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Buying your first home is exciting, but figuring out how much cash you need upfront can feel overwhelming. For a $300,000 home, the down payment you’ll need depends on the type of mortgage you choose, your credit profile, and available first-time buyer programs.

If you go by the old rule of thumb and save up a 20% down payment, that means forking over $60,000 up front on a $300,000 home sale. However, most contemporary mortgages allow buyers to put down far less. First-time homebuyers can put down as little as 3%, which comes out to $9,000 on a $300,000 home. That said, there will likely be other upfront expenses to contend with, so saving up even more than that is still a good idea.

Let’s take a closer look at how to prepare for a $300,000 home purchase — including not only your down payment but also the amount of income you need to support your purchase.

How Much Income Do I Need to Afford a $300K Home?

Many financial experts say you shouldn’t be spending more than about 30% of your gross monthly income on your home loan. To simplify this even further, let’s just say a third of your gross income.

From here, we can do some reverse engineering and estimating to figure out how much income would likely support a $300,000 home purchase.

Using a mortgage calculator, let’s say you purchase a $300,000 home with a $9,000 down payment, a 7.00% interest rate, and a 30-year term. Your monthly payments would be about $1,936 a month. (Note: These figures are only estimates, and your real monthly payment will depend on your creditworthiness, your lender’s unique algorithm, and other factors.)

Using that one-third rule above, you’d need to be earning about $5,700 per month ($1,900 times three) before taxes to make your mortgage payments without overextending yourself financially. That comes out to an annual income of about $68,400.

Using a mortgage calculator with taxes and insurance will get you even closer to your true monthly number. When you factor in taxes and homeowners insurance, your monthly payment would be closer to $2,300. Returning to the one-third rule, you would need an annual income of $82,800.

Of course, if you have large amounts of existing debt, you may need a higher income to comfortably make your payments. Still, this can be a good point of reference to start with.

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How Much Is the Down Payment for a $300K House?

A 20% down payment may allow you to avoid paying PMI. On a $300,000 house, 20% is $60,000. But with conventional mortgages that allow qualified first-time homebuyers to put down as little as 3%, your down payment could be just $9,000.

However, depending on your credit score and other financial information, you may need to put down 5%, which would come out to $15,000.

Keep in mind, though, that the down payment isn’t the only upfront expense of homeownership. It doesn’t include closing costs, which could be as much as 3% to 6% of the home purchase price (which means another $9,000 to $18,000 for a $300,000 home). You’ll also need to factor in expenses related to moving, furnishing, repairing, and renovating your new home.

What Are the Down Payment Options for a Home Worth $300K?

Which down payment you’ll qualify for depends on the type of mortgage you take out and your credit history.

•   No matter what type of mortgage you choose, if you put down 20%, or $60,000, you’ll avoid paying mortgage insurance (PMI) as part of your monthly payment.

•   If you qualify for a conventional mortgage, you may be eligible to put down as little as 3%, or $9,000. (Other borrowers may be qualified for 5%, or $15,000.)

•   Those who qualify for an FHA home loan as a first-time homebuyer may put down as little as 3.5%, or $10,500.

•   If you’re an active service member, veteran, or surviving spouse, you may qualify for a VA loan. In some cases, you may be able to get a VA loan with no down payment.

If even a modest down payment feels out of reach, down payment assistance programs can also help.

What Does the Monthly Mortgage Payment Look Like for a $300K Home?

Your monthly mortgage payment will vary depending on your down payment, interest rate, the term of the loan (usually 15 or 30 years), and more. When calculating your specific loan options, your lender will take into consideration your personal credit factors and your debt-to-income (DTI) ratio.

Using a mortgage payment calculator can help. A calculator would show that someone who puts down $9,000 on a $300,000 home for a 30-year fixed-interest mortgage at 7.00% would pay approximately $1,936 per month (not including property taxes, MIP, or homeowners insurance). Note that because of the way loans are amortized, the bulk of your monthly payments will go toward interest, rather than principal, during the first part of the loan’s lifetime.

Recommended: What Is Mortgage Amortization?

What to Do Before You Apply for a $300K Mortgage

If you want to maximize your chances for approval when applying for a $300,000 mortgage, consider taking some time to get your financial affairs in order.

What does this mean? Paying down large existing debts, especially high-interest debt like credit card balances, can lower your DTI and may win you more favorable mortgage terms (not to mention making it easier to make ends meet as far as other monthly expenses). Finding ways to increase your income can also improve your application — and make your financial life easier.

