Hammond FHA Loan Rates, Closing Costs & Stats

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 68 lenders originated 563 FHA loans during 2024. The total origination value was $132,195,000, with an average FHA loan value of $234,805.

    Hammond FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hammond averaged 6.46% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Hammond's average FHA mortgage closing costs are $7,343.

    The average rate for the prior week (2025-03-28) was 6.56% and one month ago for the week of 2025-02-28, the average rate was 6.24%.

    The average rate one year ago was 6.56%.

    For refis of the same type during the week of 2025-04-04, the average rate was 5.79%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Hammond level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    DSLD MORTGAGE, LLC 57 5.99% $5,423
    GMFS LLC 43 6.35% $7,211
    DHI MORTGAGE COMPANY, LTD. 39 4.73% $7,416
    MOVEMENT MORTGAGE, LLC 32 6.59% $9,213
    QUICKEN LOANS, LLC 31 6.31% $11,149
    UNITED WHOLESALE MORTGAGE, LLC 29 6.16% $12,964
    Gulf Coast Bank and Trust Company 25 6.24% $9,961
    Equity Prime Mortgage LLC 19 6.43% $9,099
    FREEDOM MORTGAGE CORPORATION 19 6.22% $9,498
    EUSTIS AND AMERICAN MORTGAGE COMPANY 18 6.44% $9,803
    FIDELITY BANK 15 6.35% $10,584
    CARDINAL FINANCIAL 13 6.47% $13,892
    CROSSCOUNTRY MORTGAGE, LLC 12 6.58% $9,819
    NEWREZ LLC 11 7.10% $7,744
    MID AMERICA MORTGAGE, INC. 10 6.74% $4,904
    PENNYMAC LOAN SERVICES, LLC 7 6.02% $6,370
    STANDARD MORTGAGE CORPORATION 7 6.61% $7,449
    LOANDEPOT.COM, LLC 7 6.25% $12,875
    Flagstar Bank, FSB 6 6.02% $8,628
    SUMMIT FUNDING, INC. 6 6.20% $9,984
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 6.56% $10,088
    Hancock Whitney Bank 6 6.13% $9,790
    GUARANTEED RATE, INC. 5 6.38% $12,459
    Towne Bank 5 6.50% $9,556
    AMERITRUST MORTGAGE CORPORATION 4 6.66% $15,616
    Carrington Mortgage Services, LLC 4 6.13% $13,205
    PLANET HOME LENDING, LLC 4 6.37% $6,742
    AMERICAN FINANCIAL NETWORK, INC. 3 6.75% $10,670
    Assurance Financial Group, L.L.C. 3 6.62% $7,266
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.64% $8,284
    GUILD MORTGAGE COMPANY 3 6.67% $9,549
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.90% $7,889
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.58% $11,876
    Mortgage Research Center, LLC 2 6.75% $10,621
    AMERICAN FINANCING CORPORATION 2 6.12% $7,882
    AmeriHome Mortgage Company, LLC 2 6.75% $5,175
    AMERISAVE MORTGAGE CORPORATION 2 6.38% $11,659
    BankPlus 2 6.06% $6,692
    BROKER SOLUTIONS, INC. 2 7.00% $16,358
    Century Mortgage Company DBA Century Lending Company 2 6.69% $11,862
    CMG MORTGAGE, INC. 2 6.44% $11,752
    FIRST COMMUNITY MORTGAGE, INC. 2 6.31% $8,680
    First Horizon Bank 2 6.35% $8,449
    Goldwater Bank, N.A. 2 6.69% $13,085
    Lakeview Community Capital, LLC 2 6.25% $9,654
    LAKEVIEW LOAN SERVICING, LLC 2 6.00% $10,607
    Nations Lending Corporation 1 6.75% $7,030
    Mr. Cooper ( Nationstar Mortgage ) 1 7.13% $15,057
    NORWICH COMMERCIAL GROUP, INC. 1 6.25% $3,732
    OCMBC, INC. 1 7.25% $13,242
    Paramount Residential Mortgage Group, Inc. 1 6.63% $9,784
    INTERLINC MORTGAGE SERVICES, LLC 1 6.27% $9,174
    GENEVA FINANCIAL, LLC 1 6.75% $14,951
    PLAZA HOME MORTGAGE, INC. 1 6.13% $9,276
    First Option Mortgage, LLC 1 7.25% $9,095
    Prosperity Home Mortgage, LLC 1 6.13% $7,069
    EMM LOANS LLC 1 6.50% $25,185
    Red River Bank 1 6.13% $7,363
    Regions Bank 1 6.63% $11,722
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $11,761
    Residential Acceptance Corporation 1 7.13% $10,830
    Cornerstone First Mortgage, Inc 1 6.75% $6,973
    Citizens Bank 1 5.88% $9,507
    T2 FINANCIAL LLC 1 5.75% $9,236
    Bank of England 1 6.13% $11,303
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $8,563
    VILLAGE CAPITAL MORTGAGE 1 6.75% $3,468
    Wolfe Financial, Inc 1 6.38% $14,718

    The top Hammond FHA lender as defined by loan originations is DSLD MORTGAGE, LLC, with 57 FHA loans originated. Their average total fees are $5,423, which is $1,788 lower than the next largest lender, GMFS LLC.

