Hammond FHA Loans

HAMMOND, 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.

    Hammond's 78 lenders originated 845 FHA loans during 2021. The total origination value was $163,935,000, with an average FHA loan value of $194,006.

    Hammond FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hammond averaged 5.15% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.38% and one month ago for the week of 2022-04-08, the average rate was 5.05%.

    The average rate one year ago was 3.06%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.97%.

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

    Hammond FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Hammond level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    CALIBER HOME LOANS, INC. 61 3.06% $7,064
    FREEDOM MORTGAGE CORPORATION 48 2.92% $5,184
    QUICKEN LOANS, LLC 48 2.72% $5,038
    DSLD MORTGAGE, LLC 47 2.70% $4,266
    MOVEMENT MORTGAGE, LLC 47 3.22% $7,245
    DHI MORTGAGE COMPANY, LTD. 45 2.82% $7,331
    GMFS LLC 42 3.14% $5,320
    Gulf Coast Bank and Trust Company 29 2.84% $8,304
    SUMMIT FUNDING, INC. 22 3.56% $7,956
    Gateway First Bank 18 3.53% $6,083
    PENNYMAC LOAN SERVICES, LLC 17 3.11% $4,353
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 16 3.00% $7,275
    MID AMERICA MORTGAGE, INC. 16 3.16% $4,594
    LAKEVIEW LOAN SERVICING, LLC 15 2.94% $4,389
    INTERLINC MORTGAGE SERVICES, LLC 13 3.43% $5,272
    AMERICAN FINANCIAL NETWORK, INC. 13 3.11% $10,041
    SOUTHWEST FUNDING, LP 13 3.41% $9,648
    Mr. Cooper ( Nationstar Mortgage ) 13 3.35% $3,532
    FBT Mortgage, L.L.C. 12 2.73% $7,519
    UNITED WHOLESALE MORTGAGE, LLC 11 2.70% $8,011
    HOMEBRIDGE FINANCIAL SERVICES, INC. 10 2.68% $6,594
    FIDELITY BANK 9 3.15% $7,067
    LOANDEPOT.COM, LLC 9 3.28% $7,742
    AmeriHome Mortgage Company, LLC 8 3.08% $3,806
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 7 3.68% $9,443
    PLANET HOME LENDING, LLC 6 3.00% $7,286
    ANGEL OAK HOME LOANS LLC 6 3.06% $7,293
    CROSSCOUNTRY MORTGAGE, LLC 6 3.38% $8,695
    Assurance Financial Group, L.L.C. 6 2.98% $6,634
    Nations Lending Corporation 6 3.25% $7,155
    AMCAP MORTGAGE, LTD. 5 3.45% $8,028
    AMERICAN FINANCIAL RESOURCES, INC. 5 3.25% $6,509
    LHM FINANCIAL CORPORATION 5 2.92% $8,164
    VILLAGE CAPITAL & INVESTMENT LLC 5 2.87% $2,562
    NEWREZ LLC 4 2.78% $10,253
    Carrington Mortgage Services, LLC 4 3.31% $7,819
    Goldwater Bank, N.A. 4 2.75% $7,616
    EUSTIS AND AMERICAN MORTGAGE COMPANY 3 3.00% $8,831
    HOME POINT FINANCIAL CORPORATION 3 2.83% $7,692
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.38% $7,227
    UNITED SECURITY FINANCIAL CORP 3 2.79% $7,877
    First Guaranty Mortgage Corporation 3 2.71% $6,760
    Hometown Equity Mortgage, LLC 3 4.08% $10,554
    Lakeview Community Capital, LLC 3 2.87% $4,042
    EVERETT FINANCIAL, INC. 2 4.31% $6,636
    STANDARD MORTGAGE CORPORATION 2 2.93% $7,350
    OCEANSIDE MORTGAGE COMPANY 2 2.50% $2,819
    MORTGAGE FINANCIAL SERVICES, LLC 2 3.25% $5,886
    PERFORMANCE MORTGAGE LLC 2 3.43% $8,420
    Hancock Whitney Bank 2 2.69% $6,830
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.38% $11,060
    CMG MORTGAGE, INC. 2 3.31% $9,456
    Republic State Mortgage Co. 2 3.50% $7,019
    HOMESPIRE MORTGAGE CORPORATION 2 3.19% $9,179
    AMERISAVE MORTGAGE CORPORATION 1 2.75% $5,568
    Trustmark National Bank 1 2.50% $2,404
    America's Mortgage Resource, Inc. 1 3.13% $3,484
    Flagstar Bank, FSB 1 2.99% $6,262
    BAYSHORE MORTGAGE FUNDING, LLC 1 4.25% $6,599
    GUILD MORTGAGE COMPANY 1 3.63% $10,701
    First Horizon Bank 1 2.63% $7,308
    HOMESIDE FINANCIAL, LLC 1 3.50% $7,746
    JPMorgan Chase Bank 1 3.75% $4,370
    KEESLER 1 2.50% $8,566
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.25% $8,962
    MIDLAND MORTGAGE CORPORATION 1 3.25% $5,129
    Century Mortgage Company DBA Century Lending Company 1 3.00% $11,229
    NATIONS DIRECT MORTGAGE, LLC 1 3.25% $4,812
    BELEM SERVICING LLC 1 2.88% $11,924
    NATIONS RELIABLE LENDING, LLC 1 3.75% $9,041
    OCMBC, INC. 1 3.63% $11,460
    GSF Mortgage Corporation 1 2.75% $7,516
    Barrington Bank & Trust Company, N.A. 1 3.00% $7,069
    Bank of England 1 3.25% $6,768
    RELIANCE FIRST CAPITAL, LLC 1 3.25% $8,779
    SECURITYNATIONAL MORTGAGE COMPANY 1 3.00% $9,186
    BancorpSouth Bank 1 3.00% $7,933
    SOUTHWEST STAGE FUNDING, LLC 1 3.75% $3,990