Should I Get Preapproved Before Applying for a Mortgage?

Getting preapproved for a home loan may help you understand how much of a loan is available to you based on your current financial standing — and to signal to real estate professionals and sellers that you’re serious.

Preapproval differs from prequalification in that it usually does require a “hard” credit check, so you should only do it if you’re truly ready to buy a house when the right one comes along — but if you are, it’ll give you the chance to get your foot in the door quickly.

Recommended: The Best Affordable Places in the U.S.

How to Get a $300K Mortgage

Getting a $300,000 mortgage typically starts with reviewing your finances and understanding what lenders look for. You’ll need steady income, a manageable debt-to-income ratio, and a solid credit score to qualify for favorable terms. Saving for a down payment and closing costs, comparing lenders, and choosing the right loan type can also improve your chances and affordability.

The Takeaway

The down payment for a $300K house could be as little as $9,000 or as much as $60,000 — or more. In some cases, a zero down payment loan is even possible. It all depends on what kind of mortgage you want and qualify for, as well as how much you can reasonably afford to fork over at the closing table.

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.

FAQ

Can I afford a $300K house on a $70K salary?

If you have minimal debts, then a $70,000 salary might be enough to afford a $300,000 house. The size of your down payment and your mortgage interest rate will be important variables. Try to keep your monthly house payments below a third of your monthly gross income.

How much do you need to make to afford a $300K house?

When it comes to purchasing a home, a good rule of thumb is to ensure you’re paying no more than a third of your gross monthly income toward housing. You would need an annual income of about $82,000 to comfortably afford a $300,000 house when you factor in the mortgage payment, homeowners insurance costs, and taxes.

What credit score is needed to buy a $300,000 house?

Each lender has their own qualification schema as far as credit scores and other creditworthiness markers are concerned. That said, generally speaking, a credit score of at least 620 will help you qualify for more types of mortgages and open your options for shopping around.

Photo credit: iStock/undefined undefined

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOHL-Q126-080

An income of around $260,000 a year could allow you to afford a $900,000 mortgage, assuming you don’t have other significant debt, such as student loans. But a variety of factors determine how much house you can afford, including how much you have saved for a down payment and your credit history, to name two. The income needed for a $900K mortgage also comes down to the loan term and interest rate.

Here’s a closer look at the variables that impact how much house you can afford.

Income Needed for a $900,000 Mortgage

How much income is needed for a $900K mortgage loan? Though mortgages don’t carry specific income requirements, you’ll need to show that you can afford closing costs (typically 2% to 6% of the home sale price), the down payment, and the monthly payment.

Crunching the numbers with a home affordability calculator shows that the income needed for a home valued at $1,000,000 with a down payment of $100,000 is about $260,000. Note that multiple forms of income, such as dividends from investments, can count toward your gross income.

In many parts of the United States, a mortgage exceeding $832,750 is considered a jumbo loan. These larger mortgages typically have stricter lender requirements because they are nonconforming loans, meaning they’re not guaranteed by the government in the event of default.

So if you’re in the market for a $900,000 jumbo loan, you may need to put at least 10% down. Let’s suppose you qualify for a 30-year fixed rate mortgage with a 7% interest rate. Using a mortgage calculator, the monthly payment comes out to about $6,000 if you put 10%, or $100,000, toward a down payment on a property that costs $1,000,000.

Following the 28/36 rule, your home payments should be at or below 28% of your income. Total debt payments, including your mortgage payment, shouldn’t exceed 36% of your income. Using the example above, you’d need to earn $21,666 a month ($260,000 a year) to afford a $6,000 mortgage while still following the 28% guideline.

What Is a Good Debt-to-Income Ratio?

Your debt-to-income (DTI) ratio is calculated by dividing all your fixed monthly debts — like student loans or auto loans — by your gross monthly income. For a jumbo loan, a strong DTI ratio is essential to qualifying. Having a DTI ratio of 43% or less is recommended, though lenders may want to see a ratio as low as 36%.

What Determines How Much House You Can Afford?

A variety of factors determine how much house you can afford. So far, we’ve covered income, debt, and debt-to-income ratio. Additionally, your credit score and the amount you have saved for a down payment will impact your homebuying budget if financing a home purchase. If you have less saved for a down payment, you’ll need to demonstrate a strong credit history and that you can manage higher monthly payments.

Location plays a role in home affordability. A $900,000 mortgage goes a long way in the most affordable states. In pricier markets, a $900,000 mortgage can still open the door to homeownership, but with significantly less square footage.