    The lowest fee Hammond FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,904), DSLD MORTGAGE, LLC ($5,423), GMFS LLC ($7,211), DHI MORTGAGE COMPANY, LTD. ($7,416) and NEWREZ LLC ($7,744).

    The lowest rate Hammond FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.73%), DSLD MORTGAGE, LLC (5.99%), UNITED WHOLESALE MORTGAGE, LLC (6.16%), FREEDOM MORTGAGE CORPORATION (6.22%) and Gulf Coast Bank and Trust Company (6.24%).

    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
    HAMMOND, LA TANGIPAHOA 2023 $472,030 $604,400 $730,525 $907,900

    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 $189,900 (0.8%) $233,981 (-0.6%) 0.00 477
    2018-02-01 $189,325 (1.0%) $231,397 (-1.4%) 0.00 488
    2018-03-01 $189,900 (1.8%) $231,628 (-1.7%) 0.00 492
    2018-04-01 $189,950 (0.5%) $230,842 (-3.8%) 0.00 500
    2018-05-01 $193,245 (-2.4%) $232,827 (-2.5%) 0.00 509
    2018-06-01 $188,928 (-4.1%) $226,817 (-4.6%) 0.00 546
    2018-07-01 $189,043 (-2.1%) $227,426 (-6.2%) 0.00 537
    2018-08-01 $188,305 (-2.2%) $227,096 (-5.0%) 0.00 537
    2018-09-01 $185,000 (-2.6%) $223,044 (-4.5%) 0.00 567
    2018-10-01 $186,826 (-2.6%) $234,214 (-2.5%) 0.00 579
    2018-11-01 $188,538 (-0.7%) $235,522 (-2.2%) 0.00 604
    2018-12-01 $189,305 (-2.9%) $234,054 (-1.8%) 0.00 615
    2019-01-01 $183,445 (-3.4%) $232,389 (-0.7%) 0.00 607
    2019-02-01 $184,950 (-2.3%) $234,028 (1.1%) 0.00 605
    2019-03-01 $186,821 (-1.6%) $234,677 (1.3%) 0.00 603
    2019-04-01 $189,625 (-0.2%) $235,166 (1.9%) 0.00 594
    2019-05-01 $196,475 (1.7%) $240,644 (3.4%) 0.00 572
    2019-06-01 $199,000 (5.3%) $241,262 (6.4%) 0.00 594
    2019-07-01 $199,000 (5.3%) $238,907 (5.1%) 0.00 601
    2019-08-01 $198,123 (5.2%) $239,747 (5.6%) 0.00 597
    2019-09-01 $196,806 (6.4%) $241,793 (8.4%) 0.00 585
    2019-10-01 $197,538 (5.7%) $243,156 (3.8%) 0.00 559
    2019-11-01 $196,100 (4.0%) $244,711 (3.9%) 0.00 539
    2019-12-01 $194,100 (2.5%) $245,285 (4.8%) 0.00 517
    2020-01-01 $190,950 (4.1%) $242,340 (4.3%) 0.00 490
    2020-02-01 $190,000 (2.7%) $250,425 (7.0%) 0.00 468
    2020-03-01 $198,950 (6.5%) $256,941 (9.5%) 0.00 454
    2020-04-01 $201,900 (6.5%) $257,768 (9.6%) 0.00 450
    2020-05-01 $207,900 (5.8%) $260,434 (8.2%) 0.00 391
    2020-06-01 $223,900 (12.5%) $278,538 (15.5%) 0.00 317
    2020-07-01 $224,750 (12.9%) $276,927 (15.9%) 0.00 299
    2020-08-01 $224,900 (13.5%) $273,428 (14.1%) 0.00 284
    2020-09-01 $228,190 (16.0%) $277,080 (14.6%) 0.00 269
    2020-10-01 $220,000 (11.4%) $285,448 (17.4%) 0.00 228
    2020-11-01 $229,000 (16.8%) $296,914 (21.3%) 0.00 216
    2020-12-01 $234,475 (20.8%) $311,754 (27.1%) 0.00 204
    2021-01-01 $235,000 (23.1%) $318,152 (31.3%) 0.00 176
    2021-02-01 $234,170 (23.3%) $334,900 (33.7%) 0.00 157
    2021-03-01 $236,750 (19.0%) $335,953 (30.8%) 0.00 156
    2021-04-01 $237,250 (17.5%) $336,238 (30.4%) 0.00 153