    The top Hammond FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 61 FHA loans originated. Their average total fees are $7,064, which is $1,880 higher than the next largest lender, FREEDOM MORTGAGE CORPORATION.

    The lowest fee Hammond FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,532), DSLD MORTGAGE, LLC ($4,266), PENNYMAC LOAN SERVICES, LLC ($4,353), LAKEVIEW LOAN SERVICING, LLC ($4,389) and MID AMERICA MORTGAGE, INC. ($4,594).

    The lowest rate Hammond FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (2.68%), DSLD MORTGAGE, LLC (2.70%), UNITED WHOLESALE MORTGAGE, LLC (2.70%), QUICKEN LOANS, LLC (2.72%) and FBT Mortgage, L.L.C. (2.73%).

    Hammond FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    HAMMOND, LA TANGIPAHOA 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Hammond (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 $192,250 (1.7%) $234,529 (0.0%) 0.00 498
    2018-02-01 $190,630 (1.4%) $232,918 (-0.2%) 0.00 507
    2018-03-01 $190,095 (0.6%) $232,970 (-1.0%) 0.00 516
    2018-04-01 $189,950 (-2.6%) $231,939 (-3.6%) 0.00 526
    2018-05-01 $194,000 (-2.9%) $233,880 (-2.3%) 0.00 534
    2018-06-01 $189,900 (-4.6%) $227,839 (-4.4%) 0.00 574
    2018-07-01 $188,543 (-3.3%) $226,946 (-6.8%) 0.00 564
    2018-08-01 $188,950 (-3.1%) $228,157 (-5.1%) 0.00 569
    2018-09-01 $185,000 (-4.4%) $223,230 (-5.5%) 0.00 607
    2018-10-01 $185,000 (-7.0%) $234,046 (-3.0%) 0.00 620
    2018-11-01 $185,700 (-4.0%) $236,251 (-2.6%) 0.00 643
    2018-12-01 $187,900 (-6.0%) $234,464 (-2.8%) 0.00 656
    2019-01-01 $183,900 (-4.3%) $234,307 (-0.1%) 0.00 652
    2019-02-01 $184,950 (-3.0%) $235,500 (1.1%) 0.00 646
    2019-03-01 $185,329 (-2.5%) $235,090 (0.9%) 0.00 642
    2019-04-01 $187,450 (-1.3%) $235,289 (1.4%) 0.00 634
    2019-05-01 $196,200 (1.1%) $242,661 (3.8%) 0.00 618
    2019-06-01 $199,900 (5.3%) $241,404 (6.0%) 0.00 638
    2019-07-01 $199,000 (5.6%) $239,616 (5.6%) 0.00 657
    2019-08-01 $199,214 (5.4%) $241,149 (5.7%) 0.00 648
    2019-09-01 $197,214 (6.6%) $242,243 (8.5%) 0.00 630
    2019-10-01 $199,000 (7.6%) $244,717 (4.6%) 0.00 596
    2019-11-01 $195,000 (5.0%) $242,826 (2.8%) 0.00 579
    2019-12-01 $194,268 (3.4%) $245,397 (4.7%) 0.00 560
    2020-01-01 $189,950 (3.3%) $241,870 (3.2%) 0.00 528
    2020-02-01 $189,900 (2.7%) $249,586 (6.0%) 0.00 507
    2020-03-01 $198,500 (7.1%) $259,407 (10.3%) 0.00 484
    2020-04-01 $199,950 (6.7%) $258,759 (10.0%) 0.00 478
    2020-05-01 $205,900 (4.9%) $263,456 (8.6%) 0.00 413
    2020-06-01 $224,500 (12.3%) $283,824 (17.6%) 0.00 335
    2020-07-01 $224,450 (12.8%) $276,551 (15.4%) 0.00 313
    2020-08-01 $225,000 (12.9%) $277,124 (14.9%) 0.00 306
    2020-09-01 $232,000 (17.6%) $285,876 (18.0%) 0.00 291
    2020-10-01 $227,000 (14.1%) $298,793 (22.1%) 0.00 244
    2020-11-01 $233,500 (19.7%) $306,367 (26.2%) 0.00 235
    2020-12-01 $244,000 (25.6%) $328,895 (34.0%) 0.00 221
    2021-01-01 $249,900 (31.6%) $329,624 (36.3%) 0.00 193
    2021-02-01 $247,450 (30.3%) $364,505 (46.0%) 0.00 168
    2021-03-01 $249,500 (25.7%) $368,646 (42.1%) 0.00 163
    2021-04-01 $240,000 (20.0%) $356,587 (37.8%) 0.00 157
    2021-05-01 $243,900 (18.5%) $366,857 (39.3%) 0.00 154
    2021-06-01 $269,000 (19.8%) $388,936 (37.0%) 0.00 157
    2021-07-01 $271,950 (21.2%) $385,004 (39.2%) 0.00 163
    2021-08-01 $274,303 (21.9%) $393,416 (42.0%) 0.00 193
    2021-09-01 $278,500 (20.0%) $395,621 (38.4%) 0.00 178
    2021-10-01 $275,000 (21.2%) $393,767 (31.8%) 0.00 158
    2021-11-01 $255,000 (9.2%) $379,671 (23.9%) 0.00 148
    2021-12-01 $249,500 (2.3%) $383,007 (16.5%) 0.00 137
    2022-01-01 $240,000 (-4.0%) $375,796 (14.0%) 0.00 120
    2022-02-01 $250,000 (1.0%) $383,209 (5.1%) 0.00 91
    2022-03-01 $261,950 (5.0%) $371,824 (0.9%) 0.00 122
    2022-04-01 $256,340 (6.8%) $360,082 (1.0%) 0.00 160
    Hammond's median listing price for 2022-04-01 was $256,340, a difference of $16,340 (6.8%) versus the prior year and $-5,610 versus the prior month.

