Baton Rouge FHA Loan Rates, Closing Costs & Stats

BATON ROUGE, 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.

    Baton Rouge's 118 lenders originated 2,540 FHA loans during 2023. The total origination value was $596,350,000, with an average FHA loan value of $234,783.

    Baton Rouge FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Baton Rouge averaged 6.98% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Baton Rouge's average FHA mortgage closing costs are $7,385.

    The average rate for the prior week (2024-04-12) was 6.77% and one month ago for the week of 2024-03-15, the average rate was 6.64%.

    The average rate one year ago was 6.47%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.64%.

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

    Baton Rouge 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 Baton Rouge level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GMFS LLC 340 6.60% $7,457
    UNITED WHOLESALE MORTGAGE, LLC 265 6.46% $11,448
    DSLD MORTGAGE, LLC 190 6.26% $5,580
    QUICKEN LOANS, LLC 155 6.27% $10,537
    DHI MORTGAGE COMPANY, LTD. 129 5.35% $7,651
    CARDINAL FINANCIAL 88 6.90% $9,832
    Assurance Financial Group, L.L.C. 84 6.82% $11,533
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 56 6.86% $7,224
    MOVEMENT MORTGAGE, LLC 55 6.58% $11,003
    EUSTIS AND AMERICAN MORTGAGE COMPANY 53 6.72% $10,996
    FIDELITY BANK 52 6.54% $10,750
    FREEDOM MORTGAGE CORPORATION 45 6.92% $10,870
    LOANDEPOT.COM, LLC 42 6.38% $10,368
    SUN WEST MORTGAGE COMPANY, INC. 40 6.55% $9,566
    Gulf Coast Bank and Trust Company 40 6.56% $9,081
    NEWREZ LLC 36 6.41% $10,693
    Paramount Residential Mortgage Group, Inc. 36 7.27% $11,020
    PRIMARY RESIDENTIAL MORTGAGE, INC. 25 7.01% $10,254
    Equity Prime Mortgage LLC 24 6.96% $10,478
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 7.07% $10,488
    PENNYMAC LOAN SERVICES, LLC 22 6.41% $10,691
    PLAZA HOME MORTGAGE, INC. 21 6.11% $10,690
    AMERICAN FINANCIAL NETWORK, INC. 21 6.77% $10,534
    CMG MORTGAGE, INC. 19 7.24% $11,826
    AMCAP MORTGAGE, LTD. 17 6.84% $10,897
    Hancock Whitney Bank 17 6.05% $9,472
    SUMMIT FUNDING, INC. 16 6.53% $9,880
    MID AMERICA MORTGAGE, INC. 16 7.16% $8,488
    Red River Bank 16 6.29% $7,887
    CROSSCOUNTRY MORTGAGE, LLC 16 7.08% $10,732
    Nations Lending Corporation 15 6.86% $7,458
    Regions Bank 15 5.99% $11,494
    STANDARD MORTGAGE CORPORATION 13 6.24% $8,175
    Carrington Mortgage Services, LLC 13 6.41% $13,690
    OCMBC, INC. 13 7.24% $14,642
    Republic State Mortgage Co. 13 6.87% $10,860
    Gateway First Bank 12 6.36% $6,876
    Mr. Cooper ( Nationstar Mortgage ) 12 6.25% $11,961
    GUILD MORTGAGE COMPANY 12 6.65% $11,230
    First Option Mortgage, LLC 11 6.89% $11,531
    Plains Commerce Bank 11 6.68% $11,916
    AMERISAVE MORTGAGE CORPORATION 11 6.06% $11,883
    THE MORTGAGE FIRM, INC. 11 6.55% $12,099
    PLANET HOME LENDING, LLC 9 6.47% $9,781
    HOMESIDE FINANCIAL, LLC 9 6.88% $7,724
    MUTUAL OF OMAHA MORTGAGE, INC. 9 6.72% $10,168
    Wolfe Financial, Inc 9 6.63% $13,986
    HOMEBRIDGE FINANCIAL SERVICES, INC. 9 6.21% $15,457
    US MORTGAGE CORPORATION 8 6.98% $9,941
    BROKER SOLUTIONS, INC. 8 6.84% $8,951
    LEGEND LENDING CORPORATION 7 6.89% $12,537
    GUARANTEED RATE, INC. 6 6.93% $9,169
    Flagstar Bank, FSB 6 6.77% $11,073
    ZILLOW HOME LOANS, LLC 6 6.33% $10,974
