced homemaker who has only owned a home with a spouse. Be sure to check with any home buying assistance program you’re considering, because requirements can differ.

5 Vermont Programs for First-Time Homebuyers

There are several state programs for the first time home buyer in Vermont. Many are designed for people with low incomes or those who don’t have good credit scores. The Vermont Housing Finance Agency (VHFA) offers a number of them.

1. VHFA: MOVE and MOVE MCC

The ADVANTAGE program offers 30-year, fixed-rate mortgage loans with 0% to 5% down payments (the lender will determine this). Borrowers can save up to $825 on Vermont Property Transfer Tax at closing.

To qualify, you must meet purchase price and income limits and have a minimum credit score of 640.

2. VHFA: ADVANTAGE

Spruce Up offers first-time homebuyers a low-interest 30-year loan for both the purchase and rehabilitation of a home.

Applicants must meet the First-Time Homebuyer Program requirements.

3. VHFA: ASSIST Down Payment and Closing Cost Assistance

VHFA’s ASSIST program offers a 0% interest loan with no monthly payments due on sale to help with down payment and closing costs, with a maximum loan amount of either $10,000 or $15,000 (based on income).

To qualify, borrowers and non-borrowing spouses must be first-time homebuyers.

4. VHFA: Mortgage Credit Certificate (MCC)

Another program to consider is VHFA’s Mortgage Credit Certificate (MCC), which provides a Federal tax credit up to $2,000 for every year you live in your home and pay interest on the mortgage. This is available with the MOVE MCC program as well as non-VHFA mortgages.

5. Champlain Housing Trust (CHT)

If you’re interested in a home in Burlington, Vermont, check out the Champlain Housing Trust (CHT). It helps low- and moderate-income homebuyers purchase a duplex (with priority given to the first time home buyer in Vermont). The program provides down payment no-interest, deferred loans of $10,000.

To qualify, you must be purchasing a property in Old North End, Lakeside, or King Street Neighborhoods. The property must be two, three, or four units, and must be your primary residence. For more information, contact Todd Rawlings, Housing Program Manager, at 802-652-4209 or trawlings@burlingtonvt.gov.

 

To determine how much a loan will cost you each month, use our mortgage calculator.

How to Apply to Vermont Programs for First-Time Homebuyers

You can choose from many types of mortgage loans. You can also apply to the programs we’ve discussed for the first-time home buyer in Vermont. Just be sure to check the requirements before applying. Many ask you to connect with a partnering lender to apply for the program.

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, they can be especially helpful to people who are buying a first home or who haven’t owned a home in several years.

These 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 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 lending limits in Vermont by county here.

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, the Home Possible mortgage insurance will be canceled, which will lower your mortgage payments.

Fannie Mae HomeReady Mortgages

Fannie Mae, or formally, the Federal National Mortgage Association, is a publicly traded government-sponsored enterprise that dates back to the Great Depression.

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.

Unlike an FHA loan, the 97 LTV loan has no upfront mortgage insurance fee and does have cancellable mortgage insurance. The loan is for just one-unit single-family homes, co-ops, condos, and planned unit developments.

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. For most applicants, there is a one-time funding fee that can be rolled into the mortgage.

Regional loan centers are closed to the public, but you can contact the Department of Veterans Affairs for Vermont at NADL@va.gov.

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. You can reach the Burlington Field Office of HUD at 802-951-6290.

First-Time Homebuyer Stats for 2022

  • First-time homebuyers nationwide: 34% of all buyers
  • Median age of first-time homebuyers in U.S. 33
  • Average down payment in Vermont (20%): $75,800
  • Average home price in Vermont (Redfin, June 2022):$397,000
  • Average credit score of home buyer in Vermont: 736

Financing Tips for First-Time Homebuyers

As you learn about mortgage basics and how to choose mortgage term loans, you may want to also learn how to lower your mortgage payment. Here are some tips that can help.

  • 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.

Use this home affordability calculator to understand how much you can afford to pay for a home in Vermont.

The Takeaway

The housing market in Vermont can be challenging, but as a first time home buyer, there are many state and federal programs available that can help you achieve your goal.

FAQ

Should I take first-time homebuyer classes?