Home affordability also varies between different types of mortgage loans. Certain government-backed loans let buyers put less money down, but this may mean being subject to private mortgage insurance.

Recommended: Cost of Living by State

What Mortgage Lenders Look For

What do you need to qualify for a $900,000 mortgage? Lenders look at a variety of factors when evaluating a borrower and setting the loan terms during the mortgage preapproval process. In terms of income, lenders prefer borrowers who have stable and predictable income. They’ll also consider your credit history, existing debt, down payment amount, and assets.

$900,000 Mortgage Breakdown Examples

A monthly payment on a $900K mortgage can vary widely depending on the type of mortgage and loan terms. Using a mortgage calculator with taxes and insurance included can give you a more exact estimate of your expected mortgage costs.

For example, suppose you secure a 30-year fixed-rate mortgage with a 6% interest rate. With a 10%, or $100,000, down payment, you’d have a total monthly payment (principal, interest, insurance, and taxes) of $6,604.

Increasing the down payment to 20% would cut the monthly payment to $6,000. Whereas a jump in interest to 6.5% would bump up the monthly payment to $6,264.

In the 20% down payment scenario, which has the lowest monthly payment, you’d need to earn $21,666 a month ($260,000 a year) to satisfy the 28/36 rule. Again, this assumes that you don’t have significant other debts to pay each month.

Pros and Cons of a $900,000 Mortgage

Financing a larger home purchase has its advantages and drawbacks. A $900K mortgage can mean more funds for renovations and other financial goals.

On the other hand, a jumbo loan or larger mortgage is usually tougher to qualify for. In the case of a jumbo loan, rates could be higher since this loan type isn’t guaranteed by Fannie Mae or Freddie Mac. And with a larger loan, you’ll see higher monthly payments and closing costs.

Recommended: I Make $300,000 a Year, How Much House Can I Afford?

How Much Will You Need for a Down Payment?

Borrowers can expect to put 10-20% toward a down payment on a $900,000 mortgage. This amounts to $100,000 – $200,000, and doesn’t include closing costs. Certain government-backed loans can allow a smaller down payment, but borrowing $900,000 is only possible in designated high-cost areas.

Can You Buy a $900K Home with No Money Down?

Buying a $900,000 home with no money down is possible in limited situations, but it’s not common. Some VA loans allow eligible borrowers to purchase a home with 0% down, even at higher price points, though jumbo loan rules and lender requirements still apply. Otherwise, most buyers will need a substantial down payment.

Can You Buy a $900K Home with a Small Down Payment?

If you don’t qualify for a VA loan, there are other options to consider. An FHA loan is a government-backed loan that only requires a down payment of 3.5% for borrowers with a credit score of 580 or higher.

The limit for high-cost areas is $1,249,125 for a single-family home. Homebuyers in Alaska, Hawaii, Guam, and the U.S. Virgin Islands could go up to $1,873,687 with a FHA loan.

With a conventional, fixed-rate loan, certain borrowers can put as little as 3-5% down on a home purchase.

Is a $900K Mortgage with No Down Payment a Good Idea?

Buyers who lack savings but have steady income and strong credit might consider a mortgage with no down payment. Putting less down means borrowing more, and in turn, paying more interest over the life of the loan. You’ll also be starting out with zero home equity if you don’t put any money down. When you put less than 20% down, you’re typically also on the hook for paying private mortgage insurance.

Keep in mind that if your credit score and financial situation change after you purchase your home, you can always consider a mortgage refinance to land more favorable mortgage loan terms.

How to Improve Your Chances of Approval

If you’re struggling to qualify for a $900K mortgage, there are steps you can take to improve your qualifications as a borrower.

Pay Off Debt

Tackling debt can improve your DTI ratio, effectively increasing your homebuying budget. Focusing on recurring debt that you can pay off in full in the near-term, such as credit cards or a personal loan, can deliver more immediate results.

Look into First-Time Homebuyer Programs

Are you a first-time homebuyer? If so, you could be eligible for down payment assistance to make homebuying more affordable. FHA loans allow qualified first-time buyers to put just 3.5% down on a home. It’s also possible to finance your closing costs with an FHA loan.

Recommended: Finding Down Payment Assistance Programs

Cultivate Your Credit

Keeping your credit utilization — the percentage of credit you’re using on credit cards and other lines of credit — below 30%, if possible, can reflect well on your credit score. Payment history is also a significant component of your credit score. Ensure you’re making minimum monthly payments on any revolving credit every month.