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.75% $16,722
    GENEVA FINANCIAL, LLC 5 6.75% $15,856
    BECKAM FUNDING CORP. 5 6.50% $10,820
    DRAPER AND KRAMER MORTGAGE CORP. 5 7.05% $10,889
    HOMESPIRE MORTGAGE CORPORATION 5 5.95% $7,534
    Hometown Equity Mortgage, LLC 5 6.60% $11,992
    NATIONS DIRECT MORTGAGE, LLC 5 5.75% $12,511
    Network Funding, L.P. 5 6.78% $8,720
    UNION HOME MORTGAGE CORP. 5 6.65% $8,865
    V.I.P. MORTGAGE, INC. 5 7.08% $12,836
    VILLAGE CAPITAL MORTGAGE 4 6.69% $5,295
    Prosperity Home Mortgage, LLC 4 6.06% $10,617
    FIRST COMMUNITY MORTGAGE, INC. 4 7.03% $7,668
    BETTER MORTGAGE CORPORATION 4 6.22% $10,292
    M&T Bank 3 6.92% $8,542
    Citizens Bank 3 6.92% $14,689
    Century Mortgage Company DBA Century Lending Company 3 6.42% $7,157
    RELIANCE FIRST CAPITAL, LLC 3 6.54% $11,643
    Lakeview Community Capital, LLC 3 6.71% $10,109
    EVERETT FINANCIAL, INC. 3 6.79% $13,256
    Mortgage Research Center, LLC 3 6.79% $5,200
    AMERICAN FINANCIAL RESOURCES, INC. 3 7.08% $11,551
    Cornerstone First Mortgage, Inc 3 6.99% $10,947
    PNC Bank 2 6.50% $9,772
    PENTAGON FEDERAL CREDIT UNION 2 5.63% $8,339
    The Federal Savings Bank 2 5.88% $12,015
    JPMorgan Chase Bank 2 6.87% $6,714
    PREMIA MORTGAGE, LLC 2 6.38% $10,705
    Towne Bank 2 7.00% $9,301
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.50% $7,802
    America's Mortgage Resource, Inc. 2 3.85% $2,842
    CITYWIDE HOME LOANS, LLC 2 7.75% $13,170
    ROYAL UNITED MORTGAGE LLC 2 6.44% $16,323
    MORTGAGE FINANCIAL SERVICES, LLC 2 6.56% $15,513
    BankPlus 2 6.38% $6,538
    Evolve Bank & Trust 2 6.75% $8,534
    LIBERTY HOME MORTGAGE CORPORATION 1 6.88% $21,277
    Magnolia Bank 1 6.63% $8,031
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $10,568
    Merchants & Marine Bank 1 6.63% $9,704
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $6,046
    1ST SIGNATURE LENDING, LLC 1 7.13% $11,980
    First United Bank and Trust Company 1 7.13% $16,851
    NATIONS RELIABLE LENDING, LLC 1 6.25% $15,272
    NBKC BANK 1 5.63% $11,984
    NETWORK CAPITAL FUNDING CORPORATION 1 5.25% $18,837
    ALLIED MORTGAGE GROUP, INC. 1 6.63% $4,315
    FBC MORTGAGE, LLC 1 6.13% $13,327
    EMM LOANS LLC 1 5.88% $12,871
    CORNERSTONE HOME LENDING, INC. 1 7.25% $17,406
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.25% $10,762
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $17,814
    BAY EQUITY LLC 1 5.75% $7,803
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.75% $8,269
    Barrington Bank & Trust Company, N.A. 1 6.25% $11,700
    STOCKTON MORTGAGE CORPORATION 1 6.75% $17,990
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 7.00% $13,509
    SWBC MORTGAGE CORPORATION 1 8.00% $3,312
    T2 FINANCIAL LLC 1 7.00% $9,434
    BancorpSouth 1 6.38% $10,707
    TOP FLITE FINANCIAL, INC. 1 7.25% $16,256
    AMERICAN FINANCING CORPORATION 1 6.75% $9,510
    LEADERONE FINANCIAL CORPORATION 1 6.25% $8,647
    LAND HOME FINANCIAL SERVICES, INC. 1 6.25% $11,548

    The top Baton Rouge FHA lender as defined by loan originations is GMFS LLC, with 340 FHA loans originated. Their average total fees are $7,457, which is $3,991 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Baton Rouge FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($5,580), Gateway First Bank ($6,876), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,224), GMFS LLC ($7,457) and Nations Lending Corporation ($7,458).

