LendingTree Reports Average Down Payments Fall in Q1 2015

CHARLOTTE, N.C., June 12, 2015 /PRNewswire/ -- According to a report released today by LendingTree, the nation's leading online loan marketplace, down payment percentages for conventional 30-year fixed rate purchase mortgages decreased in the first quarter to an average of 16.98%, down from 17.59%, in Q4 2014. Additionally, the average down payment amount also fell quarter-over-quarter to $44,007 from $47,585 in the previous quarter.

"As lenders need more mortgage volume, average down payments start to drop," said Doug Lebda, founder and CEO of LendingTree. "More lenders are beginning to loosen their guidelines and are going after a slightly broader pool of potential borrowers. For first time homebuyers, this spring and summer homebuying season is proving itself to be an excellent time to enter the market."

An infographic released by LendingTree ranks each state according to the average down payment percentages offered to LendingTree customers from lowest to highest. The ten states with the lowest average down payment percentage for a 30-year fixed rate conventional loan are:

Rank	State	Avg Loan Amount	Avg Down Payment Amt	Down Payment %
1	KY	$164,458.07	$33,391.04	14.02%
2	AL	$187,991.39	$33,057.76	14.26%
3	WV	$170,079.66	$32,084.75	14.53%
4	ND	$200,130.66	$29,355.19	14.68%
5	NM	$192,773.15	$29,744.21	14.82%
6	AR	$178,223.92	$29,629.54	14.95%
7	OH	$177,973.98	$32,785.91	15.08%
8	MS	$189,007.07	$24,897.20	15.12%
9	MO	$185,223.75	$30,937.34	15.15%
10	IN	$174,164.92	$24,047.67	15.15%

The ten states with the highest down payment percentage for a 30-year fixed rate conventional loan are:

Rank	State	Avg Loan Amount	Avg Down Payment Amt	Down Payment %
41	FL	$200,742.59	$39,145.97	17.28%
42	IL	$221,436.14	$38,024.14	17.32%
43	ME	$201,479.37	$45,321.60	17.44%
44	RI	$198,929.32	$42,865.33	17.47%
45	MA	$258,028.49	$63,099.42	18.31%
46	CT	$227,271.77	$48,077.29	18.63%
47	NJ	$252,837.08	$57,259.93	18.96%
48	DC	$309,056.42	$89,915.80	19.03%
49	CA	$293,374.17	$67,998.60	19.58%
50	NY	$245,619.33	$75,150.33	20.02%
51	HI	$267,841.74	$59,029.82	20.36%

To view this release in LendingTree's press room, along with the associated infographic, please visit:
https://www.lendingtree.com/press-release/us-down-payment-affordability-q1-2015

About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online loan marketplace, empowering consumers as they comparison-shop across a full suite of loan and credit-based offerings.  LendingTree provides an online marketplace which connects consumers with multiple lenders that compete for their business, as well as an array of online tools and information to help consumers find the best loan. Since inception, LendingTree has facilitated more than 35 million loan requests. LendingTree provides access to lenders offering home loans, personal loans, student loans, personal loans, business loans, home equity loans/lines of credit, auto loans and more. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

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SOURCE LendingTree

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