Baton Rouge FHA Loan Rates, Closing Costs & Stats

BATON ROUGE, LA

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 140 lenders originated 5,265 FHA loans during 2021. The total origination value was $1,195,805,000, with an average FHA loan value of $227,123.

Baton Rouge FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Baton Rouge averaged 6.49% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Baton Rouge's average FHA mortgage closing costs are $6,690.

The average rate for the prior week (2022-11-25) was 6.41% and one month ago for the week of 2022-10-28, the average rate was 6.85%.

The average rate one year ago was 3.28%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.39%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
GMFS LLC 470 3.05% $5,764
QUICKEN LOANS, LLC 310 2.75% $6,407
FREEDOM MORTGAGE CORPORATION 221 2.81% $5,826
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 211 3.54% $8,952
DSLD MORTGAGE, LLC 192 2.72% $4,357
Gateway First Bank 174 3.47% $5,966
UNITED WHOLESALE MORTGAGE, LLC 162 2.82% $8,366
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 159 3.13% $7,614
Assurance Financial Group, L.L.C. 147 3.10% $7,821
DHI MORTGAGE COMPANY, LTD. 141 2.87% $8,396
MOVEMENT MORTGAGE, LLC 129 3.24% $7,661
EUSTIS AND AMERICAN MORTGAGE COMPANY 127 3.21% $8,630
CALIBER HOME LOANS, INC. 127 2.86% $6,886
SUMMIT FUNDING, INC. 120 3.50% $8,524
LAKEVIEW LOAN SERVICING, LLC 101 3.01% $4,316
HOME POINT FINANCIAL CORPORATION 101 2.78% $8,646
AMERICAN FINANCIAL NETWORK, INC. 96 3.13% $10,452
PENNYMAC LOAN SERVICES, LLC 92 2.92% $5,820
Nations Lending Corporation 70 3.31% $6,384
MID AMERICA MORTGAGE, INC. 66 3.62% $5,809
SOUTHWEST FUNDING, LP 64 3.71% $9,880
AMCAP MORTGAGE, LTD. 61 3.28% $8,965
Mr. Cooper ( Nationstar Mortgage ) 59 3.35% $3,683
HOMEBRIDGE FINANCIAL SERVICES, INC. 57 2.86% $6,747
LOANDEPOT.COM, LLC 54 3.28% $7,695
Gulf Coast Bank and Trust Company 44 2.88% $7,752
STANDARD MORTGAGE CORPORATION 43 2.75% $6,781
Hometown Equity Mortgage, LLC 43 3.56% $9,556
FIDELITY BANK 42 3.11% $7,419
Carrington Mortgage Services, LLC 40 3.64% $8,018
MORTGAGE FINANCIAL SERVICES, LLC 36 3.04% $7,469
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 36 3.51% $9,457
HOMESPIRE MORTGAGE CORPORATION 33 3.45% $9,589
VILLAGE CAPITAL MORTGAGE 33 3.05% $2,638
PRIMARY RESIDENTIAL MORTGAGE, INC. 32 3.79% $7,662
Flagstar Bank, FSB 29 2.93% $7,748
First Option Mortgage, LLC 27 3.34% $8,236
Network Funding, L.P. 24 3.21% $7,380
GUILD MORTGAGE COMPANY 24 3.44% $8,721
Republic State Mortgage Co. 24 3.42% $8,240
OCMBC, INC. 23 3.65% $13,809
Lakeview Community Capital, LLC 23 3.03% $3,994
AmeriHome Mortgage Company, LLC 22 2.92% $4,474
Hancock Whitney Bank 22 2.63% $7,618
PLANET HOME LENDING, LLC 22 3.14% $6,056
SUN WEST MORTGAGE COMPANY, INC. 19 3.03% $7,682
PRIMELENDING, A PLAINSCAPITAL COMPANY 19 3.70% $9,398
AMERICAN FINANCIAL RESOURCES, INC. 18 3.78% $7,661
EMM LOANS LLC 18 3.33% $8,166
UNION HOME MORTGAGE CORP. 17 3.01% $7,019
Regions Bank 16 3.10% $6,078
US MORTGAGE CORPORATION 16 2.95% $7,640
NEWREZ LLC 15 2.94% $4,994
ANGEL OAK HOME LOANS LLC 13 3.05% $8,453
Red River Bank 12 2.67% $6,788
CROSSCOUNTRY MORTGAGE, LLC 11 3.25% $7,531
AMERISAVE MORTGAGE CORPORATION 11 3.01% $8,095
PLAZA HOME MORTGAGE, INC. 11 3.03% $7,402
