Bogalusa FHA Loan Rates, Closing Costs & Stats

Bogalusa, 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.

    Bogalusa's 25 lenders originated 67 FHA loans during 2023. The total origination value was $11,155,000, with an average FHA loan value of $166,493.

    Bogalusa FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bogalusa averaged 6.47% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Bogalusa's average FHA mortgage closing costs are $6,532.

    The average rate for the prior week (2024-12-06) was 6.23% and one month ago for the week of 2024-11-08, the average rate was 6.7%.

    The average rate one year ago was 7.11%.

    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.

    Bogalusa 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 Bogalusa level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 11 6.06% $7,991
    GMFS LLC 8 6.72% $5,847
    NEWREZ LLC 4 6.59% $8,233
    FIDELITY BANK 3 6.20% $7,594
    Mortgage Research Center, LLC 3 6.71% $3,916
    FREEDOM MORTGAGE CORPORATION 3 7.17% $8,724
    UNITED WHOLESALE MORTGAGE, LLC 3 6.21% $8,847
    EUSTIS AND AMERICAN MORTGAGE COMPANY 3 6.74% $8,337
    JPMorgan Chase Bank 3 7.00% $3,542
    Gulf Coast Bank and Trust Company 2 6.77% $6,273
    LOANDEPOT.COM, LLC 2 6.25% $8,629
    PENNYMAC LOAN SERVICES, LLC 2 6.06% $13,862
    CROSSCOUNTRY MORTGAGE, LLC 2 6.19% $9,738
    MOVEMENT MORTGAGE, LLC 2 6.25% $9,092
    Wells Fargo Bank 1 6.63% $1,519
    Assurance Financial Group, L.L.C. 1 5.63% $18,810
    DRAPER AND KRAMER MORTGAGE CORP. 1 7.13% $8,806
    Equity Prime Mortgage LLC 1 6.75% $9,334
    Flagstar Bank, FSB 1 6.75% $8,836
    Goldwater Bank, N.A. 1 6.63% $8,482
    Merchants Bank of Indiana 1 6.50% $5,586
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $12,737
    NTFN, INC. 1 6.13% $8,302
    T2 FINANCIAL LLC 1 7.00% $11,733
    AmRes Corporation 1 6.75% $6,386

    The top Bogalusa FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 11 FHA loans originated. Their average total fees are $7,991, which is $2,144 higher than the next largest lender, GMFS LLC.

    The lowest fee Bogalusa FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,991), .

    The lowest rate Bogalusa FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.06%), .