Yes! Good information is key to a successful home-buying experience for anyone, but especially for newcomers, who can easily be overwhelmed by the jargon, technicalities, and magnitude of applying for a mortgage and purchasing a home. First-time homebuyer classes can help. Indeed they are required for some government-sponsored loan programs.

Do first-time homebuyers with bad credit qualify for homeownership assistance?

Often they do. Many government and nonprofit homeowner assistance programs are available to people with low credit scores. And often, interest rates and other loan pricing are competitive with those of loans available to borrowers with higher credit scores. That said, almost any lending program has credit qualifications. That’s why it’s important to take all possible steps to improve your credit standing before you go house hunting.

Is there a first-time homebuyer tax credit in Vermont?

There is a mortgage credit certificate program for first-time homeowners and those who buy in targeted areas in Vermont. With it, you can claim a portion of your mortgage interest as a tax credit, up to $2,000.

Is there a first-time veteran homebuyer assistance program in Vermont?

Yes. The U.S. Department of Veterans Affairs offers home loans to service members, veterans, and eligible surviving spouses.

What credit score do I need for first-time homebuyer assistance in Vermont?

Credit score requirements vary, depending on the homebuyer assistance program. For example, for the VHFA MOVE and ADVANTAGE programs, you need a credit score of at least 640.

What is the average age of first-time homebuyers in Vermont?

The median age of first-time homebuyers in the U.S. is 33.

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

 

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Home foreclosure rates are on the rise in these states

 

The near 8% decrease in foreclosure activity between August and September is a stark contrast to the roughly 62% rise in foreclosures between September 2021 and September 2022. The experts at ATTOM Data Solutions, a leading curator of real estate data nationwide, are confident that U.S. foreclosure starts may be returning to 2019 pre-pandemic levels.

 

While foreclosure activity has been on the rise since the expiration of pandemic relief programs, the good news is that experts believe repossessions will be even lower than before the pandemic due to a majority of borrowers in foreclosure having positive equity in their homes. This means that borrowers can sell their properties at a profit and avoid foreclosure auctions or lender repossessions.

 

As inflation soars, mortgage interest rates hover near 7%,and recession fears continue to make headlines, median U.S. home prices have slipped yet again for the eighth consecutive month. However, home prices overall still remain high enough to be out of reach for some families. Despite economic turbulence, in September 2022 the median price for a single-family home was $391,000, an increase of 11% from September 2021. At the same time, the housing supply remains at a deficit, which experts expect to continue for the foreseeable future due to a combination of factors, such as a shortage of construction labor, zoning restrictions, and raw material costs.

 

The unexpected dip in foreclosure filings this month follows a 14% increase between July and August. The number of U.S. properties with foreclosure filings in September was 31,836, according to ATTOM. Across the nation in September, foreclosures were filed for one in every 4,413 homes.

 

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

 

Related: The safest cities in the US

 

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As noted, foreclosure rates dropped slightly compared to last month, but are up significantly compared to last year. Read on for September 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.

 

 

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Ranking in population between Vermont and Alaska, the country’s 49th and 48th least populous states, Washington, D.C. had 24 foreclosures in September. With a total of 350,364 housing units, Washington, D.C.’s foreclosure rate was one in every 14,599 households, putting it in between the states of Montana (#46) and Kentucky (#45).

 

 

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South Dakota nabbed the 50th spot for its foreclosure rate in September. Having 389,921 total housing units, the fifth least populous state had a foreclosure rate of one in every 64,987 households with 6 foreclosures. Only three counties saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Brookings, Minnehaha, and Lincoln.

 

 

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In 49th place for population, Vermont fittingly also ranked 49th for its foreclosure rate. Of the Green Mountain State’s 334,318 housing units, six homes went into foreclosure at a rate of one in every 55,720 households. Only three counties saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Washington, Rutland, and Windsor.

 

 

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North Dakota’s foreclosure rate was one in every 21,802 homes. That puts the fourth least populous state – with 370,642 housing units and 17 foreclosures — in 48th place. Only four counties saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Morton, Ward, Williams, and Cass.

 

 

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Kansas took the 47th spot, a dramatic change from last month’s rank of 25. With 1,275,689 homes and a total of 68 housing units going into foreclosure, the 35th most-populous state’s foreclosure rate was one in every 18,760 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Doniphan, Kingman, Franklin, Cowley, and Jefferson.

