Hammond FHA Loan Rates, Closing Costs & Stats

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 76 lenders originated 499 FHA loans during 2023. The total origination value was $113,285,000, with an average FHA loan value of $227,024.

Hammond FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hammond averaged 6.43% for the week of 2024-07-12, compared to the national average (all FHA variants) of 6.655% for the same period.

Hammond's average FHA mortgage closing costs are $7,063.

The average rate for the prior week (2024-07-05) was 6.39% and one month ago for the week of 2024-06-07, the average rate was 6.67%.

The average rate one year ago was 6.87%.

For refis of the same type during the week of 2024-07-12, the average rate was 6.91%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
DSLD MORTGAGE, LLC 57 6.55% $5,077
UNITED WHOLESALE MORTGAGE, LLC 38 6.27% $11,297
MOVEMENT MORTGAGE, LLC 35 6.65% $10,688
GMFS LLC 34 6.56% $9,197
QUICKEN LOANS, LLC 27 6.29% $9,962
Gulf Coast Bank and Trust Company 23 6.53% $8,812
EUSTIS AND AMERICAN MORTGAGE COMPANY 18 6.53% $10,682
DHI MORTGAGE COMPANY, LTD. 18 5.28% $7,714
CARDINAL FINANCIAL 15 6.24% $12,047
FREEDOM MORTGAGE CORPORATION 13 6.95% $12,308
CROSSCOUNTRY MORTGAGE, LLC 13 6.79% $10,280
SUN WEST MORTGAGE COMPANY, INC. 12 6.39% $9,196
MID AMERICA MORTGAGE, INC. 12 6.81% $5,882
Hancock Whitney Bank 9 6.71% $7,117
FIDELITY BANK 8 6.65% $9,883
SUMMIT FUNDING, INC. 8 6.68% $8,430
NEWREZ LLC 7 6.57% $10,176
Assurance Financial Group, L.L.C. 6 7.21% $10,023
STANDARD MORTGAGE CORPORATION 6 6.35% $8,304
Regions Bank 5 6.23% $9,286
AMERICAN FINANCIAL NETWORK, INC. 5 7.23% $9,956
MUTUAL OF OMAHA MORTGAGE, INC. 4 6.72% $11,469
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.88% $9,742
LOANDEPOT.COM, LLC 4 6.00% $9,636
PLANET HOME LENDING, LLC 4 6.31% $8,780
DRAPER AND KRAMER MORTGAGE CORP. 4 6.74% $7,923
AMERISAVE MORTGAGE CORPORATION 3 5.96% $11,885
Mr. Cooper ( Nationstar Mortgage ) 3 6.21% $16,016
America's Mortgage Resource, Inc. 3 6.82% $4,810
Equity Prime Mortgage LLC 3 6.50% $8,706
Paramount Residential Mortgage Group, Inc. 3 7.21% $12,472
Prosperity Home Mortgage, LLC 3 6.41% $10,975
BROKER SOLUTIONS, INC. 3 6.63% $11,109
Flagstar Bank, FSB 3 6.46% $8,588
GUILD MORTGAGE COMPANY 2 6.38% $11,412
GUARANTEED RATE, INC. 2 7.06% $9,167
Century Mortgage Company DBA Century Lending Company 2 6.38% $9,029
UNION HOME MORTGAGE CORP. 2 6.25% $10,196
Goldwater Bank, N.A. 2 7.13% $9,704
Bank of England 2 6.88% $8,867
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.13% $9,521
PENNYMAC LOAN SERVICES, LLC 2 7.06% $5,902
OCMBC, INC. 2 7.38% $18,183
Wolfe Financial, Inc 1 7.13% $10,368
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.75% $15,284
AmeriHome Mortgage Company, LLC 1 6.13% $13,933
BETTER MORTGAGE CORPORATION 1 5.63% $5,861
Carrington Mortgage Services, LLC 1 7.25% $11,930
Citizens Bank 1 5.13% $6,196
CMG MORTGAGE, INC. 1 6.75% $10,127
Cornerstone First Mortgage, Inc 1 8.13% $13,850
EMM LOANS LLC 1 5.75% $13,589
FirstBank 1 6.13% $5,476
GSF Mortgage Corporation 1 6.63% $10,765
HOMESIDE FINANCIAL, LLC 1 6.75% $12,540
JPMorgan Chase Bank 1 7.63% $7,108
LAKEVIEW LOAN SERVICING, LLC 1 6.75% $6,549
LEADERONE FINANCIAL CORPORATION 1 7.13% $10,660
LIBERTY HOME MORTGAGE CORPORATION 1 5.63% $10,848
MIDLAND MORTGAGE CORPORATION 1 6.75% $7,584
Mortgage Research Center, LLC 1 6.75% $4,886
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $8,910
M&T Bank 1 6.25% $8,141
NBKC BANK 1 5.63% $10,535
NEXERA HOLDING LLC 1 6.25% $8,689
NFM, INC. 1 6.63% $10,658
OAKTREE FUNDING CORP. 1 5.38% $23,482
Plains Commerce Bank 1 5.75% $10,205
RELIANCE FIRST CAPITAL, LLC 1 7.25% $7,300
Republic State Mortgage Co. 1 7.63% $15,541
SECURITYNATIONAL MORTGAGE COMPANY 1 6.13% $18,593
T2 FINANCIAL LLC 1 5.63% $11,663
Towne Bank 1 7.13% $7,054
VILLAGE CAPITAL MORTGAGE 1 6.75% $11,138
V.I.P. MORTGAGE, INC. 1 6.75% $8,036
AMCAP MORTGAGE, LTD. 1 6.13% $9,901