UNITED SECURITY FINANCIAL CORP 10 2.86% $5,718
BancorpSouth Bank 9 3.07% $6,781
FBT Mortgage, L.L.C. 8 2.66% $7,139
The Federal Savings Bank 7 2.79% $9,545
CMG MORTGAGE, INC. 7 3.25% $9,026
First Guaranty Mortgage Corporation 7 3.04% $4,847
Paramount Residential Mortgage Group, Inc. 6 3.54% $9,392
LHM FINANCIAL CORPORATION 6 3.17% $7,561
PERFORMANCE MORTGAGE LLC 6 3.06% $9,317
Equity Prime Mortgage LLC 6 3.33% $7,790
SWBC MORTGAGE CORPORATION 5 3.45% $4,948
NATIONS DIRECT MORTGAGE, LLC 5 3.18% $7,650
BECKAM FUNDING CORP. 5 3.20% $7,011
InterContinental Capital Group, Inc 5 3.08% $7,224
INTERLINC MORTGAGE SERVICES, LLC 4 3.50% $5,186
OPEN MORTGAGE, LLC 4 3.09% $10,478
MUTUAL OF OMAHA MORTGAGE, INC. 4 2.91% $7,269
HOMESIDE FINANCIAL, LLC 4 3.08% $8,453
RELIANCE FIRST CAPITAL, LLC 4 3.03% $11,497
GENEVA FINANCIAL, LLC 4 3.13% $9,524
JPMorgan Chase Bank 4 2.78% $7,437
OCEANSIDE MORTGAGE COMPANY 4 2.88% $3,143
Goldwater Bank, N.A. 3 3.21% $8,239
Barrington Bank & Trust Company, N.A. 3 3.29% $6,512
EMBRACE HOME LOANS, INC. 3 3.00% $7,261
LEADERONE FINANCIAL CORPORATION 3 3.42% $7,110
VANDERBILT MORTGAGE AND FINANCE, INC. 3 3.67% $9,615
TIAA, FSB 2 2.75% $10,069
MORIA DEVELOPMENT, INC. 2 3.19% $6,729
NATIONS RELIABLE LENDING, LLC 2 3.25% $8,761
MEMBER FIRST MORTGAGE, LLC 2 2.50% $6,757
Florida Capital Bank 2 2.63% $8,176
DRAPER AND KRAMER MORTGAGE CORP. 2 3.06% $6,596
COUNTRYPLACE MORTGAGE, LTD. 2 2.81% $12,849
SOVEREIGN LENDING GROUP INCORPORATED 2 2.63% $6,569
BAYSHORE MORTGAGE FUNDING, LLC 2 2.81% $5,953
THE MORTGAGE FIRM, INC. 2 3.13% $8,620
THRIVE MORTGAGE, LLC 2 3.69% $11,803
TOWNE MORTGAGE COMPANY 2 3.06% $8,070
Trustmark National Bank 2 2.50% $7,420
Bank of England 2 3.56% $9,519
AMERICAN FINANCING CORPORATION 2 2.63% $8,350
Mortgage Research Center, LLC 2 2.81% $6,342
Paramount Bank 1 2.50% $10,785
GUARANTY HOME MORTGAGE CORPORATION 1 2.75% $9,937
GUARANTEED RATE, INC. 1 3.00% $8,961
ACADEMY MORTGAGE CORPORATION 1 2.75% $9,293
PHH Mortgage Corporation 1 3.50% $7,350
VAN DYK MORTGAGE CORPORATION 1 3.25% $5,753
First Horizon Bank 1 3.00% $5,751
FAY SERVICING, LLC 1 2.75% $5,640
EVERETT FINANCIAL, INC. 1 4.25% $8,565
EVANSVILLE TEACHERS 1 2.88% $7,275
Eagle Bank and Trust Company 1 2.25% $7,013
Wyndham Capital Mortgage, Inc. 1 2.25% $9,839
Waterstone Mortgage Corporation 1 2.88% $7,186
CORNERSTONE HOME LENDING, INC. 1 3.25% $13,268
ROYAL UNITED MORTGAGE LLC 1 2.50% $11,805
SIRVA MORTGAGE, INC. 1 2.88% $6,236
Colonial Savings, F.A. 1 2.75% $2,504
Bank of America 1 3.25% $6,221
CELEBRITY HOME LOANS, LLC 1 3.63% $10,564
STEARNS LENDING, LLC 1 2.75% $7,223
CALCON MUTUAL MORTGAGE LLC 1 4.25% $11,298
BELEM SERVICING LLC 1 3.25% $7,362
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.13% $4,595
BankPlus 1 2.63% $5,826
AmRes Corporation 1 2.50% $11,777
M&T Bank 1 2.88% $6,617
MLD MORTGAGE INC. 1 3.13% $7,378
MIDLAND MORTGAGE CORPORATION 1 3.75% $4,853
MICHIGAN MUTUAL, INC. 1 3.75% $6,408
ZILLOW HOME LOANS, LLC 1 3.13% $4,827
MORTGAGE ACCESS CORP. 1 3.75% $9,678
Magnolia Bank 1 2.50% $6,014
NFM, INC. 1 3.25% $9,864
North American Savings Bank, F.S.B. 1 2.75% $5,030
NP, Inc. 1 3.25% $6,236
KELLER MORTGAGE, LLC 1 2.25% $12,798
JAMES B. NUTTER & COMPANY 1 2.88% $4,694
Home Mortgage Alliance Corp 1 3.63% $11,573
Origin Bank 1 2.88% $6,676

