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Grand Rapids ranks No. 3 in US for 'first-time homebuyers'
Grand Rapids is one of the best places in the country for first-time homebuyers.
In a ranking of the “Best cities for first-time homebuyers” posted this week by LendingTree, an online loan broker, Grand Rapids ranks No. 3, with Little Rock, Arkansas at No. 1 and Birmingham, Alabama at No. 2.
LendingTree ranked the top 100 most accessible cities in the U.S. based on the following criteria:
- Average down payment amount
- Share of buyers using an FHA mortgage
- Average down payment percentage
- Percentage of buyers who have less than prime credit (below 680)
- Share of homes sold that median income families can afford (Housing Opportunity Index)
- Average FHA down payment as a percentage of average down payment for all loans
The post says Grand Rapids is "the best place to be an FHA borrower."
The top 10
1. Little Rock, Arkansas
2. Birmingham, Alabama
3. Grand Rapids
4. Youngstown, Ohio
5. Winston, North Carolina
6. Dayton, Ohio
8. Scranton, Pennsylvania
The bottom 10
2. New York
3. San Francisco
4. Austin, Texas
5. Las Vegas
6. Los Angeles
7. Oxnard, California
9. Sacramento, California