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 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 6.93% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.72% and one month ago for the week of 2024-03-15, the average rate was 6.38%.

    The average rate one year ago was 6.31%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.11%.

    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
    Hammond's median listing price for 2024-03-01 was $265,000, a difference of $7,871 (3.1%) versus the prior year and $2,200 versus the prior month.

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

    Hammond's average listing price for 2024-03-01 was $323,353, a difference of $21,818 (7.2%) versus the prior year and $11,145 versus the prior month.

    For the 2024-03-01 period, Hammond had 313 MLS listings, a difference of -12 listings (-4%) versus the prior month and 41 listings (15%) 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
    Hammond's median listing age (time on market) for 2024-03-01 was 0 days.

    Hammond's median square footage for active listings during the 2024-03-01 period was 1,819 sqft. One year prior, the average listing was 1,893 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).