    The lowest rate Baton Rouge FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.35%), Regions Bank (5.99%), Hancock Whitney Bank (6.05%), AMERISAVE MORTGAGE CORPORATION (6.06%) and PLAZA HOME MORTGAGE, INC. (6.11%).

    Baton Rouge FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BATON ROUGE, LA ASCENSION 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA ASSUMPTION 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA EAST BATON ROUG 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA EAST FELICIANA 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA IBERVILLE 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA LIVINGSTON 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA POINTE COUPEE 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA ST. HELENA 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA WEST BATON ROUG 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA WEST FELICIANA 2022 $420,680 $538,650 $651,050 $809,150
    BATON ROUGE, LA ASCENSION 2023 $472,030 $604,400 $730,525 $907,900
    BATON ROUGE, LA ASSUMPTION 2023 $472,030 $604,400 $730,525 $907,900
    BATON ROUGE, LA EAST BATON ROUG 2023 $472,030 $604,400 $730,525 $907,900
    BATON ROUGE, LA EAST FELICIANA 2023 $472,030 $604,400 $730,525 $907,900
    BATON ROUGE, LA IBERVILLE 2023 $472,030 $604,400 $730,525 $907,900
    BATON ROUGE, LA LIVINGSTON 2023 $472,030 $604,400 $730,525 $907,900
    BATON ROUGE, LA POINTE COUPEE 2023 $472,030 $604,400 $730,525 $907,900
    BATON ROUGE, LA ST. HELENA 2023 $472,030 $604,400 $730,525 $907,900
    BATON ROUGE, LA WEST BATON ROUG 2023 $472,030 $604,400 $730,525 $907,900
    BATON ROUGE, LA WEST FELICIANA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Baton Rouge (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 $225,000 (2.8%) $302,742 (3.0%) 0.83 3,170
    2018-02-01 $225,725 (5.0%) $303,581 (3.2%) 0.82 3,191
    2018-03-01 $234,900 (6.8%) $310,732 (3.3%) 0.82 3,427
    2018-04-01 $238,375 (5.9%) $313,803 (2.4%) 0.81 3,504
    2018-05-01 $240,400 (5.0%) $315,434 (1.1%) 0.80 3,662
    2018-06-01 $244,900 (7.0%) $315,969 (2.3%) 0.82 3,881
    2018-07-01 $239,900 (4.8%) $309,749 (0.8%) 0.80 4,009
    2018-08-01 $239,900 (5.6%) $308,155 (1.7%) 0.80 4,035
    2018-09-01 $239,900 (5.9%) $305,962 (1.1%) 0.81 4,012
    2018-10-01 $236,400 (3.5%) $303,358 (-0.1%) 0.80 4,090
    2018-11-01 $237,520 (4.6%) $302,216 (-0.8%) 0.81 4,064
    2018-12-01 $236,150 (5.0%) $299,404 (-1.3%) 0.81 4,016
    2019-01-01 $238,370 (5.9%) $302,018 (-0.2%) 0.82 3,860
    2019-02-01 $239,700 (6.2%) $301,445 (-0.7%) 0.81 3,954
    2019-03-01 $242,123 (3.1%) $307,675 (-1.0%) 0.79 3,997
    2019-04-01 $247,000 (3.6%) $314,723 (0.3%) 0.78 4,056
    2019-05-01 $249,900 (4.0%) $316,332 (0.3%) 0.78 4,090
    2019-06-01 $249,999 (2.1%) $317,157 (0.4%) 0.78 4,188
    2019-07-01 $248,691 (3.7%) $313,625 (1.3%) 0.78 4,245
    2019-08-01 $246,836 (2.9%) $312,385 (1.4%) 0.78 4,264
    2019-09-01 $245,241 (2.2%) $310,440 (1.5%) 0.78 4,226
    2019-10-01 $243,475 (3.0%) $309,143 (1.9%) 0.79 4,201
    2019-11-01 $241,095 (1.5%) $307,892 (1.9%) 0.79 4,153
    2019-12-01 $239,950 (1.6%) $305,009 (1.9%) 0.80 3,980
