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%.

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).