Start Budgeting

After crunching the numbers on homebuying costs, setting up a budget can help you pay off debt or save up for a down payment. Budgeting is also a useful exercise for understanding how much you can reasonably afford in monthly mortgage payments.

Alternatives to Conventional Mortgage Loans

Homebuyers can consult a home loan help center to learn about other financing ideas, and may want to explore other means for buying a home besides conventional mortgages and government-backed loans.

•   Jumbo loans: Many lenders provide these mortgage loans, which exceed the maximum dollar limits set by the Federal Housing Finance Agency (FHFA).

•   Interest-only mortgages: Here, borrowers make smaller, interest-only monthly payments for a set period before having to cover principal and interest.

•   Balloon mortgage: Borrowers make low monthly payments for a short period of time before the entire loan balance comes due at the end of the term.

The Takeaway

The income needed for a $900,000 mortgage depends on your personal finances and the type of home loan. Increasing your down payment, reducing recurring debt, and keeping up good credit habits could up your homebuying budget and help you land a lower interest rate.

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.

FAQ

What income do you need for a $900,000 mortgage?

To afford a $900,000 mortgage, you’ll need to make $260,000 or more a year. Buyers with more money saved for a down payment could still qualify while earning less.

How much do I need to make for a $800K house?

You need to make at least $200,000 a year to comfortably afford a $800K house, assuming you don’t have significant recurring debt.

Can you buy a house with a $40K salary?

You can afford a house priced around $100,000-$110,000 on a $40K salary. This assumes you have some money for a down payment and are not carrying significant debt, such as a student loan or auto loan.

Photo credit: iStock/fizkes

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOHL-Q126-093

When you’re preparing to buy a home, understanding the early steps in the mortgage process can make your search smoother and more effective.

Two common terms you’ll hear are prequalification and preapproval — each gives lenders and home sellers insight into your borrowing potential, but they differ in how they evaluate your finances and how much confidence they provide in your ability to secure a loan. Knowing the distinction helps you plan better, shop smarter, and present stronger offers in a competitive housing market.

Here’s a look at how these two steps vary, how each can play a part in a home-buying strategy, and how one in particular can increase the chances of having a purchase offer accepted.

What Does Prequalified Mean?

Getting prequalified is a way of finding out how much you might be able to borrow to purchase a home and what your monthly payments might be.

To get prequalified for a home loan, you’ll provide a few financial details to mortgage lenders. The lenders use this unverified information, usually along with a soft credit inquiry, which does not affect your credit scores, to let you know how much you may be able to borrow and at what interest rate.

You might want to get prequalified with several lenders to compare monthly payments and interest rates, which vary by mortgage term. But because the information provided has not been verified, there’s no guarantee that the mortgage or the amount will be approved.

Recommended: How Much House Can I Afford?

What Does It Mean to Be Preapproved?

Preapproval for a mortgage loan requires a more thorough investigation of your income sources, debts, employment history, assets, and credit history. Verification of this information, along with a hard credit pull from all three credit bureaus (which may cause a small, temporary reduction in your credit scores), allows the lender to conditionally preapprove a mortgage before you shop for homes.

A preapproval letter from a lender stating that you qualify for a loan of a specific amount can be useful or essential in a competitive real estate market. When sellers are getting multiple offers, some will disregard a purchase offer if it isn’t accompanied by a preapproval letter.

When seeking preapproval, besides filling out an application, you will likely be asked to submit the following to a lender for verification:

•   Social Security number and card

•   Photo ID

•   Recent pay stubs

•   Tax returns, including W-2 statements, for the past two years

•   Two to three months’ worth of documentation for checking and savings accounts

•   Recent investment account statements

•   List of fixed debts

•   Residential addresses from the past two years

•   Down payment amount and a gift letter, if applicable

The lender may require backup documentation for certain types of income. Freelancers may be asked to provide 1099 forms, a profit and loss statement, a client list, or work contracts. Rental property owners may be asked to show lease agreements.

You should be ready to explain any negative information that might show up in a credit check. To avoid surprises, you might want to order free credit reports from www.annualcreditreport.com. A credit report shows all balances, payments, and derogatory information but does not give credit scores.

Calculate Your Potential Mortgage

Use the following mortgage calculator to get an idea of what your monthly mortgage payment would look like.

Do Preapproval and Prequalification Affect Credit Scores?