    2020-01-01 $239,900 (0.6%) $307,134 (1.7%) 0.80 3,806
    2020-02-01 $240,950 (0.5%) $309,674 (2.7%) 0.79 3,821
    2020-03-01 $248,975 (2.8%) $316,539 (2.9%) 0.78 3,836
    2020-04-01 $245,975 (-0.4%) $314,725 (0.0%) 0.77 3,832
    2020-05-01 $252,285 (1.0%) $324,546 (2.6%) 0.77 3,655
    2020-06-01 $259,950 (4.0%) $336,885 (6.2%) 0.77 3,393
    2020-07-01 $263,400 (5.9%) $338,836 (8.0%) 0.76 3,276
    2020-08-01 $268,060 (8.6%) $346,779 (11.0%) 0.77 3,006
    2020-09-01 $275,000 (12.1%) $354,372 (14.2%) 0.79 2,849
    2020-10-01 $273,900 (12.5%) $355,012 (14.8%) 0.78 2,578
    2020-11-01 $270,495 (12.2%) $356,804 (15.9%) 0.79 2,518
    2020-12-01 $270,495 (12.7%) $360,342 (18.1%) 0.80 2,433
    2021-01-01 $269,900 (12.5%) $366,043 (19.2%) 0.81 2,234
    2021-02-01 $280,000 (16.2%) $383,660 (23.9%) 0.82 1,946
    2021-03-01 $287,945 (15.7%) $387,907 (22.6%) 0.82 1,776
    2021-04-01 $300,400 (22.1%) $407,532 (29.5%) 0.81 1,625
    2021-05-01 $310,000 (22.9%) $418,791 (29.0%) 0.82 1,536
    2021-06-01 $306,830 (18.0%) $419,574 (24.6%) 0.81 1,530
    2021-07-01 $300,000 (13.9%) $412,993 (21.9%) 0.79 1,593
    2021-08-01 $299,445 (11.7%) $405,705 (17.0%) 0.80 1,613
    2021-09-01 $299,947 (9.1%) $406,804 (14.8%) 0.80 1,511
    2021-10-01 $299,000 (9.2%) $404,565 (14.0%) 0.80 1,444
    2021-11-01 $315,000 (16.5%) $414,970 (16.3%) 0.84 1,347
    2021-12-01 $326,168 (20.6%) $422,717 (17.3%) 0.88 1,220
    2022-01-01 $329,995 (22.3%) $433,119 (18.3%) 0.89 1,100
    2022-02-01 $337,225 (20.4%) $456,064 (18.9%) 0.88 1,012
    2022-03-01 $346,275 (20.3%) $476,550 (22.9%) 0.87 995
    2022-04-01 $340,000 (13.2%) $479,521 (17.7%) 0.81 1,049
    2022-05-01 $325,700 (5.1%) $453,946 (8.4%) 0.74 1,234
    2022-06-01 $326,900 (6.5%) $444,522 (6.0%) 0.73 1,429
    2022-07-01 $325,000 (8.3%) $427,133 (3.4%) 0.73 1,739
    2022-08-01 $322,995 (7.9%) $421,934 (4.0%) 0.75 1,906
    2022-09-01 $324,879 (8.3%) $420,370 (3.3%) 0.76 1,976
    2022-10-01 $324,724 (8.6%) $418,464 (3.4%) 0.76 2,034
    2022-11-01 $320,719 (1.8%) $415,353 (0.1%) 0.77 2,136
    2022-12-01 $320,000 (-1.9%) $416,382 (-1.5%) 0.79 2,053
    2023-01-01 $323,245 (-2.1%) $415,489 (-4.1%) 0.80 1,885
    2023-02-01 $324,350 (-3.8%) $417,156 (-8.5%) 0.78 1,901
    2023-03-01 $325,000 (-6.1%) $416,064 (-12.7%) 0.77 1,915
    2023-04-01 $329,000 (-3.2%) $417,726 (-12.9%) 0.77 1,937
    2023-05-01 $334,000 (2.6%) $435,291 (-4.1%) 0.76 2,010
    2023-06-01 $335,000 (2.5%) $441,301 (-0.7%) 0.75 2,034
    2023-07-01 $325,000 (0.0%) $434,272 (1.7%) 0.74 2,145
    2023-08-01 $319,950 (-0.9%) $426,371 (1.1%) 0.73 2,285
    2023-09-01 $310,000 (-4.6%) $415,492 (-1.2%) 0.72 2,384
    2023-10-01 $301,954 (-7.0%) $403,445 (-3.6%) 0.71 2,549
    2023-11-01 $299,990 (-6.5%) $399,473 (-3.8%) 0.71 2,576
    2023-12-01 $299,000 (-6.6%) $395,653 (-5.0%) 0.73 2,531
    2024-01-01 $294,900 (-8.8%) $393,136 (-5.4%) 0.72 2,460
    2024-02-01 $299,450 (-7.7%) $400,653 (-4.0%) 0.72 2,373
    2024-03-01 $305,000 (-6.2%) $406,012 (-2.4%) 0.72 2,435
    Baton Rouge's median listing price for 2024-03-01 was $305,000, a difference of $-20,000 (-6.2%) versus the prior year and $5,550 versus the prior month.