    2021-05-01 $240,000 (15.4%) $351,978 (35.2%) 0.00 147
    2021-06-01 $265,000 (18.4%) $371,407 (33.3%) 0.00 143
    2021-07-01 $267,000 (18.8%) $357,443 (29.1%) 0.00 152
    2021-08-01 $256,950 (14.3%) $345,695 (26.4%) 0.00 164
    2021-09-01 $267,225 (17.1%) $361,991 (30.7%) 0.00 151
    2021-10-01 $264,058 (20.0%) $365,974 (28.2%) 0.00 134
    2021-11-01 $248,250 (8.4%) $350,289 (18.0%) 0.00 127
    2021-12-01 $249,250 (6.3%) $358,504 (15.0%) 0.00 121
    2022-01-01 $238,753 (1.6%) $358,986 (12.8%) 0.00 115
    2022-02-01 $253,725 (8.4%) $377,775 (12.8%) 0.00 86
    2022-03-01 $264,556 (11.7%) $365,165 (8.7%) 0.00 111
    2022-04-01 $256,225 (8.0%) $365,531 (8.7%) 0.00 142
    2022-05-01 $268,603 (11.9%) $379,250 (7.8%) 0.00 153
    2022-06-01 $257,681 (-2.8%) $361,728 (-2.6%) 0.00 182
    2022-07-01 $256,863 (-3.8%) $343,490 (-3.9%) 0.00 225
    2022-08-01 $260,500 (1.4%) $331,760 (-4.0%) 0.00 237
    2022-09-01 $258,942 (-3.1%) $327,793 (-9.5%) 0.00 259
    2022-10-01 $250,000 (-5.3%) $318,620 (-12.9%) 0.00 284
    2022-11-01 $252,450 (1.7%) $310,623 (-11.3%) 0.00 277
    2022-12-01 $259,900 (4.3%) $305,428 (-14.8%) 0.00 276
    2023-01-01 $260,290 (9.0%) $299,034 (-16.7%) 0.00 284
    2023-02-01 $259,519 (2.3%) $302,588 (-19.9%) 0.00 281
    2023-03-01 $257,129 (-2.8%) $301,535 (-17.4%) 0.00 272
    2023-04-01 $260,000 (1.5%) $310,074 (-15.2%) 0.00 263
    2023-05-01 $276,375 (2.9%) $316,693 (-16.5%) 0.00 270
    2023-06-01 $280,285 (8.8%) $334,535 (-7.5%) 0.00 274
    2023-07-01 $278,000 (8.2%) $335,565 (-2.3%) 0.00 278
    2023-08-01 $279,375 (7.3%) $341,391 (2.9%) 0.00 303
    2023-09-01 $269,900 (4.2%) $328,541 (0.2%) 0.00 324
    2023-10-01 $259,425 (3.8%) $317,513 (-0.4%) 0.00 309
    2023-11-01 $261,750 (3.7%) $316,668 (2.0%) 0.00 321
    2023-12-01 $264,900 (1.9%) $313,064 (2.5%) 0.00 318
    2024-01-01 $264,900 (1.8%) $314,103 (5.0%) 0.00 309
    2024-02-01 $262,800 (1.3%) $312,208 (3.2%) 0.00 325
    2024-03-01 $265,000 (3.1%) $323,353 (7.2%) 0.00 313
    2024-04-01 $266,500 (2.5%) $320,566 (3.4%) 0.00 315
    2024-05-01 $258,950 (-6.3%) $329,020 (3.9%) 0.00 351
    2024-06-01 $265,000 (-5.5%) $326,650 (-2.4%) 0.00 360
    2024-07-01 $257,500 (-7.4%) $325,789 (-2.9%) 0.00 385
    2024-08-01 $259,450 (-7.1%) $326,058 (-4.5%) 0.00 420
    2024-09-01 $258,700 (-4.2%) $335,116 (2.0%) 0.00 366
    2024-10-01 $260,000 (0.2%) $329,633 (3.8%) 0.00 368
    2024-11-01 $269,640 (3.0%) $328,907 (3.9%) 0.00 355
    2024-12-01 $263,950 (-0.4%) $322,370 (3.0%) 0.00 378
    2025-01-01 $260,850 (-1.5%) $320,329 (2.0%) 0.00 358
    2025-02-01 $265,450 (1.0%) $323,185 (3.5%) 0.00 345
    2025-03-01 $270,000 (1.9%) $317,140 (-1.9%) 0.00 345
    Hammond's median listing price for 2025-03-01 was $270,000, a difference of $5,000 (1.9%) versus the prior year and $4,550 versus the prior month.