The top Baton Rouge FHA lender as defined by loan originations is GMFS LLC, with 470 FHA loans originated. Their average total fees are $5,764, which is $643 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Baton Rouge FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,638), Mr. Cooper ( Nationstar Mortgage ) ($3,683), Lakeview Community Capital, LLC ($3,994), LAKEVIEW LOAN SERVICING, LLC ($4,316) and DSLD MORTGAGE, LLC ($4,357).

The lowest rate Baton Rouge FHA lenders (with over 10 loans originated) are Hancock Whitney Bank (2.63%), Red River Bank (2.67%), DSLD MORTGAGE, LLC (2.72%), QUICKEN LOANS, LLC (2.75%) and STANDARD MORTGAGE CORPORATION (2.75%).

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

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 (2.6%) $302,755 (2.9%) 0.83 3,173
2018-02-01 $225,833 (4.8%) $303,619 (3.2%) 0.82 3,194
2018-03-01 $234,900 (6.8%) $310,914 (3.3%) 0.82 3,430
2018-04-01 $238,504 (6.0%) $313,980 (2.4%) 0.81 3,507
2018-05-01 $240,700 (5.1%) $315,601 (1.2%) 0.80 3,665
2018-06-01 $245,000 (7.0%) $316,128 (2.3%) 0.82 3,884
2018-07-01 $239,900 (4.8%) $309,907 (0.8%) 0.80 4,012
2018-08-01 $239,900 (5.5%) $308,314 (1.7%) 0.80 4,038
2018-09-01 $239,900 (5.9%) $306,124 (1.1%) 0.81 4,014
2018-10-01 $236,430 (3.5%) $303,515 (-0.1%) 0.80 4,092
2018-11-01 $237,735 (4.7%) $302,359 (-0.8%) 0.81 4,066
2018-12-01 $236,150 (5.0%) $299,534 (-1.2%) 0.81 4,017
2019-01-01 $238,461 (6.0%) $302,152 (-0.2%) 0.82 3,861
2019-02-01 $239,700 (6.1%) $301,575 (-0.7%) 0.81 3,955
2019-03-01 $242,137 (3.1%) $307,776 (-1.0%) 0.79 3,998
2019-04-01 $247,000 (3.6%) $314,813 (0.3%) 0.78 4,058
2019-05-01 $249,900 (3.8%) $316,431 (0.3%) 0.78 4,092
2019-06-01 $250,000 (2.0%) $317,245 (0.4%) 0.78 4,192
2019-07-01 $248,750 (3.7%) $313,713 (1.2%) 0.78 4,248
2019-08-01 $246,909 (2.9%) $312,507 (1.4%) 0.78 4,267
2019-09-01 $245,273 (2.2%) $310,615 (1.5%) 0.78 4,229
2019-10-01 $243,500 (3.0%) $309,353 (1.9%) 0.79 4,204
2019-11-01 $241,215 (1.5%) $307,929 (1.8%) 0.79 4,155
2019-12-01 $239,950 (1.6%) $305,042 (1.8%) 0.80 3,983