    Baton Rouge's median listing price comes in at 72% of the national average.

    Baton Rouge's average listing price for 2024-03-01 was $406,012, a difference of $-10,052 (-2.4%) versus the prior year and $5,359 versus the prior month.

    For the 2024-03-01 period, Baton Rouge had 2,435 MLS listings, a difference of 62 listings (3%) versus the prior month and 520 listings (27%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Baton Rouge (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 82 days 1,881 sqft
    2018-02-01 80 days 1,878 sqft
    2018-03-01 57 days 1,908 sqft
    2018-04-01 56 days 1,941 sqft
    2018-05-01 59 days 1,947 sqft
    2018-06-01 59 days 1,965 sqft
    2018-07-01 63 days 1,954 sqft
    2018-08-01 68 days 1,951 sqft
    2018-09-01 72 days 1,942 sqft
    2018-10-01 77 days 1,931 sqft
    2018-11-01 81 days 1,927 sqft
    2018-12-01 87 days 1,910 sqft
    2019-01-01 91 days 1,911 sqft
    2019-02-01 83 days 1,913 sqft
    2019-03-01 72 days 1,930 sqft
    2019-04-01 66 days 1,949 sqft
    2019-05-01 66 days 1,971 sqft
    2019-06-01 69 days 1,973 sqft
    2019-07-01 72 days 1,943 sqft
    2019-08-01 73 days 1,933 sqft
    2019-09-01 77 days 1,928 sqft
    2019-10-01 80 days 1,921 sqft
    2019-11-01 86 days 1,914 sqft
    2019-12-01 94 days 1,902 sqft
    2020-01-01 97 days 1,880 sqft
    2020-02-01 87 days 1,912 sqft
    2020-03-01 68 days 1,925 sqft
    2020-04-01 75 days 1,914 sqft
    2020-05-01 85 days 1,943 sqft
    2020-06-01 85 days 1,982 sqft
    2020-07-01 69 days 1,989 sqft
    2020-08-01 66 days 2,006 sqft
    2020-09-01 68 days 2,051 sqft
    2020-10-01 73 days 2,014 sqft
    2020-11-01 72 days 2,005 sqft
    2020-12-01 72 days 1,992 sqft
    2021-01-01 75 days 1,974 sqft
    2021-02-01 74 days 2,010 sqft
    2021-03-01 58 days 2,011 sqft
    2021-04-01 55 days 2,055 sqft
    2021-05-01 51 days 2,069 sqft
    2021-06-01 47 days 2,035 sqft
    2021-07-01 43 days 2,032 sqft
    2021-08-01 47 days 2,020 sqft
    2021-09-01 60 days 2,022 sqft
    2021-10-01 65 days 2,012 sqft
    2021-11-01 59 days 2,059 sqft
    2021-12-01 66 days 2,075 sqft
    2022-01-01 71 days 2,069 sqft
    2022-02-01 61 days 2,079 sqft
    2022-03-01 44 days 2,111 sqft
    2022-04-01 37 days 2,077 sqft
    2022-05-01 37 days 2,045 sqft
    2022-06-01 37 days 2,038 sqft
    2022-07-01 38 days 2,012 sqft
    2022-08-01 49 days 2,010 sqft
    2022-09-01 58 days 2,010 sqft
    2022-10-01 65 days 2,010 sqft
    2022-11-01 67 days 2,010 sqft
    2022-12-01 80 days 2,010 sqft
    2023-01-01 88 days 2,002 sqft
    2023-02-01 86 days 2,007 sqft
    2023-03-01 65 days 2,004 sqft
    2023-04-01 61 days 2,013 sqft
    2023-05-01 60 days 2,033 sqft
    2023-06-01 61 days 2,023 sqft
    2023-07-01 58 days 1,993 sqft
    2023-08-01 58 days 1,984 sqft
    2023-09-01 60 days 1,961 sqft
    2023-10-01 63 days 1,931 sqft
    2023-11-01 69 days 1,915 sqft
    2023-12-01 80 days 1,894 sqft
    2024-01-01 90 days 1,884 sqft
    2024-02-01 87 days 1,909 sqft
    2024-03-01 64 days 1,930 sqft
    Baton Rouge's median listing age (time on market) for 2024-03-01 was 64 days. This is -1% shorter than the same period one year ago.

    Baton Rouge's median square footage for active listings during the 2024-03-01 period was 1,930 sqft. One year prior, the average listing was 2,004 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).