    Bogalusa FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bogalusa (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 $151,905 (-1.2%) $246,158 (4.7%) 0.00 122
    2018-02-01 $149,835 (5.0%) $251,345 (11.0%) 0.00 113
    2018-03-01 $149,900 (7.1%) $249,910 (10.1%) 0.00 119
    2018-04-01 $152,825 (17.6%) $248,889 (8.7%) 0.00 123
    2018-05-01 $154,665 (10.5%) $248,325 (2.1%) 0.00 128
    2018-06-01 $162,450 (8.3%) $249,617 (-2.0%) 0.00 123
    2018-07-01 $162,500 (9.1%) $252,208 (5.0%) 0.00 124
    2018-08-01 $169,900 (17.3%) $254,821 (9.1%) 0.00 117
    2018-09-01 $165,000 (11.9%) $228,149 (-3.6%) 0.00 121
    2018-10-01 $160,315 (9.1%) $318,152 (36.8%) 0.00 120
    2018-11-01 $160,858 (8.7%) $331,648 (38.4%) 0.00 118
    2018-12-01 $149,900 (-1.4%) $343,483 (42.3%) 0.00 120
    2019-01-01 $149,900 (-1.3%) $323,370 (31.4%) 0.00 128
    2019-02-01 $149,900 (0.0%) $328,474 (30.7%) 0.00 127
    2019-03-01 $158,471 (5.7%) $330,272 (32.2%) 0.00 121
    2019-04-01 $166,021 (8.6%) $323,000 (29.8%) 0.00 120
    2019-05-01 $159,225 (3.0%) $302,529 (21.8%) 0.00 124
    2019-06-01 $162,500 (0.0%) $311,362 (24.7%) 0.00 123
    2019-07-01 $168,150 (3.5%) $322,426 (27.8%) 0.00 116
    2019-08-01 $168,277 (-1.0%) $319,152 (25.3%) 0.00 119
    2019-09-01 $168,467 (2.1%) $317,731 (39.3%) 0.00 124
    2019-10-01 $164,286 (2.5%) $292,712 (-8.0%) 0.00 128
    2019-11-01 $164,300 (2.1%) $228,747 (-31.0%) 0.00 116
    2019-12-01 $160,000 (6.7%) $233,126 (-32.1%) 0.00 107
    2020-01-01 $158,750 (5.9%) $241,398 (-25.4%) 0.00 93
    2020-02-01 $160,000 (6.7%) $243,824 (-25.8%) 0.00 95
    2020-03-01 $172,697 (9.0%) $237,894 (-28.0%) 0.00 111
    2020-04-01 $167,798 (1.1%) $235,228 (-27.2%) 0.00 111
    2020-05-01 $162,076 (1.8%) $228,166 (-24.6%) 0.00 104
    2020-06-01 $165,000 (1.5%) $235,780 (-24.3%) 0.00 94
    2020-07-01 $175,825 (4.6%) $245,850 (-23.8%) 0.00 84
    2020-08-01 $176,453 (4.9%) $241,656 (-24.3%) 0.00 83
    2020-09-01 $175,000 (3.9%) $244,145 (-23.2%) 0.00 73
    2020-10-01 $174,000 (5.9%) $252,434 (-13.8%) 0.00 65
    2020-11-01 $193,500 (17.8%) $262,888 (14.9%) 0.00 56
    2020-12-01 $171,500 (7.2%) $232,239 (-0.4%) 0.00 63
    2021-01-01 $150,000 (-5.5%) $210,275 (-12.9%) 0.00 58
    2021-02-01 $143,500 (-10.3%) $201,768 (-17.3%) 0.00 54
    2021-03-01 $162,500 (-5.9%) $247,751 (4.1%) 0.00 43
    2021-04-01 $159,250 (-5.1%) $230,746 (-1.9%) 0.00 38
    2021-05-01 $180,000 (11.1%) $240,372 (5.4%) 0.00 42
    2021-06-01 $180,000 (9.1%) $222,129 (-5.8%) 0.00 53
    2021-07-01 $198,000 (12.6%) $326,270 (32.7%) 0.00 57
    2021-08-01 $199,750 (13.2%) $343,399 (42.1%) 0.00 53
    2021-09-01 $203,500 (16.3%) $351,082 (43.8%) 0.00 54
    2021-10-01 $208,800 (20.0%) $357,500 (41.6%) 0.00 51
    2021-11-01 $236,250 (22.1%) $271,681 (3.3%) 0.00 46
    2021-12-01 $215,000 (25.4%) $235,252 (1.3%) 0.00 46
    2022-01-01 $180,000 (20.0%) $228,714 (8.8%) 0.00 39
    2022-02-01 $172,500 (20.2%) $223,511 (10.8%) 0.00 35
    2022-03-01 $137,500 (-15.4%) $208,321 (-15.9%) 0.00 41
    2022-04-01 $170,000 (6.8%) $211,114 (-8.5%) 0.00 42
    2022-05-01 $215,000 (19.4%) $266,366 (10.8%) 0.00 46
    2022-06-01 $194,625 (8.1%) $244,537 (10.1%) 0.00 57
    2022-07-01 $198,750 (0.4%) $254,009 (-22.2%) 0.00 58
    2022-08-01 $173,500 (-13.1%) $230,672 (-32.8%) 0.00 64
    2022-09-01 $179,625 (-11.7%) $243,934 (-30.5%) 0.00 62
    2022-10-01 $192,000 (-8.1%) $247,730 (-30.7%) 0.00 72
    2022-11-01 $187,000 (-20.9%) $239,116 (-12.0%) 0.00 78
    2022-12-01 $179,863 (-16.3%) $241,413 (2.6%) 0.00 73
    2023-01-01 $199,875 (11.0%) $255,251 (11.6%) 0.00 64
    2023-02-01 $216,876 (25.7%) $257,851 (15.4%) 0.00 61
    2023-03-01 $222,500 (61.8%) $269,061 (29.2%) 0.00 62
    2023-04-01 $207,450 (22.0%) $263,845 (25.0%) 0.00 61
    2023-05-01 $199,900 (-7.0%) $258,553 (-2.9%) 0.00 61
    2023-06-01 $233,750 (20.1%) $277,762 (13.6%) 0.00 65
    2023-07-01 $210,000 (5.7%) $261,639 (3.0%) 0.00 82
    2023-08-01 $204,750 (18.0%) $270,834 (17.4%) 0.00 87
    2023-09-01 $230,000 (28.0%) $277,134 (13.6%) 0.00 84
    2023-10-01 $227,250 (18.4%) $269,949 (9.0%) 0.00 86
    2023-11-01 $200,500 (7.2%) $258,175 (8.0%) 0.00 88
    2023-12-01 $199,000 (10.6%) $267,133 (10.7%) 0.00 89
    2024-01-01 $203,850 (2.0%) $258,600 (1.3%) 0.00 85
    2024-02-01 $199,975 (-7.8%) $253,550 (-1.7%) 0.00 80
    2024-03-01 $232,500 (4.5%) $277,166 (3.0%) 0.00 77
    2024-04-01 $239,840 (15.6%) $302,577 (14.7%) 0.00 79
    2024-05-01 $236,090 (18.1%) $286,549 (10.8%) 0.00 102
    2024-06-01 $230,000 (-1.6%) $276,721 (-0.4%) 0.00 111
    2024-07-01 $208,250 (-0.8%) $258,781 (-1.1%) 0.00 122
    2024-08-01 $199,995 (-2.3%) $255,750 (-5.6%) 0.00 120
    2024-09-01 $200,000 (-13.0%) $253,225 (-8.6%) 0.00 117
    2024-10-01 $203,750 (-10.3%) $250,210 (-7.3%) 0.00 126
    2024-11-01 $193,000 (-3.7%) $239,213 (-7.3%) 0.00 119
    Bogalusa's median listing price for 2024-11-01 was $193,000, a difference of $-7,500 (-3.7%) versus the prior year and $-10,750 versus the prior month.