The top Hammond FHA lender as defined by loan originations is DSLD MORTGAGE, LLC, with 57 FHA loans originated. Their average total fees are $5,077, which is $6,220 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Hammond FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($5,077), MID AMERICA MORTGAGE, INC. ($5,882), DHI MORTGAGE COMPANY, LTD. ($7,714), Gulf Coast Bank and Trust Company ($8,812) and SUN WEST MORTGAGE COMPANY, INC. ($9,196).

The lowest rate Hammond FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.28%), CARDINAL FINANCIAL (6.24%), UNITED WHOLESALE MORTGAGE, LLC (6.27%), QUICKEN LOANS, LLC (6.29%) and SUN WEST MORTGAGE COMPANY, INC. (6.39%).

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 (0.6%) $236,658 (-0.6%) 0.00 479
2018-02-01 $189,450 (0.7%) $234,002 (-1.4%) 0.00 490
2018-03-01 $190,048 (1.5%) $235,317 (-1.3%) 0.00 495
2018-04-01 $190,023 (0.0%) $234,493 (-3.4%) 0.00 503
2018-05-01 $193,725 (-2.0%) $236,457 (-0.9%) 0.00 512
2018-06-01 $189,000 (-4.1%) $230,289 (-3.5%) 0.00 549
2018-07-01 $189,278 (-2.1%) $230,867 (-5.6%) 0.00 540
2018-08-01 $188,700 (-2.1%) $229,970 (-4.3%) 0.00 539
2018-09-01 $185,000 (-2.6%) $225,706 (-5.4%) 0.00 570
2018-10-01 $187,143 (-3.2%) $235,057 (-4.1%) 0.00 580
2018-11-01 $188,675 (-0.7%) $236,192 (-4.0%) 0.00 604
2018-12-01 $189,305 (-2.9%) $234,586 (-3.3%) 0.00 615
2019-01-01 $183,445 (-3.4%) $232,927 (-1.6%) 0.00 607
2019-02-01 $184,950 (-2.4%) $234,559 (0.2%) 0.00 605
2019-03-01 $186,821 (-1.7%) $235,224 (0.0%) 0.00 603
2019-04-01 $189,625 (-0.2%) $235,735 (0.5%) 0.00 594
2019-05-01 $196,475 (1.4%) $241,105 (2.0%) 0.00 572
2019-06-01 $199,000 (5.3%) $241,691 (5.0%) 0.00 595
2019-07-01 $199,000 (5.1%) $239,779 (3.9%) 0.00 602
2019-08-01 $198,123 (5.0%) $240,368 (4.5%) 0.00 597
2019-09-01 $196,806 (6.4%) $242,064 (7.3%) 0.00 585
2019-10-01 $197,538 (5.6%) $243,195 (3.5%) 0.00 559
2019-11-01 $195,550 (3.6%) $244,582 (3.6%) 0.00 539
2019-12-01 $193,925 (2.4%) $245,270 (4.6%) 0.00 518
2020-01-01 $190,950 (4.1%) $243,140 (4.4%) 0.00 490
2020-02-01 $190,000 (2.7%) $251,243 (7.1%) 0.00 468
2020-03-01 $198,950 (6.5%) $257,846 (9.6%) 0.00 454
2020-04-01 $201,900 (6.5%) $258,674 (9.7%) 0.00 450
2020-05-01 $207,900 (5.8%) $261,567 (8.5%) 0.00 392
2020-06-01 $223,900 (12.5%) $279,829 (15.8%) 0.00 318
2020-07-01 $224,875 (13.0%) $278,316 (16.1%) 0.00 300
2020-08-01 $224,950 (13.5%) $274,844 (14.3%) 0.00 285
2020-09-01 $228,358 (16.0%) $278,599 (15.1%) 0.00 270
2020-10-01 $220,000 (11.4%) $287,076 (18.0%) 0.00 228
2020-11-01 $229,000 (17.1%) $296,914 (21.4%) 0.00 216
2020-12-01 $234,475 (20.9%) $311,754 (27.1%) 0.00 204
2021-01-01 $235,000 (23.1%) $318,152 (30.9%) 0.00 176
2021-02-01 $234,170 (23.3%) $334,900 (33.3%) 0.00 157
2021-03-01 $236,750 (19.0%) $335,953 (30.3%) 0.00 156
2021-04-01 $237,250 (17.5%) $336,238 (30.0%) 0.00 153
2021-05-01 $240,000 (15.4%) $351,978 (34.6%) 0.00 147
2021-06-01 $265,000 (18.4%) $371,407 (32.7%) 0.00 143
2021-07-01 $267,000 (18.7%) $357,443 (28.4%) 0.00 152
2021-08-01 $256,950 (14.2%) $345,695 (25.8%) 0.00 164
2021-09-01 $267,225 (17.0%) $361,991 (29.9%) 0.00 151
2021-10-01 $264,058 (20.0%) $365,974 (27.5%) 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%) $343,710 (-3.8%) 0.00 226
2022-08-01 $260,975 (1.6%) $332,010 (-4.0%) 0.00 238
2022-09-01 $259,450 (-2.9%) $328,199 (-9.3%) 0.00 259
2022-10-01 $250,000 (-5.3%) $318,973 (-12.8%) 0.00 284
2022-11-01 $252,450 (1.7%) $310,964 (-11.2%) 0.00 276
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%) $334,648 (-7.5%) 0.00 274
2023-07-01 $278,000 (8.2%) $335,565 (-2.4%) 0.00 278
2023-08-01 $279,375 (7.1%) $341,391 (2.8%) 0.00 303
2023-09-01 $269,900 (4.0%) $329,185 (0.3%) 0.00 325
2023-10-01 $259,925 (4.0%) $318,092 (-0.3%) 0.00 311
2023-11-01 $262,750 (4.1%) $316,551 (1.8%) 0.00 322
2023-12-01 $264,950 (1.9%) $312,960 (2.5%) 0.00 319
2024-01-01 $264,925 (1.8%) $314,070 (5.0%) 0.00 310
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%) $332,216 (4.9%) 0.00 351
2024-06-01 $265,000 (-5.5%) $331,213 (-1.0%) 0.00 360
Hammond's median listing price for 2024-06-01 was $265,000, a difference of $-15,285 (-5.5%) versus the prior year and $6,050 versus the prior month.

