Bogalusa FHA Loan Rates, Closing Costs & Stats

Bogalusa, 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.

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 0.09% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.38% and one month ago for the week of 2024-10-25, the average rate was 6.26%.

The average rate one year ago was 7.15%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.2%.

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
Bogalusa's median listing price for 2024-10-01 was $203,750, a difference of $-23,500 (-10.3%) versus the prior year and $3,750 versus the prior month.

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

Bogalusa's average listing price for 2024-10-01 was $250,210, a difference of $-19,739 (-7.3%) versus the prior year and $-3,015 versus the prior month.

For the 2024-10-01 period, Bogalusa had 126 MLS listings, a difference of 9 listings (8%) versus the prior month and 40 listings (47%) 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
Bogalusa's median listing age (time on market) for 2024-10-01 was 0 days.

Bogalusa's median square footage for active listings during the 2024-10-01 period was 1,710 sqft. One year prior, the average listing was 1,933 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).