Getting prequalified shouldn’t affect your credit scores. Only preapproval requires a hard credit inquiry, which can affect scores. But the good news for mortgage shoppers is that multiple hard pulls are typically counted as a single inquiry as long as they’re made within the same 14 to 45 days.

Newer versions of FICO® allow a 45-day window for rate shoppers to enjoy the single-inquiry advantage; older versions of FICO and VantageScore 3.0 narrow the time to 14 days.

You might want to ask each lender you apply with which credit scoring model they use.

Do I Have to Spend How Much I’m Preapproved for?

No, you don’t have to spend the full amount you’re preapproved for on a mortgage. Preapproval shows the maximum a lender is willing to offer based on your finances, not what you should borrow. Choosing a lower-priced home can leave room in your budget for savings, emergencies, and other financial goals.

Recommended: Guide to First-Time Home Buying

Are Prequalification and Preapproval the Same Thing?

Prequalification and preapproval are not one and the same. Here’s a visual on what’s needed for each:

Do I Need a Prequalification Letter to Buy a House?

No, you do not need a prequalification letter to buy a house, nor do you have to have a preapproval letter when making an offer on a house.

But getting prequalified can allow you to quickly get a ballpark figure on a mortgage amount and an interest rate you qualify for, and preapproval has at least three selling points:

1.    Preapproval lets you know the specific amount you are qualified to borrow from a particular lender.

2.    Going through preapproval before house hunting could take some stress out of the loan process by easing the mortgage underwriting step. Underwriting, the final say on mortgage approval or disapproval, comes after you’ve been preapproved, found a house you love and agreed on a price, and applied for the mortgage.

3.    Being preapproved for a loan helps to show sellers that you’re a vetted buyer.

The Takeaway

In the homebuying process, understanding the difference between mortgage prequalification and preapproval can make your search smoother and more strategic. Prequalification gives you a general idea of what you may afford, while preapproval involves verified financials and can strengthen your offers in a competitive market. Knowing when to use each step helps you shop confidently and prepares you to move quickly when you find the right home.

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.

FAQ

What is mortgage prequalification?

It’s an early step where a lender estimates how much you might be able to borrow based on basic financial information you provide.

What does mortgage preapproval mean?

Preapproval is a more formal process where the lender verifies your income, debts, and credit, and may issue a conditional approval for a specific loan amount.

How do prequalification and preapproval differ in documentation?

Prequalification uses self-reported details, while preapproval requires verified documentation like pay stubs and tax returns.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOHL-Q126-077

In the ever-evolving landscape of real estate, the U.S. foreclosure market often unveils key trends that will shape the future of homeownership. According to property data provider ATTOM, 28,269 properties started the foreclosure process in December 2025. Rob Barber, CEO of ATTOM, notes that “Foreclosure activity increased in 2025, reflecting a continued normalization of the housing market following several years of historically low levels.”

Nationwide, one in every 3,163 housing units had a foreclosure filing in December 2025. Foreclosure starts increased nationwide by 46% from last year. States with the worst foreclosure rates in December 2025 included New Jersey, South Carolina, and Maryland. Borrowers should stay up to date on their mortgage payments and work closely with their lenders to explore options for assistance if needed.

Read on for the foreclosure rates in December 2025 – plus the top three counties with the worst foreclosure rates in each state.

50 State Foreclosure Rates

Read on for the December 2025 foreclosure rates for all 50 states — beginning with the state that had the lowest rate of foreclosure filings per housing unit.

50. South Dakota

The Mount Rushmore State nabbed the 50th spot once more for its foreclosure rate in December. Having 398,903 total housing units, the fifth-least populous state had a foreclosure rate of one in every 28,493 households with 14 foreclosures. The counties with the most foreclosures per housing unit were (from highest to lowest): Yankton, Brown, and Minnehaha.

49. Vermont

In 49th place for population, the Green Mountain State also ranked 49th for its foreclosure rate in December. Of the state’s 337,072 housing units, 13 homes went into foreclosure at a rate of one in every 25,929 households. The three counties in the state with the most foreclosures were: Rutland, Orange, and Washington.

48. Montana

Listed as 44th in population, the Treasure State rated 48th for its foreclosure rate in December. With 34 foreclosures out of 522,939 housing units, Montana’s foreclosure rate was one in every 15,381 homes. The counties with the most foreclosures per housing unit were: Sweet Grass, Daniels, and Lincoln.

47. North Dakota

The Peace Garden State’s foreclosure rate was one in every 12,496 homes. This puts the fourth-least populous state — with 374,866 housing units and 30 foreclosures — into 47th place. The counties with the most foreclosures per housing unit were (from highest to lowest): Griggs, McHenry, and Pembina.

