10 US cities where mortgages are most often denied mortgages

Low mortgage rates are generally the best time for potential home buyers. In addition, many Americans have recently gained easy access to mortgage loans.

The Law on Mortgage Loans (HMDA) contributes to the fact that the number of refusals in mortgage lending is at the lowest level, at least since 2004, writes Fox Business. Using the most recent HMDA data available since 2018 of the year, LendingTree reviewed over 10 million mortgage applications to find out how many were rejected and why.

The study found that about one in ten borrowers are rejected - and usually for financial reasons. The biggest problems were debt and credit history. Other main reasons for refusals were property mortgaged to the bank or incomplete applications.

Here are 10 cities where borrowers are most often denied a mortgage. Let's start with the three “leaders”:

1. Miami, FL

• Bounce Rate: 11,6%
• The main reason: debt to income ratio (more than 32% failure), mortgaged property in the bank (22% failure).
• Median home price in town: $ 326 200, according to the Zillow website.

2. Orlando, FL

• Bounce Rate: 10,9%
• The main reason: debt to income ratio (36,5% failure), credit history (18,8% failure).
• Median home price in town: $ 246 900.

3. Tampa, FL

• Bounce Rate: 9,5%
• The main reason: debt to income ratio (33,1% failure), mortgaged property in the bank (19,1% failure).
• Median home price in town: $ 238 300.

On the subject: How to apply for a mortgage if you have a bad credit history

And here are the rest, here the data is less detailed:

4. Jacksonville, FL

• Bounce Rate: 9,5%
• Main reason: debt to income ratio

5. Detroit, MI

• Bounce Rate: 9,4%
• Main reason: debt to income ratio

6. Birmingham, Alabama

• Bounce Rate: 8,8%
• Main reason: credit history

7. Houston texas

• Bounce Rate: 8,7%
• Main reason: debt to income ratio

8. San Jose, California

• Bounce Rate: 8,7%
• Main reason: debt to income ratio

On the subject: How Mortgage Affects US Credit Rating

9. New York

• Bounce Rate: 8,5%
• Main reason: debt to income ratio

10. San Antonio, TX

• Bounce Rate: 8,4%
• Main reason: debt to income ratio

Cities where borrowers are least likely to be refused: Minneapolis, Salt Lake City and Kansas City, Missouri.

Read also on ForumDaily:

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