Alexandria FHA Loan Rates, Closing Costs & Stats

ALEXANDRIA, LA

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Alexandria's 50 lenders originated 394 FHA loans during 2023. The total origination value was $76,650,000, with an average FHA loan value of $194,543.

    Alexandria FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Alexandria averaged 5.98% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Alexandria's average FHA mortgage closing costs are $6,828.

    The average rate for the prior week (2024-12-06) was 6.15% and one month ago for the week of 2024-11-08, the average rate was 6.42%.

    The average rate one year ago was 6.53%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.48%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Alexandria FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Alexandria level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Red River Bank 57 6.13% $6,913
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 46 6.64% $7,525
    UNITED WHOLESALE MORTGAGE, LLC 45 6.57% $8,412
    PRIMARY RESIDENTIAL MORTGAGE, INC. 33 6.99% $9,251
    QUICKEN LOANS, LLC 29 6.00% $10,074
    HOMESIDE FINANCIAL, LLC 23 6.85% $10,541
    GMFS LLC 18 6.55% $6,080
    DHI MORTGAGE COMPANY, LTD. 14 5.56% $8,681
    Equity Prime Mortgage LLC 11 6.65% $8,849
    CARDINAL FINANCIAL 9 6.07% $12,622
    NEWREZ LLC 9 6.28% $11,292
    TIB The Independent Bankersbank 5 6.78% $11,521
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.97% $6,796
    STANDARD MORTGAGE CORPORATION 4 5.97% $10,860
    FREEDOM MORTGAGE CORPORATION 4 7.06% $8,428
    Sabine State Bank and Trust Company 4 6.66% $9,520
    Carrington Mortgage Services, LLC 3 5.92% $14,277
    AMERISAVE MORTGAGE CORPORATION 3 6.33% $12,965
    JPMorgan Chase Bank 3 6.08% $5,630
    CROSSCOUNTRY MORTGAGE, LLC 3 6.56% $10,979
    LOANDEPOT.COM, LLC 3 6.08% $10,092
    Mr. Cooper ( Nationstar Mortgage ) 3 6.38% $8,895
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 6.75% $12,426
    AMERICAN FINANCIAL NETWORK, INC. 2 7.94% $10,354
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.31% $8,632
    BROKER SOLUTIONS, INC. 2 6.13% $12,072
    PENNYMAC LOAN SERVICES, LLC 2 6.00% $8,305
    Plains Commerce Bank 2 6.69% $8,740
    Towne Bank 2 6.81% $10,533
    UNITED SECURITY FINANCIAL CORP 2 7.50% $14,498
    UNION HOME MORTGAGE CORP. 1 7.25% $9,598
    U.S. Bank 1 6.75% $5,318
    PLAZA HOME MORTGAGE, INC. 1 6.75% $10,398
    PREMIA MORTGAGE, LLC 1 6.25% $8,370
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.13% $7,171
    MOVEMENT MORTGAGE, LLC 1 6.63% $7,880
    Mortgage Research Center, LLC 1 7.50% $6,400
    Regions Bank 1 6.50% $10,682
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $8,881
    MORTGAGE FINANCIAL SERVICES, LLC 1 6.13% $3,745
    First Savings Bank 1 7.25% $6,430
    THE MORTGAGE FIRM, INC. 1 7.13% $6,956
    AMCAP MORTGAGE, LTD. 1 6.13% $11,990
    TOP FLITE FINANCIAL, INC. 1 7.25% $14,846
    Barrington Bank & Trust Company, N.A. 1 6.75% $7,731
    TOWNE MORTGAGE COMPANY 1 6.63% $9,938
    NBKC BANK 1 7.25% $7,329
    Nations Lending Corporation 1 7.13% $17,276
    OCMBC, INC. 1 7.75% $4,976
    Paramount Residential Mortgage Group, Inc. 1 6.75% $11,658

    The top Alexandria FHA lender as defined by loan originations is Red River Bank, with 57 FHA loans originated. Their average total fees are $6,913, which is $613 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Alexandria FHA lenders (with over 10 loans originated) are GMFS LLC ($6,080), Red River Bank ($6,913), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,525), UNITED WHOLESALE MORTGAGE, LLC ($8,412) and DHI MORTGAGE COMPANY, LTD. ($8,681).

    The lowest rate Alexandria FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.56%), QUICKEN LOANS, LLC (6.00%), Red River Bank (6.13%), GMFS LLC (6.55%) and UNITED WHOLESALE MORTGAGE, LLC (6.57%).

