Fort Polk South FHA Loan Rates, Closing Costs & Stats

Fort Polk South, 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.

    Fort Polk South's 19 lenders originated 57 FHA loans during 2023. The total origination value was $9,575,000, with an average FHA loan value of $167,982.

    Fort Polk South FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fort Polk South averaged 6.62% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Fort Polk South's average FHA mortgage closing costs are $6,700.

    The average rate for the prior week (2024-04-05) was 6.65% and one month ago for the week of 2024-03-08, the average rate was 6.89%.

    The average rate one year ago was 6.52%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.54%.

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

    Fort Polk South 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 Fort Polk South level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 12 6.83% $8,025
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 7.19% $6,646
    EUSTIS AND AMERICAN MORTGAGE COMPANY 6 6.54% $6,701
    Sabine State Bank and Trust Company 4 7.28% $8,269
    AMERICAN FINANCIAL RESOURCES, INC. 3 7.17% $7,340
    FREEDOM MORTGAGE CORPORATION 3 7.33% $10,633
    HOMESIDE FINANCIAL, LLC 3 6.71% $10,055
    QUICKEN LOANS, LLC 2 6.25% $8,409
    LOANDEPOT.COM, LLC 1 4.25% $7,413
    MID AMERICA MORTGAGE, INC. 1 8.75% $3,799
    MORTGAGE FINANCIAL SERVICES, LLC 1 5.63% $7,690
    MOVEMENT MORTGAGE, LLC 1 6.75% $6,957
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $9,553
    NEWREZ LLC 1 6.75% $9,243
    Plains Commerce Bank 1 7.75% $7,745
    BROKER SOLUTIONS, INC. 1 7.63% $8,838
    STOCKTON MORTGAGE CORPORATION 1 5.25% $16,827
    BARKSDALE 1 6.63% $4,689
    GMFS LLC 1 6.25% $8,722

    The top Fort Polk South FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 12 FHA loans originated. Their average total fees are $8,025, which is $1,379 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Fort Polk South FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($8,025), .

    The lowest rate Fort Polk South FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.83%), .