2020-01-01 $239,900 (0.6%) $307,107 (1.6%) 0.80 3,807
2020-02-01 $241,250 (0.7%) $309,646 (2.7%) 0.79 3,822
2020-03-01 $249,000 (2.8%) $316,508 (2.8%) 0.78 3,837
2020-04-01 $246,125 (-0.4%) $314,698 (0.0%) 0.77 3,833
2020-05-01 $252,460 (1.0%) $324,583 (2.6%) 0.77 3,656
2020-06-01 $259,950 (4.0%) $336,918 (6.2%) 0.77 3,394
2020-07-01 $263,450 (5.9%) $338,861 (8.0%) 0.76 3,277
2020-08-01 $268,500 (8.7%) $346,793 (11.0%) 0.77 3,007
2020-09-01 $275,000 (12.1%) $354,382 (14.1%) 0.79 2,850
2020-10-01 $273,900 (12.5%) $355,022 (14.8%) 0.78 2,580
2020-11-01 $270,828 (12.3%) $356,936 (15.9%) 0.79 2,520
2020-12-01 $270,723 (12.8%) $360,196 (18.1%) 0.80 2,434
2021-01-01 $270,000 (12.6%) $367,638 (19.7%) 0.81 2,236
2021-02-01 $280,000 (16.1%) $383,717 (23.9%) 0.81 1,948
2021-03-01 $287,950 (15.6%) $388,774 (22.8%) 0.82 1,778
2021-04-01 $300,629 (22.1%) $408,091 (29.7%) 0.81 1,627
2021-05-01 $310,000 (22.8%) $419,130 (29.1%) 0.82 1,538
2021-06-01 $306,995 (18.1%) $420,285 (24.7%) 0.81 1,530
2021-07-01 $300,000 (13.9%) $413,292 (22.0%) 0.79 1,591
2021-08-01 $299,445 (11.5%) $406,206 (17.1%) 0.80 1,611
2021-09-01 $299,947 (9.1%) $407,145 (14.9%) 0.80 1,509
2021-10-01 $299,000 (9.2%) $404,805 (14.0%) 0.80 1,443
2021-11-01 $315,000 (16.3%) $415,464 (16.4%) 0.84 1,347
2021-12-01 $326,950 (20.8%) $422,941 (17.4%) 0.89 1,221
2022-01-01 $329,995 (22.2%) $434,948 (18.3%) 0.89 1,100
2022-02-01 $337,225 (20.4%) $456,191 (18.9%) 0.88 1,014
2022-03-01 $346,275 (20.3%) $476,641 (22.6%) 0.87 997
2022-04-01 $340,000 (13.1%) $480,761 (17.8%) 0.81 1,051
2022-05-01 $326,300 (5.3%) $454,732 (8.5%) 0.75 1,236
2022-06-01 $329,450 (7.3%) $445,275 (6.0%) 0.73 1,431
2022-07-01 $325,000 (8.3%) $428,340 (3.6%) 0.74 1,742
2022-08-01 $323,216 (7.9%) $422,646 (4.1%) 0.75 1,909
2022-09-01 $325,000 (8.4%) $421,325 (3.5%) 0.76 1,979
2022-10-01 $324,995 (8.7%) $419,655 (3.7%) 0.76 2,037
2022-11-01 $321,750 (2.1%) $416,401 (0.2%) 0.77 2,139
Baton Rouge's median listing price for 2022-11-01 was $321,750, a difference of $6,750 (2.1%) versus the prior year and $-3,245 versus the prior month.

