A VA (Veterans Affairs) home mortgage loan offers qualified people with a military background the opportunity to get financing to buy a home.
Who qualifies for a VA loan? There are several requirements individuals generally need to meet to qualify for a VA loan. These include a history of military service, passing a credit check, and receiving a Certificate of Eligibility. They must also plan on using the home as their primary residence.
What Is the VA Home Loan Program?
If you’re wondering, what is a VA loan?, here’s what you need to know: The VA Home Loan Program aims to increase access to home mortgages to people who have served in the military. The U.S. Department of Veterans Affairs created the program for qualified veterans, active-duty service members, and some surviving spouses.
The VA pays a percentage of the loans, lowering risk for lenders so they can offer better rates and terms.
This program not only assists veterans in achieving their dream of homeownership, but also promotes stability and financial security for those who have served their country. Whether purchasing a first home or doing a mortgage refinance, eligible veterans and their families can take advantage of this opportunity to enjoy affordable and accessible financing.
Pros and Cons of a VA Home Mortgage Loan
As is the case with many different types of mortgage loans, VA home mortgage loans have benefits and disadvantages borrowers should be aware of before applying. These include:
Pros
- No down payment: One of the main advantages of VA loans is that they don’t require a down payment.
- Lower interest rates: VA loans often have lower interest rates than other types of mortgage loans.
- No private mortgage insurance (PMI): With conventional loans, if you make a down payment that’s less than 20% of the purchase price of the home, you may have to buy PMI. With a VA loan, there’s no PMI requirement which can help buyers, especially first-time homebuyers, save money.
- Flexible credit standards: VA loans typically have less stringent credit requirements than other types of loans. Borrowers can even qualify after a foreclosure or bankruptcy under certain conditions.
- Streamlined refinancing: The VA has a refinancing program called the Interest Rate Reduction Refinance Loan (IRRRL).
- Lifetime benefit: Veterans can use the program at any time.
Cons
- Funding fee: VA loans come with a one-time financing charge that helps taxpayers cover the costs of the loan program. The amount of the fee depends on the size of the down payment, the type of military service performed, and other factors. Certain veterans, including those who are disabled, do not have to pay the fee.
- Limited to primary residences: VA loans can only be used to buy a first home or primary residence, they can’t be used to buy a second home or investment property.
- Potential seller limitations: Not all sellers or agents understand the VA loan program or want to work with VA loan borrowers. This may make negotiations harder and limit which houses can be purchased.
- Additional property requirements: There are special criteria that properties must meet to ensure they are physically sound, clean, and secure.
- VA loan limits: There are lending limits that determine the maximum loan amount the VA will guarantee. These may differ depending on the state and county.
What Are the Eligibility Requirements for VA Home Loan Programs?
Who qualifies for a VA home loan? The Department of Veterans Affairs sets the eligibility requirements for VA home loan applicants. Generally, to qualify for a mortgage in this case, borrowers must meet prerequisites such as proving their military service history, receiving a Certificate of Eligibility, and passing a credit check. Eligibility requirements are different depending on the type of service performed.
Minimum Active-Duty Service Requirements
The VA loan eligibility requirements differ depending on the type of military service performed, as follows.
Service Members
Active-duty service members are eligible for the VA loan program, but may have different requirements than veterans. Service members must have served for at least 90 days continuously in order to meet the minimum active-duty service requirement.
Veterans
Veterans will meet the minimum active-duty service requirement if they served for one of the following:
- At least 24 continuous months
- The full period (at least 90 days) of active duty
- At least 90 days if discharged for a hardship, or a reduction in force
- Less than 90 days if discharged for a service-connected disability
National Guard Members
National Guard members must have served on active duty for a minimum of 90 days straight
Reserve Members
Generally, reserve members are required to have served on active duty for a minimum of 90 days straight during wartime. Or they may qualify if they have served for more than six years.
How to Request a Certificate of Eligibility (COE)
There are several steps you’ll need to take to get a Certificate of Eligibility. Here’s how to do it.
- First, check your eligibility with the VA. Your military service record will need to show that you served for a certain amount of time as indicated above.
- Next, provide other documents and information, including your Social Security number, proof of service such as dates of service and discharge papers, and a marriage and death certificate for surviving spouses.
- Apply for a certificate on the VA’s eBenefits online portal. You can also request a COE through a VA-approved lender.
What If You Don’t Meet the Minimum Service Requirements?