46. Wisconsin

With 259 foreclosures out of 2,750,750 total housing units, America’s Dairyland and the 20th most populous state secured the 46th spot with a foreclosure rate of one in every 10,621 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Langlade, Juneau, and Marinette.

45. Kansas

The Sunflower State ranked 45th for highest foreclosure rate in December. With 1,285,221 homes and a total of 133 housing units going into foreclosure, the 35th most populous state’s foreclosure rate was one in every 9,663 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Pawnee, Morton, and Geary.

44. West Virginia

Ranked 39th in population, the Mountain State claimed the 44th spot for the month of December. It has a total of 859,653 housing units, of which 95 went into foreclosure. This means that the foreclosure rate was one in every 9,049 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Marion, Wetzel, and Raleigh.

43. New Hampshire

The Granite State, and the 41st most populous state in the U.S., ranked 43rd for highest foreclosure rate. New Hampshire saw 82 of its 644,253 homes go into foreclosure, making for a foreclosure rate of one in every 7,857 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Sullivan, Merrimack, and Hillsborough.

42. Rhode Island

The eighth-least populous state placed 42nd for highest foreclosure rate in December. A total of 65 homes went into foreclosure out of 484,615 total housing units, making the foreclosure rate for the Ocean State one in every 7,456 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Bristol, Kent, and Newport.

41. Alaska

The Last Frontier saw 46 foreclosures in December, making the foreclosure rate one in every 6,933 homes. This caused the third-least populous state, with a total of 318,927 housing units, to claim the 41st spot. The boroughs with the most foreclosures per housing unit were (from highest to lowest): Sitka, North Slope, and Ketchikan Getaway.

40. Hawaii

The Paradise of the Pacific, and the 40th most populous state, came in 40th for highest foreclosure rate. Of its 564,905 homes, 84 went into foreclosure, making for a foreclosure rate of one in every 6,725 households. The three counties with the most foreclosures were (from highest to lowest): Honolulu, Hawaii, and Kauai.

Recommended: Tips on Buying a Foreclosed Home

39. Kentucky

With a total of 2,010,655 housing units, the Bluegrass State saw 299 homes go into foreclosure, thus landing in 39th place in December. This puts the foreclosure rate for the 29th most populous state at one in every 6,725 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Owen, Bell, and Union.

38. Nebraska

Ranking 37th in population, the Cornhusker State placed 38th in December with a foreclosure rate of one in every 6,685 homes. With a total of 855,631 housing units, the state had 128 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Clay, Morrill, and York.

37. Mississippi

Ranked 34th in population, the Magnolia State experienced 206 foreclosures out of 1,332,811 total housing units. This puts the foreclosure rate at one in every 6,470 homes and into the 37th spot in December. The counties with the most foreclosures per housing unit were (from highest to lowest): Franklin, Clay, and Webster.

36. Oregon

The 27th most populous state ranked 36th for highest foreclosure rate in December. Of the Pacific Wonderland’s 1,838,631 homes, 296 went into foreclosure, making for a foreclosure rate of one in every 6,212 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Gilliam, Columbia, and Lake.

35. Washington

Sorted as 13th in population, the Evergreen State ranked 35th for its foreclosure rate in December. Of its 3,262,667 housing units, 588 went into foreclosure, making the state’s foreclosure rate one in every 5,549 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Pacific, Okanogan, and Lewis.

34. Missouri

Coming in at 19th in population, the Show-Me State took the 34th spot for highest foreclosure rate in December. Of its 2,809,501 homes, 567 went into foreclosure, making for a foreclosure rate of one in every 4,955 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Scotland, Butler, and Mississippi.

Recommended: What Is a Short Sale?

33. Minnesota

Ranked 22nd for most populous state, the Land of 10,000 Lakes obtained the 33rd spot for highest foreclosure rate in December. It has 2,519,538 housing units, of which 540 went into foreclosure, making the state’s foreclosure rate one in every 4,666 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Martin, Dodge, and Benton.

32. Tennessee

Ranked 16th in population, the Volunteer State endured 677 foreclosures out of its 3,095,472 housing units. This puts the foreclosure rate at one in every 4,572 households and in 32nd place for the month of December. The counties with the most foreclosures per housing unit were (from highest to lowest): Hardeman, Moore, and Hancock.