Baton Rouge's median listing price comes in at 77% of the national average.

Baton Rouge's average listing price for 2022-11-01 was $416,401, a difference of $937 (0.2%) versus the prior year and $-3,254 versus the prior month.

For the 2022-11-01 period, Baton Rouge had 2,139 MLS listings, a difference of 102 listings (5%) versus the prior month and 792 listings (59%) 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 88 days 1,881 sqft
2018-02-01 86 days 1,878 sqft
2018-03-01 63 days 1,908 sqft
2018-04-01 60 days 1,942 sqft
2018-05-01 64 days 1,947 sqft
2018-06-01 64 days 1,965 sqft
2018-07-01 66 days 1,954 sqft
2018-08-01 73 days 1,952 sqft
2018-09-01 78 days 1,943 sqft
2018-10-01 82 days 1,931 sqft
2018-11-01 87 days 1,927 sqft
2018-12-01 93 days 1,910 sqft
2019-01-01 97 days 1,911 sqft
2019-02-01 91 days 1,913 sqft
2019-03-01 78 days 1,930 sqft
2019-04-01 70 days 1,949 sqft
2019-05-01 72 days 1,971 sqft
2019-06-01 74 days 1,973 sqft
2019-07-01 78 days 1,943 sqft
2019-08-01 80 days 1,933 sqft
2019-09-01 83 days 1,928 sqft
2019-10-01 86 days 1,921 sqft
2019-11-01 92 days 1,914 sqft
2019-12-01 102 days 1,902 sqft
2020-01-01 106 days 1,880 sqft
2020-02-01 96 days 1,912 sqft
2020-03-01 79 days 1,925 sqft
2020-04-01 81 days 1,914 sqft
2020-05-01 92 days 1,943 sqft
2020-06-01 94 days 1,982 sqft
2020-07-01 79 days 1,989 sqft
2020-08-01 76 days 2,006 sqft
2020-09-01 79 days 2,051 sqft
2020-10-01 82 days 2,014 sqft
2020-11-01 82 days 2,005 sqft
2020-12-01 80 days 1,991 sqft
2021-01-01 86 days 1,975 sqft
2021-02-01 86 days 2,010 sqft
2021-03-01 65 days 2,011 sqft
2021-04-01 64 days 2,053 sqft
2021-05-01 57 days 2,069 sqft
2021-06-01 53 days 2,037 sqft
2021-07-01 46 days 2,032 sqft
2021-08-01 50 days 2,022 sqft
2021-09-01 63 days 2,024 sqft
2021-10-01 68 days 2,014 sqft
2021-11-01 67 days 2,060 sqft
2021-12-01 72 days 2,075 sqft
2022-01-01 74 days 2,074 sqft
2022-02-01 67 days 2,079 sqft
2022-03-01 48 days 2,111 sqft
2022-04-01 40 days 2,078 sqft
2022-05-01 39 days 2,046 sqft
2022-06-01 38 days 2,038 sqft
2022-07-01 39 days 2,014 sqft
2022-08-01 51 days 2,011 sqft
2022-09-01 59 days 2,012 sqft
2022-10-01 67 days 2,012 sqft
2022-11-01 71 days 2,010 sqft
Baton Rouge's median listing age (time on market) for 2022-11-01 was 71 days. This is 6% longer than the same period one year ago.

Baton Rouge's median square footage for active listings during the 2022-11-01 period was 2,010 sqft. One year prior, the average listing was 2,060 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).