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

    Hammond's average listing price for 2022-04-01 was $360,082, a difference of $3,495 (1.0%) versus the prior year and $-11,742 versus the prior month.

    For the 2022-04-01 period, Hammond had 160 MLS listings, a difference of 38 listings (31%) versus the prior month and 3 listings (2%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Hammond (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,856 sqft
    2018-02-01 0 days 1,853 sqft
    2018-03-01 0 days 1,860 sqft
    2018-04-01 0 days 1,854 sqft
    2018-05-01 0 days 1,891 sqft
    2018-06-01 0 days 1,868 sqft
    2018-07-01 0 days 1,841 sqft
    2018-08-01 0 days 1,841 sqft
    2018-09-01 0 days 1,792 sqft
    2018-10-01 0 days 1,776 sqft
    2018-11-01 0 days 1,759 sqft
    2018-12-01 0 days 1,786 sqft
    2019-01-01 0 days 1,755 sqft
    2019-02-01 0 days 1,786 sqft
    2019-03-01 0 days 1,771 sqft
    2019-04-01 0 days 1,784 sqft
    2019-05-01 0 days 1,843 sqft
    2019-06-01 0 days 1,863 sqft
    2019-07-01 0 days 1,861 sqft
    2019-08-01 0 days 1,872 sqft
    2019-09-01 0 days 1,870 sqft
    2019-10-01 0 days 1,876 sqft
    2019-11-01 0 days 1,887 sqft
    2019-12-01 0 days 1,872 sqft
    2020-01-01 0 days 1,853 sqft
    2020-02-01 0 days 1,861 sqft
    2020-03-01 0 days 1,883 sqft
    2020-04-01 0 days 1,877 sqft
    2020-05-01 0 days 1,900 sqft
    2020-06-01 0 days 2,015 sqft
    2020-07-01 0 days 2,012 sqft
    2020-08-01 0 days 2,013 sqft
    2020-09-01 0 days 2,078 sqft
    2020-10-01 0 days 1,980 sqft
    2020-11-01 0 days 2,019 sqft
    2020-12-01 0 days 2,057 sqft
    2021-01-01 0 days 2,048 sqft
    2021-02-01 0 days 2,048 sqft
    2021-03-01 0 days 2,072 sqft
    2021-04-01 0 days 1,953 sqft
    2021-05-01 0 days 1,974 sqft
    2021-06-01 0 days 2,075 sqft
    2021-07-01 0 days 2,060 sqft
    2021-08-01 0 days 2,073 sqft
    2021-09-01 0 days 2,209 sqft
    2021-10-01 0 days 2,106 sqft
    2021-11-01 0 days 2,001 sqft
    2021-12-01 0 days 1,967 sqft
    2022-01-01 0 days 1,831 sqft
    2022-02-01 0 days 1,804 sqft
    2022-03-01 0 days 1,945 sqft
    2022-04-01 0 days 1,900 sqft
    Hammond's median listing age (time on market) for 2022-04-01 was 0 days.

    Hammond's median square footage for active listings during the 2022-04-01 period was 1,900 sqft. One year prior, the average listing was 1,953 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).