There are alternative mortgage loan programs you can apply for if you don’t meet the minimum service requirements for a VA loan. These options include:
- Federal Housing Administration (FHA) loans. These may have more lenient credit score criteria than VA loans and could be a good choice for first time homebuyers.
- Conventional loans provided by private lenders, such as banks, credit unions, and online lenders. You may need a higher credit score to qualify for these loans.
- State and city homebuyer aid programs and grants that provide support for down payments, closing costs, and other types of support.
You may also want to consider strengthening your credit score and saving up money for a downpayment in order to qualify for a loan in the future.
The Takeaway
The VA loan program is designed to help eligible veterans, active-duty service members, and surviving spouses qualify for a home loan. Key benefits of the program include no down payment required, low interest rates, and flexible credit requirements.
If you’re looking to take out a mortgage to buy a home or to refinance your current mortgage, there are other loan options you can consider as well.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 Opens A New Window.(Member FDIC). For additional product-specific legal and licensing information, see SoFi. Equal Housing Lender.
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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
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Foreclosure rates make the home market a house of cards in these states
While foreclosures may have dropped overall compared to October, several major cities have maintained their high foreclosure rates. Foreclosure filings in metropolises like Cleveland, OH and Chicago, IL have skyrocketed since 2021, and a decline is not likely in the foreseeable future.
But it’s not just urban areas that are experiencing this nationwide trend. According to the experts at ATTOM Data Solutions, the number of U.S. housing units coast-to-coast that have gone into foreclosure has increased by a startling 57% since this time last year. While there was a slight dip in filings between October and November, slipping to 30,677 from 32,376 foreclosed homes, this only amounts to a 5% decline.
While mortgage rates seem to have peaked in October, the prices remain uncomfortably high, especially when compared to pre-pandemic numbers. Standard rates for both 10-year and 30-year fixed mortgages have varied this past year, however for the most part the rate is steadily rising. Currently at roughly 6.3%, the average interest rate for a traditional 30-year fixed mortgage has increased more than twofold from last year’s 3%. The primary driver behind this trend is the Federal Reserve’s decision to raise its own interest rate to combat inflation.
The housing industry has been flipped on its head by high mortgage rates, which have caused a dramatic cooling of a once-hot market. Even though home prices are declining in certain regions, this may not be enough to offset the extra costs that homeowners must pay due to rising mortgage rates.
Read on for the foreclosure rates in November 2022 – plus the five counties or county equivalents with the highest rates within those states.
Related: The safest cities in the US
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As previously noted, foreclosure rates decreased slightly compared to last month, but are up significantly compared to last year. Read on for November 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 second-and-third-least populous states, Washington, D.C. had 43 foreclosures in November, a substantial dip compared to October’s 68. With a total of 350,364 housing units, the foreclosure rate of the Nation’s Capital was one in every 8,148 households, putting it in between the states of Alaska (#36) and Missouri (#37).
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Unsurprisingly, the Mount Rushmore State nabbed the 50th spot for its November foreclosure rate for the third month in a row. Having 389,921 total housing units, the fifth-least populous state had a foreclosure rate of one in every 97,480 households with four foreclosures. Only one county in South Dakota saw any foreclosures: Minnehaha.
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In 49th place for population, the Green Mountain State maintained its 49th rank for foreclosure rate as well. Of the state’s 334,318 housing units, 17 homes went into foreclosure at a rate of one in every 19,666 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Bennington, Rutland, Washington, Windham, and Caledonia.
DenisTangneyJr
The Peace Garden State’s foreclosure rate was one in every 15,443 homes. This puts the fourth-least populous state – with 370,642 housing units and 24 foreclosures — in 48th place, a slight improvement from last month’s 41st spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Traill, Walsh, Morton, Ward, and Grand Forks.
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Ranked 38th in population, the Gem State earned the 47th spot as 56 of its homes went into foreclosure in November. With 751,859 total housing units, the state’s foreclosure rate was one in every 13,426 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lewis, Lincoln, Payette, Twin Falls, and Clearwater.
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Sorted as 13th in population, the Evergreen State ranked 46th for highest foreclosure rate. It has 3,202,241 housing units, of which 248 went into foreclosure, making the state’s foreclosure rate one in every 12,912 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lewis, Grays Harbor, Adams, Kitsap, and Cowlitz.
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With a total of 1,994,323 housing units, the Bluegrass State saw 168 homes go into foreclosure, sustaining its 45th ranking from September and October. This puts the foreclosure rate for the 26th most populous state at one in every 11,871 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Fulton, Boyd, Greenup, Carlisle, and Bath.