31. Massachusetts

The 15th most populous state ranked 31st for highest foreclosure rate in December. Of the Bay State’s 3,014,657 housing units, 687 went into foreclosure, making for a foreclosure rate of one in every 4,388 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hampden, Bristol, and Plymouth.

30. North Carolina

The ninth-most populous state claimed 30th place for highest foreclosure rate. Out of 4,815,195 homes, 1,099 went into foreclosure. This puts the Tar Heel State’s foreclosure rate at one in every 4,381 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Anson, Lee, and Gates.

29. New Mexico

The 36th most populous state claimed the 29th spot for highest foreclosure rate in December. Of the Land of Enchantment’s 949,524 homes, 219 went into foreclosure, making for a foreclosure rate of one in every 4,336 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Union, Eddy, and Torrance.

28. Virginia

With 867 homes going into foreclosure, the 12th most populous state ranked 28th for highest foreclosure rate in December. Having 3,654,784 total housing units, the Old Dominion saw a foreclosure rate of one in every 4,215 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Emporia City, Petersburg City, and Franklin City.

27. Idaho

Ranked 38th in population, the Gem State received the 27th spot due to its 188 housing units that went into foreclosure in December. With 776,683 total housing units, the state’s foreclosure rate was one in every 4,131 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Franklin, Elmore, and Payette.

26. Connecticut

With 373 of its 1,536,049 homes going into foreclosure, the Constitution State had the 29th-highest foreclosure rate at one in every 4,118 households. In this 29th most populous state, the counties that had the most foreclosures per housing unit were (from highest to lowest): Northeastern Connecticut, Greater Bridgeport, and South Central Connecticut.

25. Arizona

Sorted as 14th in population, the Grand Canyon State withstood 776 foreclosures out of its total 3,142,443 housing units. This puts the foreclosure rate at one in every 4,050 homes and into the 25th spot in December. The counties with the most foreclosures per housing unit were (from highest to lowest): Pinal, Santa Cruz, and Cochise.

24. Wyoming

The country’s least populous state claimed the 24th spot for highest foreclosure rate in December. With 275,131 housing units, of which 71 went into foreclosure, the Equality State’s foreclosure rate was one in every 3,875 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Niobrara, Goshen, and Converse.

23. Arkansas

Listed as the 33rd most populous state, the Land of Opportunity ranked 23rd for highest foreclosure rate in December. The state contains 1,382,664 housing units, of which 357 went into foreclosure, making its latest foreclosure rate one in every 3,873 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Grant, Prairie, and Randolph.

22. Maine

Ranked 42nd in population, the Pine Tree State placed 22nd for highest foreclosure rate in December. With a total of 746,552 housing units, Maine saw 196 foreclosures for a foreclosure rate of one in every 3,809 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Washington, Somerset, and Penobscot.

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21. California

The country’s most populous state ranked 21st for highest foreclosure rate in December. Of its impressive 14,532,683 housing units, 4,153 went into foreclosure, making the Golden State’s foreclosure rate one in every 3,499 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Shasta, El Dorado, and Kern.

20. New York

With 2,495 out of a total 8,539,536 housing units going into foreclosure, the Empire State claimed the 20th spot in December. The fourth-most populous state’s foreclosure rate was one in every 3,423 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Rockland, Washington, and Richmond.

19. Pennsylvania

The Keystone State had the 19th highest foreclosure rate. The fifth-most populous state saw 1,733 homes out of 5,779,663 total housing units go into foreclosure, making the state’s foreclosure rate one in every 3,335 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Delaware, Philadelphia, and Berks.

18. Michigan

Ranked 10th in population, the Wolverine State secured the 18th spot with a foreclosure rate of one in every 3,251 homes. With a total of 4,599,683 housing units, the state had 1,415 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Sanilac, Tuscola, and Jackson.

17. Oklahoma

The Sooners State landed the 17th spot in December. With housing units totaling 1,763,036, the 28th most populous state saw 549 homes go into foreclosure at a rate of one in every 3,211 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Noble, Caddo, and Woodward.

16. Iowa

The Hawkeye State had the 16th highest foreclosure rate in December. With 459 out of 1,427,175 homes going into foreclosure, the 31st most populous state’s foreclosure rate was one in every 3,109 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Jones, Tama, and Muscatine.

15. Colorado

The 21st most populous state ranked 15th for highest foreclosure rate in December. Of the Centennial State’s 2,545,124 housing units, 825 went into foreclosure, making for a foreclosure rate of one in every 3,085 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Pueblo, Alamosa, and Cheyenne.