    Alexandria FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ALEXANDRIA, LA GRANT 2022 $420,680 $538,650 $651,050 $809,150
    ALEXANDRIA, LA RAPIDES 2022 $420,680 $538,650 $651,050 $809,150
    ALEXANDRIA, LA GRANT 2023 $472,030 $604,400 $730,525 $907,900
    ALEXANDRIA, LA RAPIDES 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Alexandria (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $187,000 (1.5%) $234,350 (6.8%) 0.69 462
    2018-02-01 $189,700 (8.3%) $237,121 (7.7%) 0.69 472
    2018-03-01 $184,500 (5.4%) $229,224 (3.7%) 0.65 469
    2018-04-01 $182,000 (4.0%) $222,882 (2.6%) 0.62 489
    2018-05-01 $179,850 (2.2%) $219,882 (-2.4%) 0.60 499
    2018-06-01 $180,000 (0.2%) $220,272 (-4.7%) 0.60 528
    2018-07-01 $179,000 (0.7%) $219,806 (-6.0%) 0.60 537
    2018-08-01 $179,000 (-0.5%) $223,443 (-5.6%) 0.60 523
    2018-09-01 $180,000 (-0.4%) $225,669 (-5.9%) 0.61 538
    2018-10-01 $179,700 (-0.1%) $223,787 (-6.5%) 0.61 526
    2018-11-01 $174,975 (-3.2%) $215,347 (-8.8%) 0.59 523
    2018-12-01 $174,950 (-2.8%) $218,089 (-5.3%) 0.60 491
    2019-01-01 $179,700 (-3.9%) $226,000 (-3.6%) 0.62 470
    2019-02-01 $182,850 (-3.6%) $223,305 (-5.8%) 0.62 470
    2019-03-01 $188,214 (2.0%) $226,259 (-1.3%) 0.62 462
    2019-04-01 $195,675 (7.5%) $232,977 (4.5%) 0.62 461
    2019-05-01 $194,000 (7.9%) $234,672 (6.7%) 0.61 485
    2019-06-01 $199,900 (11.1%) $234,835 (6.6%) 0.62 527
    2019-07-01 $199,250 (11.3%) $230,867 (5.0%) 0.62 533
    2019-08-01 $194,491 (8.7%) $229,395 (2.7%) 0.62 516
    2019-09-01 $188,027 (4.5%) $229,633 (1.8%) 0.60 496
    2019-10-01 $186,918 (4.0%) $230,034 (2.8%) 0.60 481
    2019-11-01 $186,000 (6.3%) $226,779 (5.3%) 0.61 447
    2019-12-01 $179,900 (2.8%) $222,794 (2.2%) 0.60 467
    2020-01-01 $179,923 (0.1%) $217,930 (-3.6%) 0.60 459
    2020-02-01 $184,642 (1.0%) $217,608 (-2.6%) 0.60 477
    2020-03-01 $188,700 (0.3%) $226,675 (0.2%) 0.59 405
    2020-04-01 $189,900 (-3.0%) $230,032 (-1.3%) 0.59 368
    2020-05-01 $199,075 (2.6%) $244,151 (4.0%) 0.61 320
    2020-06-01 $214,475 (7.3%) $253,478 (7.9%) 0.63 286
    2020-07-01 $218,250 (9.5%) $260,046 (12.6%) 0.63 279
    2020-08-01 $219,250 (12.7%) $257,685 (12.3%) 0.63 286
    2020-09-01 $225,000 (19.7%) $266,897 (16.2%) 0.64 243
    2020-10-01 $231,900 (24.1%) $275,747 (19.9%) 0.66 235
    2020-11-01 $221,750 (19.2%) $267,526 (18.0%) 0.65 238
    2020-12-01 $216,200 (20.2%) $264,179 (18.6%) 0.64 237
    2021-01-01 $210,000 (16.7%) $266,687 (22.4%) 0.63 211
    2021-02-01 $208,750 (13.1%) $269,592 (23.9%) 0.61 186
    2021-03-01 $183,425 (-2.8%) $245,878 (8.5%) 0.52 158
    2021-04-01 $162,425 (-14.5%) $236,108 (2.6%) 0.44 150