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

    Hammond's average listing price for 2025-03-01 was $317,140, a difference of $-6,213 (-1.9%) versus the prior year and $-6,045 versus the prior month.

    For the 2025-03-01 period, Hammond had 345 MLS listings, a difference of 0 listings (0%) versus the prior month and 32 listings (10%) 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 1,847 sqft
    2018-02-01 0 days 1,831 sqft
    2018-03-01 0 days 1,858 sqft
    2018-04-01 0 days 1,855 sqft
    2018-05-01 0 days 1,880 sqft
    2018-06-01 0 days 1,858 sqft
    2018-07-01 0 days 1,842 sqft
    2018-08-01 0 days 1,840 sqft
    2018-09-01 0 days 1,803 sqft
    2018-10-01 0 days 1,788 sqft
    2018-11-01 0 days 1,774 sqft
    2018-12-01 0 days 1,803 sqft
    2019-01-01 0 days 1,755 sqft
    2019-02-01 0 days 1,772 sqft
    2019-03-01 0 days 1,779 sqft
    2019-04-01 0 days 1,789 sqft
    2019-05-01 0 days 1,842 sqft
    2019-06-01 0 days 1,866 sqft
    2019-07-01 0 days 1,859 sqft
    2019-08-01 0 days 1,855 sqft
    2019-09-01 0 days 1,857 sqft
    2019-10-01 0 days 1,861 sqft
    2019-11-01 0 days 1,885 sqft
    2019-12-01 0 days 1,871 sqft
    2020-01-01 0 days 1,858 sqft
    2020-02-01 0 days 1,858 sqft
    2020-03-01 0 days 1,882 sqft
    2020-04-01 0 days 1,882 sqft
    2020-05-01 0 days 1,898 sqft
    2020-06-01 0 days 1,997 sqft
    2020-07-01 0 days 2,012 sqft
    2020-08-01 0 days 1,983 sqft
    2020-09-01 0 days 2,060 sqft
    2020-10-01 0 days 1,914 sqft
    2020-11-01 0 days 1,923 sqft
    2020-12-01 0 days 1,926 sqft
    2021-01-01 0 days 1,950 sqft
    2021-02-01 0 days 1,980 sqft
    2021-03-01 0 days 1,971 sqft
    2021-04-01 0 days 1,937 sqft
    2021-05-01 0 days 1,969 sqft
    2021-06-01 0 days 2,030 sqft
    2021-07-01 0 days 2,040 sqft
    2021-08-01 0 days 2,000 sqft
    2021-09-01 0 days 2,099 sqft
    2021-10-01 0 days 2,000 sqft
    2021-11-01 0 days 1,921 sqft
    2021-12-01 0 days 1,923 sqft
    2022-01-01 0 days 1,823 sqft
    2022-02-01 0 days 1,877 sqft
    2022-03-01 0 days 1,960 sqft
    2022-04-01 0 days 1,887 sqft
    2022-05-01 0 days 2,015 sqft
    2022-06-01 0 days 1,927 sqft
    2022-07-01 0 days 1,887 sqft
    2022-08-01 0 days 1,853 sqft
    2022-09-01 0 days 1,831 sqft
    2022-10-01 0 days 1,808 sqft
    2022-11-01 0 days 1,866 sqft
    2022-12-01 0 days 1,898 sqft
    2023-01-01 0 days 1,869 sqft
    2023-02-01 0 days 1,860 sqft
    2023-03-01 0 days 1,893 sqft
    2023-04-01 0 days 1,935 sqft
    2023-05-01 0 days 2,054 sqft
    2023-06-01 0 days 2,064 sqft
    2023-07-01 0 days 2,000 sqft
    2023-08-01 0 days 2,000 sqft
    2023-09-01 0 days 1,922 sqft
    2023-10-01 0 days 1,888 sqft
    2023-11-01 0 days 1,889 sqft
    2023-12-01 0 days 1,863 sqft
    2024-01-01 0 days 1,862 sqft
    2024-02-01 0 days 1,821 sqft
    2024-03-01 0 days 1,819 sqft
    2024-04-01 0 days 1,819 sqft
    2024-05-01 0 days 1,819 sqft
    2024-06-01 0 days 1,819 sqft
    2024-07-01 0 days 1,819 sqft
    2024-08-01 0 days 1,830 sqft
    2024-09-01 0 days 1,850 sqft
    2024-10-01 0 days 1,861 sqft
    2024-11-01 0 days 1,881 sqft
    2024-12-01 0 days 1,858 sqft
    2025-01-01 0 days 1,844 sqft
    2025-02-01 0 days 1,851 sqft
    2025-03-01 0 days 1,888 sqft
    Hammond's median listing age (time on market) for 2025-03-01 was 0 days.

    Hammond's median square footage for active listings during the 2025-03-01 period was 1,888 sqft. One year prior, the average listing was 1,819 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).