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New Hampshire, the 41st most populous state, ranked 44th for highest foreclosure rate. The granite state saw 62 of its 638,795 homes go into foreclosure, making for a foreclosure rate of one in every 10,303 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Belknap, Cheshire, Hillsborough, Rockingham, and Sullivan.
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Ranked 39th in population, the Mountain State earned the 43rd spot this month. It has 855,635 housing units, of which 84 went into foreclosure. This means that the foreclosure rate was one in every 10,186 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hancock, Pleasants, Wood, Fayette, and Kanawha.
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The Sunflower State ranked 42nd in November, a rise compared to last month’s 47th spot. With 1,275,689 homes and a total of 127 housing units going into foreclosure, the 35th most populous state’s foreclosure rate was one in every 10,045 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Haskell, Kingman, Woodson, Norton, and Rooks.
Tiago_Fernandez / istockphoto
With 285 foreclosures out of 2,727,726 total housing units, America’s Dairyland and the 20th most populous state had a foreclosure rate of one in every 9,571 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Iron, Marquette, Kenosha, Richland, and Langlade.
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Listed as 44th in population, the Treasure State took the 40th spot. With 57 foreclosures out of 514,803 housing units, its foreclosure rate was one in every 9,032 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Fallon, Chouteau, Rosebud, Dawson, and Big Horn.
YinYang
Ranked 34th in population, the Magnolia State experienced 156 foreclosures out of 1,319,945 housing units. This puts the foreclosure rate at one in every 8,461 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Itawamba, Humphreys, Simpson, Copiah, and Hancock.
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The eighth-least populous state took the 38th spot for highest foreclosure rate. A total of 58 homes went into foreclosure out of 483,474 total housing units, making the foreclosure rate for the Ocean State one in every 8,336 households. With only five counties in the state, the most foreclosures per housing unit were (from highest to lowest): Bristol, Providence, Newport, Kent, and Washington.
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Listed as 19th in population, the Show-Me State came in 37th for highest rate of foreclosures. Of its 2,786,621 homes, 336 went into foreclosure, making for a foreclosure rate of one in every 8,294 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Webster, Mississippi, Barton, Gentry, and Laclede.
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The Last Frontier saw 42 foreclosures, making the foreclosure rate one in every 7,560 homes. This caused the third-least populous state, with a total of 317,524 housing units, to secure the 36th spot. Only four boroughs saw foreclosures. The boroughs with the most foreclosures per housing unit were (from highest to lowest): Matanuska-Susitna, Anchorage, Fairbanks North Star, and Kenai Peninsula.
Chilkoot
Ranked 16th in population, the Volunteer State endured 409 foreclosures out of its 3,031,605 housing units. This puts the foreclosure rate at one in every 7,412 homes and in the 35th spot. The counties with the most foreclosures per housing unit were (from highest to lowest): Hardin, Humphreys, Obion, Rhea, and Hickman.
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The 27th most populous state ranked 34th for highest foreclosure rate. Of the Pacific Wonderland’s 1,813,747 homes, 255 went into foreclosure, making for a foreclosure rate of one in every 7,113 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Lake, Crook, Josephine, Klamath, and Linn.
HaizhanZheng
The 21st most populous state ranked 33rd for highest foreclosure rate. Of the Centennial State’s 2,491,404 housing units, 380 went into foreclosure, making for a foreclosure rate of one in every 6,556 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Mesa, Teller, Archuleta, Morgan, and Pueblo.
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Ranked 22nd for most populous state, the Land of 10,000 Lakes took the 32nd spot for highest foreclosure rate. It has 2,485,558 housing units, of which 386 went into foreclosure, making the state’s foreclosure rate one in every 6,439 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Faribault, Mower, Waseca, St. Louis, and Wilkin.
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Sorted as 37th in population, the Cornhusker State ranked 31st with a foreclosure rate of one in every 6,396 homes. With a total 844,278 housing units, the state had 132 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Webster, Hitchcock, Kearney, Frontier, and Nemaha.
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The 12th most populous state ranked 30th for highest foreclosure rate, with 575 homes going into foreclosure. Having 3,618,247 total housing units, the Old Dominion saw a foreclosure rate of one in every 6,293 households. The county and independent cities with the most foreclosures per housing unit were (from highest to lowest): Colonial Heights City, Martinsville City, Buena Vista City, Portsmouth City, and Giles.
