New Jersey Leads Nation in Highest Average Mortgage Down Payment According to LendingTree.com

CHARLOTTE, N.C., Dec. 8, 2011 /PRNewswire/ -- With the housing market continuing to struggle and fewer consumers being able to purchase a new home or apartment, LendingTree.com, the nation's leading online lender exchange and personal finance resource, today released data highlighting the average down payments on residential real estate purchases for all 50 states and Washington D.C. New Jersey leads the country with the highest average down payment of 13.76%. The state with the lowest average down payment is North Dakota, where buyers put down an average of 11.37%. 

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The locations rounding out the Top Five for highest down  payments including Washington D.C. (13.54%), New York (13.51%), Hawaii (13.37%) and California (13.25%).  The states completing the bottom five are Wyoming (11.42%), Oklahoma (11.67%), Utah (11.75%) and Tennessee (11.75%). Overall, the average down payment for all states is 12.29%.

LendingTree has created an infographic showcasing the "down payment divide" and it is available at http://marketing.lendingtree.com/pr/map_info_graphic.jpg.

"If Federal regulators were to adopt the proposed 20 percent down payment requirement, a majority of borrowers wouldn't be able to meet the standard given the findings in this report," said Doug Lebda, founder and CEO of LendingTree. "The proposed rule is part of a larger set of requirements that would exempt qualified borrowers from risk retention requirements and would have access to the lowest rates available. While this rule has yet to be put into effect, borrowers should be aware of the possibility and plan for future home loan needs. By utilizing LendingTree, borrowers can find the lowest rates available, find the best deal, and decrease monthly payments to make the dream of owning a home a reality."

Additional findings from the LendingTree data include:

• New Jersey, a state with a loan-to-value ratio lower than the national average, also has a higher average home price than most other states. However, New Jersey falls into the higher end of the spectrum in terms of debt-to-income ratios.
• Nevada, a state that has had high foreclosure rates and sharp decrease in the numbers of homes purchased, actually ranks as the state with the ninth highest average down payment at 13.05%.
• The state with the most "closings" to date in 2011 is Texas, with 39,498 (thru October 2011). South Dakota has the fewest closings this year with only 807.

About LendingTree, LLC
LendingTree, LLC is the nation's leading online lender exchange and personal finance resource, helping consumers take charge of all their financial decisions, from budgeting to money management to mortgages to credit cards and more. LendingTree provides a marketplace that connects consumers with multiple lenders that compete for their business, as well as an array of online tools to aid consumers in their financial decisions. Since inception, LendingTree has facilitated more than 30 million loan requests and $214 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE). For more information go to www.lendingtree.com, dial 800-555-TREE , join our Facebook page and/or follow us on Twitter @LendingTree.

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SOURCE LendingTree, LLC