Hammond FHA Loans
HAMMOND, 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.
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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.