    2021-05-01 $159,850 (-19.7%) $235,660 (-3.5%) 0.42 128
    2021-06-01 $173,425 (-19.1%) $253,156 (-0.1%) 0.46 158
    2021-07-01 $179,900 (-17.6%) $244,343 (-6.0%) 0.47 179
    2021-08-01 $176,400 (-19.5%) $232,226 (-9.9%) 0.47 180
    2021-09-01 $167,250 (-25.7%) $221,800 (-16.9%) 0.45 202
    2021-10-01 $169,950 (-26.7%) $224,631 (-18.5%) 0.45 192
    2021-11-01 $185,000 (-16.6%) $234,831 (-12.2%) 0.49 179
    2021-12-01 $185,000 (-14.4%) $230,580 (-12.7%) 0.50 180
    2022-01-01 $185,000 (-11.9%) $226,433 (-15.1%) 0.50 172
    2022-02-01 $187,750 (-10.1%) $233,677 (-13.3%) 0.49 170
    2022-03-01 $191,000 (4.1%) $233,146 (-5.2%) 0.48 156
    2022-04-01 $210,750 (29.8%) $239,507 (1.4%) 0.50 166
    2022-05-01 $222,950 (39.5%) $265,849 (12.8%) 0.51 199
    2022-06-01 $226,950 (30.9%) $273,374 (8.0%) 0.51 228
    2022-07-01 $224,900 (25.0%) $264,926 (8.4%) 0.51 261
    2022-08-01 $227,250 (28.8%) $273,258 (17.7%) 0.53 270
    2022-09-01 $220,475 (31.8%) $270,685 (22.0%) 0.52 268
    2022-10-01 $219,950 (29.4%) $266,309 (18.6%) 0.52 263
    2022-11-01 $222,000 (20.0%) $260,764 (11.0%) 0.53 268
    2022-12-01 $219,000 (18.4%) $253,342 (9.9%) 0.54 273
    2023-01-01 $201,213 (8.8%) $246,904 (9.0%) 0.50 262
    2023-02-01 $205,259 (9.3%) $250,462 (7.2%) 0.50 270
    2023-03-01 $209,000 (9.4%) $250,350 (7.4%) 0.49 272
    2023-04-01 $219,900 (4.3%) $256,745 (7.2%) 0.51 265
    2023-05-01 $222,625 (-0.2%) $268,425 (1.0%) 0.50 287
    2023-06-01 $235,350 (3.7%) $274,191 (0.3%) 0.53 301
    2023-07-01 $223,000 (-0.8%) $264,040 (-0.3%) 0.51 302
    2023-08-01 $220,000 (-3.2%) $253,154 (-7.4%) 0.51 353
    2023-09-01 $219,250 (-0.6%) $248,479 (-8.2%) 0.51 358
    2023-10-01 $222,250 (1.1%) $250,979 (-5.8%) 0.52 355
    2023-11-01 $229,250 (3.3%) $255,075 (-2.2%) 0.55 363
    2023-12-01 $224,900 (2.7%) $257,097 (1.5%) 0.55 370
    2024-01-01 $229,475 (14.1%) $262,481 (6.3%) 0.56 361
    2024-02-01 $229,000 (11.6%) $259,809 (3.7%) 0.55 362
    2024-03-01 $234,900 (12.4%) $269,101 (7.5%) 0.55 363
    2024-04-01 $235,000 (6.9%) $273,001 (6.3%) 0.55 368
    2024-05-01 $231,925 (4.2%) $274,766 (2.4%) 0.52 398
    2024-06-01 $229,900 (-2.3%) $269,564 (-1.7%) 0.52 426
    2024-07-01 $232,450 (4.2%) $277,624 (5.1%) 0.53 395
    2024-08-01 $229,950 (4.5%) $280,393 (10.8%) 0.53 374
    2024-09-01 $224,725 (2.5%) $272,989 (9.9%) 0.53 377
    2024-10-01 $229,900 (3.4%) $279,514 (11.4%) 0.54 377
    2024-11-01 $230,000 (0.3%) $290,276 (13.8%) 0.55 363
    Alexandria's median listing price for 2024-11-01 was $230,000, a difference of $750 (0.3%) versus the prior year and $100 versus the prior month.