    Bogalusa's median listing price comes in at 0% of the national average.

    Bogalusa's average listing price for 2024-11-01 was $239,213, a difference of $-18,962 (-7.3%) versus the prior year and $-10,997 versus the prior month.

    For the 2024-11-01 period, Bogalusa had 119 MLS listings, a difference of -7 listings (-6%) versus the prior month and 31 listings (35%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bogalusa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,797 sqft
    2018-02-01 0 days 1,794 sqft
    2018-03-01 0 days 1,845 sqft
    2018-04-01 0 days 1,855 sqft
    2018-05-01 0 days 1,868 sqft
    2018-06-01 0 days 1,966 sqft
    2018-07-01 0 days 2,000 sqft
    2018-08-01 0 days 1,927 sqft
    2018-09-01 0 days 1,937 sqft
    2018-10-01 0 days 1,990 sqft
    2018-11-01 0 days 1,998 sqft
    2018-12-01 0 days 1,853 sqft
    2019-01-01 0 days 1,918 sqft
    2019-02-01 0 days 1,983 sqft
    2019-03-01 0 days 2,000 sqft
    2019-04-01 0 days 2,000 sqft
    2019-05-01 0 days 1,885 sqft
    2019-06-01 0 days 1,944 sqft
    2019-07-01 0 days 1,973 sqft
    2019-08-01 0 days 1,931 sqft
    2019-09-01 0 days 1,929 sqft
    2019-10-01 0 days 1,927 sqft
    2019-11-01 0 days 1,927 sqft
    2019-12-01 0 days 1,923 sqft
    2020-01-01 0 days 1,923 sqft
    2020-02-01 0 days 1,929 sqft
    2020-03-01 0 days 1,835 sqft
    2020-04-01 0 days 1,826 sqft
    2020-05-01 0 days 1,836 sqft
    2020-06-01 0 days 1,851 sqft
    2020-07-01 0 days 1,915 sqft
    2020-08-01 0 days 1,915 sqft
    2020-09-01 0 days 1,955 sqft
    2020-10-01 0 days 2,009 sqft
    2020-11-01 0 days 2,082 sqft
    2020-12-01 0 days 1,968 sqft
    2021-01-01 0 days 1,892 sqft
    2021-02-01 0 days 1,885 sqft
    2021-03-01 0 days 1,972 sqft
    2021-04-01 0 days 1,701 sqft
    2021-05-01 0 days 1,668 sqft
    2021-06-01 0 days 1,615 sqft
    2021-07-01 0 days 1,717 sqft
    2021-08-01 0 days 1,836 sqft
    2021-09-01 0 days 1,968 sqft
    2021-10-01 0 days 1,847 sqft
    2021-11-01 0 days 1,889 sqft
    2021-12-01 0 days 1,717 sqft
    2022-01-01 0 days 1,620 sqft
    2022-02-01 0 days 1,597 sqft
    2022-03-01 0 days 1,561 sqft
    2022-04-01 0 days 1,785 sqft
    2022-05-01 0 days 2,000 sqft
    2022-06-01 0 days 1,904 sqft
    2022-07-01 0 days 1,902 sqft
    2022-08-01 0 days 1,799 sqft
    2022-09-01 0 days 1,818 sqft
    2022-10-01 0 days 1,800 sqft
    2022-11-01 0 days 1,777 sqft
    2022-12-01 0 days 1,646 sqft
    2023-01-01 0 days 1,682 sqft
    2023-02-01 0 days 1,773 sqft
    2023-03-01 0 days 1,812 sqft
    2023-04-01 0 days 1,834 sqft
    2023-05-01 0 days 1,871 sqft
    2023-06-01 0 days 1,931 sqft
    2023-07-01 0 days 1,885 sqft
    2023-08-01 0 days 1,882 sqft
    2023-09-01 0 days 1,876 sqft
    2023-10-01 0 days 1,933 sqft
    2023-11-01 0 days 1,881 sqft
    2023-12-01 0 days 1,850 sqft
    2024-01-01 0 days 1,838 sqft
    2024-02-01 0 days 1,755 sqft
    2024-03-01 0 days 1,752 sqft
    2024-04-01 0 days 1,871 sqft
    2024-05-01 0 days 1,783 sqft
    2024-06-01 0 days 1,732 sqft
    2024-07-01 0 days 1,784 sqft
    2024-08-01 0 days 1,708 sqft
    2024-09-01 0 days 1,696 sqft
    2024-10-01 0 days 1,710 sqft
    2024-11-01 0 days 1,670 sqft
    Bogalusa's median listing age (time on market) for 2024-11-01 was 0 days.

    Bogalusa's median square footage for active listings during the 2024-11-01 period was 1,670 sqft. One year prior, the average listing was 1,881 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).