 

 

 

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The 44th most populous state took the 46th spot. With 33 foreclosures out of 514,803 housing units, its foreclosure rate was one in every 15,600 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Silver Bow, Cascade, Yellowstone, Flathead, and Gallatin.

 

 

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With a total of 1,994,323 housing units, Kentucky saw 149 homes go into foreclosure, a slight increase from August. That puts the foreclosure rate for the 26th most populous state at one in every 13,385 households and in 45th place. The counties with the most foreclosures per housing unit were (from highest to lowest): Hardin, Menifee, Bullitt, Boone, and Grant.

 

 

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The 39th most populous state, West Virginia, slipped to the 44th spot this month. It has 855,635 homes, of which 66 went into foreclosure. That means the foreclosure rate was one in every 12,964 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Kanawha, Ohio, Marion, Fayette, and Mercer.

 

 

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The 38th most populous state, Idaho had 59 homes go into foreclosure, a significant decrease from August’s 78 homes. Idaho also retained its rank of 43 from last month. With 751,859 total housing units, the state’s foreclosure rate was one in every 12,743 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Payette, Minidoka, Franklin, Bonneville, and Gem.

 

 

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Ranked 13th for the most populous state, Washington came in 42nd place for the highest foreclosure rate. It has 3,202,241 housing units, of which 276 went into foreclosure, making the state’s foreclosure rate one in every 11,602 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Cowlitz, Skamania, Kitsap, Thurston, and Yakima.

 

 

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The 27th most populous state ranked 41st for highest foreclosure rate. Of Oregon’s 1,813,747 homes, 172 went into foreclosure, making for a foreclosure rate of one in every 10,545 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Curry, Crook, Union, Clackamas, and Columbia.

 

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Oklahoma remarkably claimed the 40th spot, dropping from 16th in August. With housing units totaling 1,746,807, the 28th most populous state saw 181 homes go into foreclosure at a rate of one in every 9,651 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Woodward, Jackson, Canadian, Payne, and Garfield.

 

 

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With 289 foreclosures out of 2,727,726 total housing units, Wisconsin, the 20th most populous state, had a foreclosure rate of one in every 9,438 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Douglas, Marinette, Manitowoc, Shawano, and Dodge.

 

 

 

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Ranked 33rd for most populous state, Arkansas took the 38th spot for highest foreclosure rate. It has 1,365,265 housing units, of which 171 went into foreclosure, making the state’s latest foreclosure rate one in every 7,984 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lincoln, Ouachita, Little River, Poinsett, and Mississippi.

 

 

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The 41st most populous state, New Hampshire, ranked 37th for highest foreclosure rate. Of 638,795 homes, 81 went into foreclosure, making for a foreclosure rate of one in every 7,886 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Cheshire, Belknap, Strafford, Merrimack, and Rockingham.

 

 

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Listed as 37th for population, Nebraska also ranked 36th with a foreclosure rate of one in every 7,746 homes, a drastic rise from last month’s 45th spot. With a total 844,278 housing units, the state had 109 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Stanton, Scotts Bluff, Washington, Platte, and Douglas.

 

 

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In Tennessee, the 16th most populous state, there were 394 foreclosures out of 3,031,605 housing units. That put the foreclosure rate at one in every 7,694 homes and in the 35th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Dyer, Grainger, Dickson, Tipton, and Chester.

 

 

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The eighth least populous state took the 34th spot for highest foreclosure rate. A total of 63 homes went into foreclosure out of 483,474 total housing units, making the foreclosure rate for the Ocean State one in every 7,674 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Providence, Bristol, Kent, Newport, and Washington.

 

 

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In Mississippi, the 34th most populous state, there were 175 foreclosures out of 1,319,945 housing units. That put the foreclosure rate at one in every 7,543 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Jasper, Benton, Pearl River, Copiah, and Leflore.

 

 

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The 19th most populous state, Missouri came in 32nd for highest rate of foreclosures. Of its 2,786,621 homes, 377 went into foreclosure, making for a foreclosure rate of one in every 7,392 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Scott, Webster, Buchanan, Jefferson, and Callaway.

 

 

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The 21st most populous state ranked 31st for highest foreclosure rate. Of Colorado’s 2,491,404 housing units, 342 went into foreclosure, making for a foreclosure rate of one in every 7,285 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Logan, Clear Creek, Morgan, Pueblo, and Elbert.