    Alexandria's median listing price comes in at 55% of the national average.

    Alexandria's average listing price for 2024-11-01 was $290,276, a difference of $35,201 (13.8%) versus the prior year and $10,762 versus the prior month.

    For the 2024-11-01 period, Alexandria had 363 MLS listings, a difference of -14 listings (-4%) versus the prior month and 0 listings (0%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Alexandria (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 90 days 1,982 sqft
    2018-02-01 93 days 2,000 sqft
    2018-03-01 86 days 1,969 sqft
    2018-04-01 75 days 1,920 sqft
    2018-05-01 71 days 1,880 sqft
    2018-06-01 72 days 1,869 sqft
    2018-07-01 72 days 1,850 sqft
    2018-08-01 77 days 1,865 sqft
    2018-09-01 86 days 1,890 sqft
    2018-10-01 86 days 1,893 sqft
    2018-11-01 90 days 1,887 sqft
    2018-12-01 96 days 1,870 sqft
    2019-01-01 101 days 1,897 sqft
    2019-02-01 95 days 1,905 sqft
    2019-03-01 88 days 1,910 sqft
    2019-04-01 75 days 1,939 sqft
    2019-05-01 65 days 1,952 sqft
    2019-06-01 65 days 1,977 sqft
    2019-07-01 68 days 1,954 sqft
    2019-08-01 73 days 1,940 sqft
    2019-09-01 80 days 1,920 sqft
    2019-10-01 86 days 1,906 sqft
    2019-11-01 86 days 1,885 sqft
    2019-12-01 88 days 1,851 sqft
    2020-01-01 91 days 1,851 sqft
    2020-02-01 87 days 1,851 sqft
    2020-03-01 72 days 1,868 sqft
    2020-04-01 84 days 1,881 sqft
    2020-05-01 85 days 1,919 sqft
    2020-06-01 92 days 1,917 sqft
    2020-07-01 68 days 1,965 sqft
    2020-08-01 50 days 1,949 sqft
    2020-09-01 62 days 2,007 sqft
    2020-10-01 72 days 2,030 sqft
    2020-11-01 71 days 2,008 sqft
    2020-12-01 81 days 2,028 sqft
    2021-01-01 81 days 2,000 sqft
    2021-02-01 76 days 2,006 sqft
    2021-03-01 58 days 1,829 sqft
    2021-04-01 57 days 1,830 sqft
    2021-05-01 49 days 1,767 sqft
    2021-06-01 32 days 1,795 sqft
    2021-07-01 38 days 1,801 sqft
    2021-08-01 45 days 1,758 sqft
    2021-09-01 46 days 1,751 sqft
    2021-10-01 59 days 1,750 sqft
    2021-11-01 66 days 1,809 sqft
    2021-12-01 63 days 1,816 sqft
    2022-01-01 69 days 1,825 sqft
    2022-02-01 61 days 1,815 sqft
    2022-03-01 53 days 1,769 sqft
    2022-04-01 50 days 1,773 sqft
    2022-05-01 46 days 1,823 sqft
    2022-06-01 40 days 1,889 sqft
    2022-07-01 38 days 1,887 sqft
    2022-08-01 58 days 1,849 sqft
    2022-09-01 63 days 1,826 sqft
    2022-10-01 61 days 1,835 sqft
    2022-11-01 68 days 1,815 sqft
    2022-12-01 75 days 1,816 sqft
    2023-01-01 80 days 1,810 sqft
    2023-02-01 74 days 1,833 sqft
    2023-03-01 67 days 1,847 sqft
    2023-04-01 69 days 1,849 sqft
    2023-05-01 67 days 1,917 sqft
    2023-06-01 63 days 1,922 sqft
    2023-07-01 57 days 1,881 sqft
    2023-08-01 53 days 1,860 sqft
    2023-09-01 54 days 1,833 sqft
    2023-10-01 66 days 1,866 sqft
    2023-11-01 68 days 1,895 sqft
    2023-12-01 75 days 1,876 sqft
    2024-01-01 81 days 1,885 sqft
    2024-02-01 81 days 1,862 sqft
    2024-03-01 70 days 1,870 sqft
    2024-04-01 65 days 1,869 sqft
    2024-05-01 54 days 1,860 sqft
    2024-06-01 57 days 1,867 sqft
    2024-07-01 66 days 1,907 sqft
    2024-08-01 66 days 1,947 sqft
    2024-09-01 72 days 1,878 sqft
    2024-10-01 77 days 1,943 sqft
    2024-11-01 85 days 1,955 sqft
    Alexandria's median listing age (time on market) for 2024-11-01 was 85 days. This is 26% longer than the same period one year ago.

    Alexandria's median square footage for active listings during the 2024-11-01 period was 1,955 sqft. One year prior, the average listing was 1,895 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).