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Sorted as 14th in population, the Grand Canyon State withstood 493 foreclosures out of its 3,082,000 housing units. This puts the foreclosure rate at one in every 6,252 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Santa Cruz, Cochise, La Paz, Pinal, and Graham.
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Ranked 42nd in population, the Pine Tree State placed 28th for highest foreclosure rate. With a total of 739,072 housing units, it saw 123 foreclosures for a foreclosure rate of one in every 6,009 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Waldo, Oxford, Penobscot, Knox, and Franklin.
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The Beehive State placed 27th for highest foreclosure rate. Of its 1,151,414 housing units, 192 homes went into foreclosure, making the 30th most populous state’s foreclosure rate one in every 5,997 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Carbon, Millard, Box Elder, Beaver, and Tooele.
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The 15th most populous state ranked 26th for highest foreclosure rate. Of 2,998,537 housing units, 506 went into foreclosure, making for a foreclosure rate of one in every 5,926 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Worcester, Hampden, Bristol, Franklin, and Hampshire.
Rolf_52
The Paradise of the Pacific, and the 40th most populous state, came in 25th for highest foreclosure rate. Of its 561,066 homes, 98 went into foreclosure, making for a foreclosure rate of one in every 5,725 households. Only four of the five counties in the state had foreclosures. They were (from highest to lowest): Hawaii, Honolulu, Kauai, and Maui.
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The ninth-most populous state claimed 24th place for highest foreclosure rate, an upturn from last month’s 7th spot. Out of 4,708,710 homes, 852 went into foreclosure. This puts the Tar Heel State’s foreclosure rate at one in every 5,527 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Northampton, Nash, Pasquotank, Cherokee, and Tyrrell.
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The Keystone State has the 23rd highest foreclosure rate. The fifth-most populous state saw a total of 1,060 housing units out of 5,742,828 homes go into foreclosure, making the state’s foreclosure rate one in every 5,418 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Delaware, Philadelphia, Berks, Bucks, and Lancaster.
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Sorted as 25th in population, the Pelican State took the 22nd spot, an unfavorable contrast to last month’s 32nd ranking. This means that the state had a foreclosure rate of one in every 5,170 households, with 401 homes out of a total of 2,073,200 housing units going into foreclosure. The parishes with the most foreclosures per housing unit were (from highest to lowest): West Baton Rouge, Tangipahoa, Plaquemines, DeSoto, and Livingston.
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Listed as the 33rd most populous state, the Land of Opportunity took 21st place for highest foreclosure rate in November, an improvement over last month’s 15th ranking. The state has 1,365,265 housing units, of which 271 went into foreclosure, making the state’s latest foreclosure rate one in every 5,038 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Lincoln, Poinsett, Jackson, Franklin, and Mississippi.
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The Lone Star State saw 2,303 foreclosures this month. With a foreclosure rate of one in every 5,032 households, this puts the second-most populous state in the U.S., with a whopping 11,589,324 housing units, into the 20th spot yet again. The counties with the most foreclosures per housing unit were (from highest to lowest): Cochran, Ector, Liberty, Kinney, and Shackelford.
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The 36th most populous state claimed the 19th spot for highest foreclosure rate. Of the Land of Enchantment’s 940,859 homes, 187 went into foreclosure, making for a foreclosure rate of one in every 5,031 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Valencia, Chaves, Eddy, Bernalillo, and Sandoval.
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With 317 of its 1,530,197 homes going into foreclosure, the Constitution State once again had the 18th highest foreclosure rate at one in every 4,827 households. In the 29th most populous state, the counties that had the most foreclosures per housing unit were (from highest to lowest): Windham, Litchfield, Hartford, Tolland, and Fairfield.
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Ranked 10th in population, the Wolverine State secured the 17th spot with a foreclosure rate of one in every 4,259 homes. With a total of 4,570,173 housing units, the state had 1,073 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Shiawassee, Wexford, St. Joseph, Lenawee, and Monroe.
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The country’s most populous state ranked 16th for highest foreclosure rate. Of its impressive 14,392,140 housing units, 3,483 went into foreclosure, making the Golden State’s foreclosure rate one in every 4,132 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Siskiyou, Trinity, Lake, Yuba, and Kern.
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The Hawkeye State had the 15th highest foreclosure rate. With 346 housing units out of 1,412,789 homes going into foreclosure, the 31st most populous state’s foreclosure rate was one in every 4,083 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Des Moines, Emmet, Henry, Fremont, and Union.