    Fort Polk South FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fort Polk South (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 $159,900 (6.7%) $185,520 (1.1%) 0.00 188
    2018-02-01 $159,900 (1.5%) $180,925 (-3.7%) 0.00 195
    2018-03-01 $159,900 (0.6%) $182,039 (-4.4%) 0.00 185
    2018-04-01 $159,900 (-1.6%) $186,818 (-3.3%) 0.00 189
    2018-05-01 $157,463 (-1.3%) $178,392 (-5.8%) 0.00 189
    2018-06-01 $154,900 (-3.7%) $175,917 (-9.9%) 0.00 175
    2018-07-01 $146,950 (-7.7%) $172,878 (-7.1%) 0.00 167
    2018-08-01 $144,900 (-9.9%) $176,672 (-2.8%) 0.00 154
    2018-09-01 $144,500 (-11.4%) $178,393 (-3.4%) 0.00 164
    2018-10-01 $146,500 (-8.0%) $184,136 (-0.3%) 0.00 166
    2018-11-01 $152,375 (-7.9%) $185,738 (-0.8%) 0.00 171
    2018-12-01 $149,900 (-6.3%) $191,137 (2.2%) 0.00 177
    2019-01-01 $149,900 (-6.3%) $189,242 (2.0%) 0.00 163
    2019-02-01 $149,900 (-6.3%) $188,885 (4.4%) 0.00 173
    2019-03-01 $147,693 (-7.6%) $189,142 (3.9%) 0.00 172
    2019-04-01 $144,875 (-9.4%) $187,584 (0.4%) 0.00 166
    2019-05-01 $148,450 (-5.7%) $197,279 (10.6%) 0.00 160
    2019-06-01 $149,900 (-3.2%) $191,102 (8.6%) 0.00 163
    2019-07-01 $147,225 (0.2%) $192,785 (11.5%) 0.00 158
    2019-08-01 $150,473 (3.9%) $195,187 (10.5%) 0.00 159
    2019-09-01 $151,332 (4.7%) $199,002 (11.6%) 0.00 157
    2019-10-01 $154,975 (5.8%) $203,841 (10.7%) 0.00 156
    2019-11-01 $169,000 (10.9%) $212,626 (14.5%) 0.00 148
    2019-12-01 $158,975 (6.1%) $197,917 (3.6%) 0.00 143
    2020-01-01 $154,250 (2.9%) $193,641 (2.3%) 0.00 137
    2020-02-01 $168,500 (12.4%) $192,618 (2.0%) 0.00 134
    2020-03-01 $166,450 (12.7%) $198,967 (5.2%) 0.00 124
    2020-04-01 $155,250 (7.2%) $189,577 (1.1%) 0.00 114
    2020-05-01 $159,950 (7.8%) $192,971 (-2.2%) 0.00 110
    2020-06-01 $159,950 (6.7%) $206,928 (8.3%) 0.00 102
    2020-07-01 $158,975 (8.0%) $211,624 (9.8%) 0.00 91
    2020-08-01 $144,450 (-4.0%) $204,211 (4.6%) 0.00 86
    2020-09-01 $155,750 (2.9%) $209,427 (5.2%) 0.00 74
    2020-10-01 $142,450 (-8.1%) $208,693 (2.4%) 0.00 72
    2020-11-01 $141,225 (-16.4%) $206,531 (-2.9%) 0.00 66
    2020-12-01 $144,950 (-8.8%) $929,387 (369.6%) 0.00 69
    2021-01-01 $145,000 (-6.0%) $221,758 (14.5%) 0.00 57
    2021-02-01 $149,975 (-11.0%) $211,291 (9.7%) 0.00 59
    2021-03-01 $149,950 (-9.9%) $205,072 (3.1%) 0.00 56
    2021-04-01 $141,000 (-9.2%) $210,721 (11.2%) 0.00 45
    2021-05-01 $141,500 (-11.5%) $202,451 (4.9%) 0.00 43
    2021-06-01 $157,750 (-1.4%) $215,521 (4.2%) 0.00 48
    2021-07-01 $155,000 (-2.5%) $212,933 (0.6%) 0.00 45
    2021-08-01 $179,150 (24.0%) $221,840 (8.6%) 0.00 49
    2021-09-01 $175,550 (12.7%) $231,163 (10.4%) 0.00 60
    2021-10-01 $135,000 (-5.2%) $187,512 (-10.2%) 0.00 55
    2021-11-01 $173,250 (22.7%) $207,977 (0.7%) 0.00 59
    2021-12-01 $170,500 (17.6%) $211,459 (-77.3%) 0.00 61
    2022-01-01 $165,000 (13.8%) $215,931 (-2.6%) 0.00 52
    2022-02-01 $139,950 (-6.7%) $195,760 (-7.4%) 0.00 52
    2022-03-01 $132,975 (-11.3%) $196,165 (-4.3%) 0.00 63
    2022-04-01 $150,000 (6.4%) $203,018 (-3.7%) 0.00 63
    2022-05-01 $168,000 (18.7%) $212,727 (5.1%) 0.00 61
    2022-06-01 $199,975 (26.8%) $222,660 (3.3%) 0.00 61
    2022-07-01 $200,000 (29.0%) $226,527 (6.4%) 0.00 64
    2022-08-01 $202,875 (13.2%) $222,539 (0.3%) 0.00 62
    2022-09-01 $185,000 (5.4%) $211,195 (-8.6%) 0.00 66
    2022-10-01 $180,000 (33.3%) $212,169 (13.2%) 0.00 60
    2022-11-01 $192,950 (11.4%) $211,250 (1.6%) 0.00 59
    2022-12-01 $177,500 (4.1%) $209,554 (-0.9%) 0.00 67
    2023-01-01 $165,975 (0.6%) $214,995 (-0.4%) 0.00 59
    2023-02-01 $204,450 (46.1%) $216,988 (10.8%) 0.00 70
    2023-03-01 $247,175 (85.9%) $231,811 (18.2%) 0.00 76
    2023-04-01 $249,900 (66.6%) $243,942 (20.2%) 0.00 74
    2023-05-01 $239,450 (42.5%) $228,852 (7.6%) 0.00 76
    2023-06-01 $249,925 (25.0%) $241,478 (8.5%) 0.00 78
    2023-07-01 $249,000 (24.5%) $237,813 (5.0%) 0.00 86
    2023-08-01 $234,700 (15.7%) $232,454 (4.5%) 0.00 114
    2023-09-01 $230,950 (24.8%) $230,813 (9.3%) 0.00 111
    2023-10-01 $233,500 (29.7%) $232,751 (9.7%) 0.00 114
    2023-11-01 $233,500 (21.0%) $235,858 (11.7%) 0.00 117
    2023-12-01 $239,000 (34.7%) $241,153 (15.1%) 0.00 117
    2024-01-01 $222,450 (34.0%) $232,849 (8.3%) 0.00 107
    2024-02-01 $199,850 (-2.3%) $227,303 (4.8%) 0.00 106
    2024-03-01 $195,000 (-21.1%) $216,908 (-6.4%) 0.00 104
    Fort Polk South's median listing price for 2024-03-01 was $195,000, a difference of $-52,175 (-21.1%) versus the prior year and $-4,850 versus the prior month.