 

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In Arizona, the 14th most populous state, there were 439 foreclosures out of 3,082,000 housing units, a significant decrease from August. That puts the foreclosure rate at one in every 7,021 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Graham, Cochise, Gila, Pinal, and Yuma.

 

 

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Ranked 24th in population, Alabama came in 29th for highest foreclosure rate. Of its 2,288,330 homes, 337 went into foreclosure, making for a foreclosure rate of one in every 6,790 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Jefferson, Coosa, Calhoun, Houston, and Colbert.

 

 

 

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The ninth most populous state took 28th place for highest foreclosure rate. Out of 4,708,710 homes, 716 went into foreclosure. That put the Tar Heel State’s foreclosure rate at one in every 6,576 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Perquimans, Pender, Vance, Pasquotank, and Onslow.

 

 

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The least populous state in the country, Wyoming claimed the 27th spot 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, Natrona, Uinta, Sheridan, and Laramie.

 

 

 

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Ranked 22nd for most populous state, Minnesota took the 26th spot for highest foreclosure rate. It has 2,485,558 housing units, of which 398 went into foreclosure, making the state’s foreclosure rate one in every 6,245 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Steele, Rice, Goodhue, Chisago, and Mille Lacs.

 

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The 40th most populous state, Hawaii, came in 25th for highest foreclosure rate. Of 561,066 homes, 92 went into foreclosure, making for a foreclosure rate of one in every 6,099 households. Only four counties in the state had foreclosures. They were (from highest to lowest): Honolulu, Hawaii, Maui, and Kauai.

 

 

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The 12th most populous state ranked 24th for highest foreclosure rate, with 601 homes going into foreclosure. Having 3,618,247 total housing units, the state saw a foreclosure rate of one in every 6,020 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Martinsville City, Mathews, Caroline, New Kent, and Appomattox.

 

 

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The Lone Star State saw 1,951 foreclosures. With a foreclosure rate of one in every 5,940 households, this put the second most populous state in the U.S., with 11,589,324 housing units, into the 23rd spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Oldham, Liberty, Bowie, Webb, and Scurry.

 

 

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Ranked 25th in population, Louisiana took the 22nd spot, with 358 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 5,791 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lafourche, Tangipahoa, West Feliciana, Beauregard, and Plaquemines.

 

 

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The 36th most populous state took the 21st spot for highest foreclosure rate. Of its 940,859 homes, 163 went into foreclosure, making for a foreclosure rate of one in every 5,772 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Eddy, Chaves, Valencia, Bernalillo, and Otero.

 

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Utah placed 20th for highest foreclosure rate. Of the Beehive State’s 1,151,414 housing units, 203 homes went into foreclosure, making the 30th most-populous state’s foreclosure rate one in every 5,672 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Tooele, Uintah, Salt Lake, Utah, and Davis.

 

 

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Alaska saw 61 foreclosures, making the foreclosure rate one in every 5,205 homes. That caused the third least populous state, with a total of 317,524 housing units, to retain the same 19th spot as last month. Only three counties saw foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Anchorage, Fairbanks North Star, and Matanuska-Susitna.

 

 

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Pennsylvania has the 18th highest foreclosure rate. The fifth most populous state saw a total of 1,170 housing units out of 5,742,828 homes go into foreclosure, making the state’s foreclosure rate one in every 4,908 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Philadelphia, Delaware, Bucks, Montgomery, and Allegheny.

 

 

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The 15th most populous state ranked 17th for highest foreclosure rate. Of Massachusetts’ 2,998,537 housing units, 640 went into foreclosure, making for a foreclosure rate of one in every 4,685 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hampden, Franklin, Plymouth, Bristol, and Worcester.

 

 

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The eighth most populous state, Georgia ranked 16th for highest foreclosure rate. Of its 4,410,956 homes, 949 were foreclosed on. That put the state’s foreclosure rate at one in every 4,648 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Heard, McDuffie, Bryan, Pierce, and Dougherty.

 

 

 

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Iowa had the 15th highest foreclosure rate. With 305 housing units out of 1,412,789 homes going into foreclosure, the 31st most populous state’s foreclosure rate was one in every 4,632 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Boone, Mills, Clinton, Polk, and Cerro Gordo.

