Investment Property Loans by State: What 2025 HMDA Data Shows
Lenders closed 497,162 loans on one- to four-unit investment properties across the 50 states and the District of Columbia in 2025, about 7% of all the loans reported under the Home Mortgage Disclosure Act that closed that year. California, Florida and Texas led. About 79% of those loans were reported by the lender as primarily for a business purpose, and 59% were purchases.
Last updated October 21, 2026The full table
Investor loans closed counts originated, closed-end loans on investment properties with one to four units. Business-purpose, purchase and refinance are shares of that count; refinance includes cash-out refinances.
| State | Investor loans closed | Median loan, about | Business-purpose | Purchase | Refinance |
|---|---|---|---|---|---|
| Alabama | 8,278 | $145,000 | 83% | 59% | 37% |
| Alaska | 596 | $285,000 | 63% | 63% | 32% |
| Arizona | 11,365 | $295,000 | 68% | 58% | 39% |
| Arkansas | 6,038 | $145,000 | 87% | 68% | 26% |
| California | 53,933 | $485,000 | 72% | 51% | 44% |
| Colorado | 7,940 | $355,000 | 72% | 60% | 36% |
| Connecticut | 5,672 | $295,000 | 84% | 58% | 35% |
| Delaware | 1,769 | $215,000 | 77% | 59% | 34% |
| District of Columbia | 942 | $425,000 | 78% | 49% | 44% |
| Florida | 47,867 | $265,000 | 82% | 64% | 32% |
| Georgia | 17,911 | $215,000 | 78% | 59% | 35% |
| Hawaii | 2,440 | $505,000 | 78% | 66% | 31% |
| Idaho | 2,897 | $295,000 | 58% | 67% | 29% |
| Illinois | 15,722 | $185,000 | 82% | 61% | 34% |
| Indiana | 9,953 | $145,000 | 79% | 57% | 34% |
| Iowa | 3,218 | $125,000 | 86% | 68% | 26% |
| Kansas | 4,259 | $145,000 | 85% | 58% | 38% |
| Kentucky | 5,660 | $155,000 | 85% | 55% | 36% |
| Louisiana | 4,704 | $145,000 | 81% | 51% | 44% |
| Maine | 1,493 | $265,000 | 83% | 61% | 31% |
| Maryland | 9,377 | $225,000 | 78% | 56% | 39% |
| Massachusetts | 8,646 | $455,000 | 84% | 60% | 35% |
| Michigan | 11,884 | $135,000 | 79% | 56% | 38% |
| Minnesota | 4,050 | $225,000 | 74% | 69% | 27% |
| Mississippi | 4,659 | $115,000 | 91% | 51% | 41% |
| Missouri | 11,329 | $145,000 | 86% | 60% | 34% |
| Montana | 1,249 | $265,000 | 80% | 63% | 31% |
| Nebraska | 2,467 | $165,000 | 83% | 63% | 32% |
| Nevada | 5,621 | $295,000 | 74% | 67% | 28% |
| New Hampshire | 1,412 | $325,000 | 74% | 63% | 32% |
| New Jersey | 17,918 | $365,000 | 83% | 57% | 39% |
| New Mexico | 1,966 | $215,000 | 68% | 56% | 38% |
| New York | 21,373 | $405,000 | 89% | 59% | 38% |
| North Carolina | 20,921 | $225,000 | 73% | 64% | 30% |
| North Dakota | 687 | $175,000 | 91% | 70% | 25% |
| Ohio | 20,357 | $135,000 | 81% | 58% | 33% |
| Oklahoma | 7,913 | $145,000 | 86% | 62% | 29% |
| Oregon | 4,764 | $325,000 | 74% | 56% | 37% |
| Pennsylvania | 22,094 | $175,000 | 84% | 55% | 39% |
| Rhode Island | 1,519 | $395,000 | 79% | 50% | 46% |
| South Carolina | 8,106 | $200,000 | 77% | 65% | 29% |
| South Dakota | 787 | $175,000 | 89% | 71% | 26% |
| Tennessee | 13,084 | $215,000 | 80% | 58% | 35% |
| Texas | 45,606 | $205,000 | 74% | 61% | 34% |
| Utah | 4,825 | $345,000 | 71% | 61% | 34% |
| Vermont | 668 | $275,000 | 76% | 67% | 24% |
| Virginia | 11,861 | $235,000 | 75% | 62% | 33% |
| Washington | 9,817 | $385,000 | 76% | 54% | 37% |
| West Virginia | 1,575 | $165,000 | 71% | 69% | 25% |
| Wisconsin | 7,387 | $175,000 | 80% | 58% | 37% |
| Wyoming | 583 | $225,000 | 79% | 67% | 26% |
What stands out
- Where investors borrow the most: California (53,933), Florida (47,867) and Texas (45,606), then Pennsylvania, New York and North Carolina.
- Largest loans: Hawaii, California and Massachusetts, with medians near $505,000, $485,000 and $455,000.
- Smallest loans: Mississippi, with a median near $115,000, then Iowa near $125,000 and Michigan and Ohio near $135,000.
- Most often business-purpose: Mississippi and North Dakota at 91%, then New York and South Dakota at 89%. Idaho (58%) and Alaska (63%) were lowest.
- Investor loans as a share of all lending: highest in Hawaii, at about 12.3% of all originations, then the District of Columbia and New Jersey near 10.1%.
- Cash-out: nationally, about 20% of investor loans were cash-out refinances.
How to read these numbers
These are loans that closed in 2025, from every lender that reports under HMDA. They show where investor lending happened, not what any lender offers today, and they aren't a measure of FreeRateUpdate's activity.
- Medians are approximate. The public HMDA file rounds each loan amount to the midpoint of its $10,000 range, so a $117,834 loan appears as $115,000. That's why the medians end in 5,000.
- Business-purpose is the lender's own flag. HMDA asks whether a loan is primarily for a business or commercial purpose. It isn't a label for DSCR loans or any other product, and lenders apply it in their own way.
- Who's counted: only loans the lender reported as closed-end and not a reverse mortgage. Loans reported as exempt from either field are left out, as are home equity lines of credit, reverse mortgages and buildings with five or more units.
For the loans themselves, see investment property loan requirements, how much down payment you need, how to refinance a rental and DSCR loan questions, answered.
| Investor loans closed, 2025 | 497,162 on 1-to-4-unit investment properties |
|---|---|
| Share of all HMDA originations | About 7% |
| Business-purpose share | About 79%, as flagged by lenders |
| Purchase vs. refinance | 59% purchase, 35% refinance (including 20% cash-out) |
| Most loans | California, Florida, Texas |
| Largest medians | Hawaii, California, Massachusetts |
Related questions
Sources
- https://ffiec.cfpb.gov/data-browser/
- https://ffiec.cfpb.gov/documentation/publications/loan-level-datasets/lar-data-fields
- https://ffiec.cfpb.gov/documentation/publications/modified-lar/resources/data-dictionaries/mlar-dd-2018-onward
Sourced from licensed loan officers and brokers in the FreeRateUpdate network.
Educational information only, not individualized financial or legal advice. Program details and rates change; verify current terms with a licensed loan officer before making a decision.