14. Louisiana

Sorted as 25th in population, the Pelican State placed 14th for highest foreclosure rate in December. Louisiana had a foreclosure rate of one in every 2,966 households, with 706 out of 2,094,002 homes going into foreclosure. The parishes with the most foreclosures per housing unit were (from highest to lowest): Tangipahoa, Livingston, and Ascension.

13. Georgia

Ranked eighth in population, the Peach State took the 13th spot for highest foreclosure rate in December. Of its 4,483,873 homes, 1,582 were foreclosed on. This puts the state’s foreclosure rate at one in every 2,834 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Butts, Peach, and McDuffie.

12. Alabama

Listed as 24th in population, the Yellowhammer State came in 12th for highest foreclosure rate in December. Of its 2,316,192 homes, 820 went into foreclosure, making for a foreclosure rate of one in every 2,825 homes. The counties with the most foreclosures per housing unit were (from highest to lowest): Hale, Lowndes, and Bibb.

11. Ohio

The Buckeye State placed 11th in December with a foreclosure rate of one in every 2,736 homes. With a sum of 5,271,573 housing units, the seventh-most populous state had a total of 1,927 filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Cuyahoga, Stark, and Crawford.

10. Indiana

The 17th largest state by population, the Crossroads of America landed the 10th spot in December with a foreclosure rate of one in every 2,544 homes. Of its 2,953,344 housing units, 1,161 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Sulivan, Daviess, and Noble.

9. Texas

The Lone Star State withstood 4,852 foreclosures in December. With a foreclosure rate of one in every 2,451 households, this puts the second-most populous state in the U.S., with a whopping 11,890,808 housing units, into ninth place. The counties with the most foreclosures per housing unit were (from highest to lowest): Liberty, Borden, and Kaufman.

8. Nevada

Ranked 32nd in population, the Silver State took the eighth spot for highest foreclosure rate in December. With one in every 2,386 homes going into foreclosure, and a total of 1,307,338 housing units, the state had 548 foreclosure filings. The counties with the most foreclosures per housing unit were (from highest to lowest): Clark, Lyon, and Nye.

7. Utah

The Beehive State placed seventh for highest foreclosure rate in December. Of its 1,193,082 housing units, 501 homes went into foreclosure, making the 17th most populous state’s foreclosure rate one in every 2,381 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Iron, Tooele, and Wayne.

6. Illinois

The Land of Lincoln had the sixth-highest foreclosure rate in all 50 states in December. Of its 5,443,501 homes, 2,425 went into foreclosure, making the sixth-most populous state’s foreclosure rate one in every 2,245 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Dewitt, Edgar, and Saint Clair.

5. Florida

The third-most populous state in the country has a total of 10,082,356 housing units, of which 4,757 went into foreclosure. This puts the Sunshine State’s foreclosure rate at one in every 2,119 homes and into fifth place in December. The counties with the most foreclosures per housing unit were (from highest to lowest): Hendry, Charlotte, and Osceola.

4. Delaware

The sixth-least populous state in the country, the Small Wonder nabbed fourth place in December. With one in every 2,044 homes going into foreclosure and a total of 457,958 housing units, the state saw 224 foreclosures filed. Having only three counties in the state, the most foreclosures per housing unit were (from highest to lowest): Kent, New Castle, and Sussex.

3. Maryland

Ranked 18th for most populous state, America in Miniature took 3rd place for highest foreclosure rate in December. With a total of 2,545,532 housing units, of which 1,298 went into foreclosure, the state’s foreclosure rate was one in every 1,961 households. The counties with the most foreclosures per housing unit were (from highest to lowest): Baltimore City, Dorchester, and Charles.

2. South Carolina

The 23rd most populous state had the second-highest foreclosure rate in December with one in every 1,917 homes going into foreclosure. Of the Palmetto State’s 2,401,638 housing units, 1,253 were foreclosed on in December. The counties with the most foreclosures per housing unit were (from highest to lowest): Dorchester, Kershaw, and Florence.

1. New Jersey

With a foreclosure rate of one in every 1,734 homes, the Garden State ranked first for highest foreclosure rate in December. The 11th most populous state contains 3,775,842 housing units, of which 2,178 went into foreclosure. The counties with the most foreclosures per housing unit were (from highest to lowest): Salem, Camden, and Cumberland.

The Takeaway

Of all 50 states, Texas had the most foreclosure filings (4,852), and Vermont had the least (13). As for the states with the highest foreclosure rates, Maryland, South Carolina, and New Jersey took the top three spots.