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Listed as 24th in population, the Yellowhammer State came in 14th for highest foreclosure rate. Of its 2,288,330 homes, 567 went into foreclosure, making for a foreclosure rate of one in every 4,036 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Coosa, Jefferson, Covington, Walker, and Calhoun.
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The third-most populous state in the country has a total of 9,865,350 housing units, of which 2,513 went into foreclosure. The Sunshine State’s foreclosure rate is one in every 3,926 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Bradford, Union, Clay, Escambia, and Palm Beach.
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The Sooners State claimed the 12th spot, a sizable disappointment compared to October’s 31st ranking. With housing units totaling 1,746,807, the 28th most populous state saw 448 homes go into foreclosure at a rate of one in every 3,899 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Tulsa, Garfield, Canadian, Dewey, and Cleveland.
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Ranked 18th for most populous state, America in Miniature took 11th place for highest foreclosure rate. With a total of 2,530,844 housing units, of which 670 housing units went into foreclosure, the state’s foreclosure rate was one in every 3,777 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Charles, Dorchester, Caroline, Cecil, and Washington.
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James_Lane
Ranked eighth in population, the Peach State acquired the 10th spot for highest foreclosure rate. Of its 4,410,956 homes, 1,182 were foreclosed on. This puts the state’s foreclosure rate at one in every 3,732 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Calhoun, Turner, Newton, Walton, and Liberty.
SeanPavonePhoto
With 2,296 out of a total 8,488,066 housing units going into foreclosure, the Empire State claimed the 9th spot in November. The fourth-most populous state’s foreclosure rate was one in every 3,697 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Washington, Chautauqua, Suffolk, St. Lawrence, and Putnam.
Eloi_Omella
The 17th largest state by population, the Crossroads of America grasped the eighth spot with a foreclosure rate of one in every 3,419 homes. Of its 2,923,175 housing units, 855 homes were foreclosed on in November. The counties with the most foreclosures per housing unit were (from highest to lowest): Jennings, Fountain, Vermillion, Sullivan, and Morgan.
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Ranking 32nd in population, the Silver State took the seventh spot for foreclosure rate. With one in every 3,319 homes going into foreclosure, and a total of 1,281,018 housing units, the state had 386 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): White Pine, Clark, Lander, Nye, and Humboldt.
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The Buckeye State took sixth place yet again in November with a foreclosure rate of one in every 3,238 homes. With a total of 5,242,524 housing units, the seventh-most populous state had a total of 1,619 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Jefferson, Huron, Cuyahoga, Columbiana, and Harrison.
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The country’s least populous state surprisingly claimed the 5th spot for highest foreclosure rate in November, a drastic change from October’s 44th ranking. With 271,887 housing units, of which 84 went into foreclosure, the Equality State’s foreclosure rate was one in every 3,237 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Platte, Campbell, Carbon, Natrona, and Sublette.
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With one in every 3,195 homes going into foreclosure, the Palmetto State obtained the fourth ranking once again. The 23rd most populous state has 2,344,963 housing units and saw 734 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Orangeburg, Colleton, Kershaw, Dorchester, and Lexington.
SeanPavonePhoto
With a foreclosure rate of one in every 2,916 homes, the Garden State placed third for, ironically, the third time in a row. The 11th most populous state has 3,761,229 housing units, of which 1,290 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Gloucester, Cumberland, Salem, Camden, and Sussex.
JERRYE / Wiki Commons
The sixth-least populous state in the country, the Small Wonder maintained its second place spot from October. With one in every 2,736 homes going into foreclosure and a total 448,735 housing units, the state saw 164 foreclosure filed. With only three counties in the state, the most foreclosures per housing unit were (from highest to lowest): Kent, New Castle, and Sussex.
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The Land of Lincoln made the top spot for highest foreclosure rate for the fourth month in a row, the longest of any state. Of its 5,426,429 homes, 2,260 went into foreclosure, making the sixth-most populous state’s foreclosure rate one in every 2,401. The counties with the most foreclosures per housing unit were (from highest to lowest): Mason, Livingston, Rock Island, Logan, and Marshall.
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Of all 50 states, California had the most foreclosure filings (3,483), and South Dakota had the least (4). As for the states with the highest foreclosure rates, Illinois, Delaware, 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 Indiana. The states in the Mideast region were (from highest to lowest): Delaware, New Jersey, and New York.
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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