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

Hammond's average listing price for 2024-06-01 was $331,213, a difference of $-3,435 (-1.0%) versus the prior year and $-1,003 versus the prior month.

For the 2024-06-01 period, Hammond had 360 MLS listings, a difference of 9 listings (3%) versus the prior month and 86 listings (31%) 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 1,850 sqft
2018-02-01 0 days 1,831 sqft
2018-03-01 0 days 1,858 sqft
2018-04-01 0 days 1,859 sqft
2018-05-01 0 days 1,885 sqft
2018-06-01 0 days 1,860 sqft
2018-07-01 0 days 1,843 sqft
2018-08-01 0 days 1,842 sqft
2018-09-01 0 days 1,805 sqft
2018-10-01 0 days 1,791 sqft
2018-11-01 0 days 1,776 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 1,867 sqft
2019-07-01 0 days 1,859 sqft
2019-08-01 0 days 1,856 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 1,859 sqft
2020-02-01 0 days 1,858 sqft
2020-03-01 0 days 1,884 sqft
2020-04-01 0 days 1,882 sqft
2020-05-01 0 days 1,899 sqft
2020-06-01 0 days 1,999 sqft
2020-07-01 0 days 2,020 sqft
2020-08-01 0 days 1,987 sqft
2020-09-01 0 days 2,063 sqft
2020-10-01 0 days 1,920 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 1,860 sqft
2022-09-01 0 days 1,838 sqft
2022-10-01 0 days 1,814 sqft
2022-11-01 0 days 1,871 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 2,065 sqft
2023-07-01 0 days 2,000 sqft
2023-08-01 0 days 2,000 sqft
2023-09-01 0 days 1,926 sqft
2023-10-01 0 days 1,888 sqft
2023-11-01 0 days 1,888 sqft
2023-12-01 0 days 1,860 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 1,843 sqft
Hammond's median listing age (time on market) for 2024-06-01 was 0 days.

Hammond's median square footage for active listings during the 2024-06-01 period was 1,843 sqft. One year prior, the average listing was 2,065 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).