    Fort Polk South's median listing price comes in at 0% of the national average.

    Fort Polk South's average listing price for 2024-03-01 was $216,908, a difference of $-14,903 (-6.4%) versus the prior year and $-10,395 versus the prior month.

    For the 2024-03-01 period, Fort Polk South had 104 MLS listings, a difference of -2 listings (-2%) versus the prior month and 28 listings (37%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fort Polk South (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,230 sqft
    2018-02-01 0 days 2,256 sqft
    2018-03-01 0 days 2,206 sqft
    2018-04-01 0 days 2,124 sqft
    2018-05-01 0 days 2,175 sqft
    2018-06-01 0 days 2,200 sqft
    2018-07-01 0 days 2,105 sqft
    2018-08-01 0 days 2,072 sqft
    2018-09-01 0 days 2,100 sqft
    2018-10-01 0 days 2,106 sqft
    2018-11-01 0 days 2,108 sqft
    2018-12-01 0 days 2,100 sqft
    2019-01-01 0 days 2,100 sqft
    2019-02-01 0 days 2,100 sqft
    2019-03-01 0 days 2,092 sqft
    2019-04-01 0 days 2,071 sqft
    2019-05-01 0 days 2,091 sqft
    2019-06-01 0 days 2,087 sqft
    2019-07-01 0 days 2,100 sqft
    2019-08-01 0 days 2,100 sqft
    2019-09-01 0 days 2,100 sqft
    2019-10-01 0 days 2,113 sqft
    2019-11-01 0 days 2,127 sqft
    2019-12-01 0 days 2,116 sqft
    2020-01-01 0 days 2,091 sqft
    2020-02-01 0 days 2,145 sqft
    2020-03-01 0 days 1,989 sqft
    2020-04-01 0 days 1,877 sqft
    2020-05-01 0 days 1,800 sqft
    2020-06-01 0 days 1,801 sqft
    2020-07-01 0 days 1,788 sqft
    2020-08-01 0 days 1,782 sqft
    2020-09-01 0 days 1,802 sqft
    2020-10-01 0 days 1,634 sqft
    2020-11-01 0 days 1,577 sqft
    2020-12-01 0 days 1,559 sqft
    2021-01-01 0 days 1,550 sqft
    2021-02-01 0 days 1,555 sqft
    2021-03-01 0 days 1,681 sqft
    2021-04-01 0 days 1,704 sqft
    2021-05-01 0 days 1,631 sqft
    2021-06-01 0 days 1,778 sqft
    2021-07-01 0 days 1,577 sqft
    2021-08-01 0 days 1,613 sqft
    2021-09-01 0 days 1,693 sqft
    2021-10-01 0 days 1,650 sqft
    2021-11-01 0 days 1,717 sqft
    2021-12-01 0 days 1,658 sqft
    2022-01-01 0 days 1,659 sqft
    2022-02-01 0 days 1,533 sqft
    2022-03-01 0 days 1,568 sqft
    2022-04-01 0 days 1,575 sqft
    2022-05-01 0 days 1,622 sqft
    2022-06-01 0 days 1,700 sqft
    2022-07-01 0 days 1,685 sqft
    2022-08-01 0 days 1,708 sqft
    2022-09-01 0 days 1,775 sqft
    2022-10-01 0 days 1,730 sqft
    2022-11-01 0 days 1,632 sqft
    2022-12-01 0 days 1,625 sqft
    2023-01-01 0 days 1,733 sqft
    2023-02-01 0 days 1,863 sqft
    2023-03-01 0 days 1,936 sqft
    2023-04-01 0 days 2,000 sqft
    2023-05-01 0 days 1,867 sqft
    2023-06-01 0 days 1,939 sqft
    2023-07-01 0 days 1,949 sqft
    2023-08-01 0 days 1,927 sqft
    2023-09-01 0 days 1,910 sqft
    2023-10-01 0 days 1,845 sqft
    2023-11-01 0 days 1,795 sqft
    2023-12-01 0 days 1,811 sqft
    2024-01-01 0 days 1,785 sqft
    2024-02-01 0 days 1,770 sqft
    2024-03-01 0 days 1,719 sqft
    Fort Polk South's median listing age (time on market) for 2024-03-01 was 0 days.

    Fort Polk South's median square footage for active listings during the 2024-03-01 period was 1,719 sqft. One year prior, the average listing was 1,936 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).