 

 

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Ranked as the ninth least populous state, Maine placed 14th for highest foreclosure rate. With a total of 739,072 housing units, the Pine Tree State saw 172 foreclosures for a foreclosure rate of one in every 4,297 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Kennebec, Penobscot, Androscoggin, York, and Cumberland.

 

 

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The country’s most populous state ranked 13th for highest foreclosure rate. Of its 14,392,140 housing units, 3,514 went into foreclosure, making California’s foreclosure rate one in every 4,096 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lake, Humboldt, Yuba, Kern, and Shasta.

 

 

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With 2,252 out of a total 8,488,066 housing units going into foreclosure, the fourth most populous state took the 12th spot, the same position it held in August. New York’s foreclosure rate was one in every 3,769 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Wayne, Nassau, Richmond, Suffolk, and Schoharie.

 

 

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The 17th largest state by population, Indiana grasped the 11th spot with a foreclosure rate of one in every 3,509 homes. Of its 2,923,175 homes, 833 homes were foreclosed on in August. The counties with the most foreclosures per housing unit were (from highest to lowest): Grant, Owen, Madison, Delaware, and LaPorte.

 

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With 487 of its 1,530,197 homes going into foreclosure, Connecticut had the 10th highest foreclosure rate at one in every 3,142 households. In the 29th most populous state, the counties that had the most foreclosures per housing unit were (from highest to lowest): Windham, New Haven, Litchfield, Middlesex, and Fairfield.

 

 

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The third most populous state in the country has a total of 9,865,350 housing units, of which 3,183 went into foreclosure. The state’s foreclosure rate is one in every 3,099 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Duval, Marion, Baker, Broward, and Pasco.

 

 

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Ranked 10th in population, Michigan fittingly secured the 8th spot with a foreclosure rate of one in every 2,991 homes. With a total of 4,570,173 housing units, the state had 1,528 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Monroe, Muskegon, Jackson, Branch, and Midland.

 

 

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The sixth least populous state in the country, Delaware fell from the 2nd spot to the 7th for highest foreclosure rate. With one in every 2,914 homes going into foreclosure and a total 448,735 housing units, Delaware saw a total of 154 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.

 

 

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With one in every 2,902 homes going into foreclosure, South Carolina took the 6th spot. Ranked 23rd for population, South Carolina has 2,344,963 housing units and saw 808 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Dorchester, Sumter, Richland, Orangeburg, and Lexington.

 

 

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Ohio took fifth place in September with a foreclosure rate of one in every 2,885 homes. With a total of 5,242,524 housing units, the seventh most populous state had a total of 1,817 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Cuyahoga, Marion, Fayette, Summit, and Ashtabula.

 

 

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Ranked 18th for most populous state, Maryland took fourth place for highest foreclosure rate. With a total of 2,530,844 housing units, of which 896 housing units went into foreclosure, the state’s foreclosure rate was one in every 2,825 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Prince George’s County, Charles, Queen Anne’s County, Cecil, and Washington.

 

 

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With a foreclosure rate of one in every 2,649 homes, New Jersey places third in the ranking. The 11th most populous state has 3,761,229 housing units, of which 1,420 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Salem, Sussex, Gloucester, Camden, and Burlington.

 

 

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Ranking 32nd in population, Nevada took the second spot for foreclosure rate. With one in every 2,473 homes going into foreclosure, and a total of 1,281,018 housing units, the state had 518 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Eureka, Clark, Elko, Washoe, and Humboldt.

 

 

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Illinois made the top spot for highest foreclosure rate yet again. Of its 5,426,429 homes, 2,770 went into foreclosure, making the sixth most populous state’s foreclosure rate one in every 1,959. The counties with the most foreclosures per housing unit were (from highest to lowest): DeKalb, Kankakee, Madison, Stark and Will.

 

 

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Of all 50 states, California had the most foreclosure filings (3,514); Vermont and South Dakota were tied with the least (6). As for the states with the highest foreclosure rates, Illinois, Nevada, and New Jersey took the top three spots, respectively.

 

Two regions – The Great Lakes and the Mideast – 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 Michigan. The states in the Mideast region were (from highest to lowest): New Jersey, Maryland, and Delaware.

 

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.

 

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

 

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