Houma FHA Loan Rates, Closing Costs & Stats

HOUMA-THIBODAUX, 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.

Houma's 56 lenders originated 513 FHA loans during 2023. The total origination value was $104,415,000, with an average FHA loan value of $203,538.

Houma FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Houma averaged -0.08% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Houma's average FHA mortgage closing costs are $7,222.

The average rate for the prior week (2024-11-22) was 6.41% and one month ago for the week of 2024-10-25, the average rate was 5.99%.

The average rate one year ago was 6.98%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.15%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Houma 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 Houma level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 144 6.43% $10,209
Assurance Financial Group, L.L.C. 77 6.43% $9,884
DSLD MORTGAGE, LLC 43 6.21% $5,762
QUICKEN LOANS, LLC 31 6.40% $8,570
GMFS LLC 22 6.72% $7,322
EUSTIS AND AMERICAN MORTGAGE COMPANY 20 6.33% $11,721
NEWREZ LLC 14 6.15% $9,976
Regions Bank 11 6.49% $8,867
DHI MORTGAGE COMPANY, LTD. 11 5.40% $7,264
FREEDOM MORTGAGE CORPORATION 9 6.93% $11,667
Equity Prime Mortgage LLC 8 6.77% $9,186
Citizens Bank 6 6.81% $7,550
BROKER SOLUTIONS, INC. 6 6.96% $11,252
PENNYMAC LOAN SERVICES, LLC 6 6.52% $7,983
Hancock Whitney Bank 6 6.48% $7,969
CARDINAL FINANCIAL 5 6.53% $7,399
First Horizon Bank 4 6.07% $9,339
LOANDEPOT.COM, LLC 4 5.96% $9,215
Mr. Cooper ( Nationstar Mortgage ) 4 6.75% $11,122
AMERICAN FINANCIAL RESOURCES, INC. 4 6.66% $8,351
JPMorgan Chase Bank 3 6.08% $7,578
Carrington Mortgage Services, LLC 3 6.83% $10,777
CROSSCOUNTRY MORTGAGE, LLC 3 7.42% $9,232
Flagstar Bank, FSB 3 6.71% $9,198
GUARANTEED RATE, INC. 3 6.08% $8,309
AMERICAN FINANCIAL NETWORK, INC. 3 7.38% $6,837
Republic State Mortgage Co. 3 6.38% $6,865
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.69% $8,220
GENEVA FINANCIAL, LLC 2 7.00% $12,904
Plains Commerce Bank 2 6.25% $11,984
STANDARD MORTGAGE CORPORATION 2 5.94% $8,791
SUN WEST MORTGAGE COMPANY, INC. 2 6.50% $6,658
TOP FLITE FINANCIAL, INC. 2 7.25% $18,278
UNION HOME MORTGAGE CORP. 2 6.94% $7,947
Network Funding, L.P. 2 7.06% $7,462
AMERISAVE MORTGAGE CORPORATION 2 5.88% $10,355
Northpointe Bank 1 6.25% $14,507
BECKAM FUNDING CORP. 1 7.75% $11,703
PLAZA HOME MORTGAGE, INC. 1 7.13% $9,358
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $11,620
Prosperity Home Mortgage, LLC 1 5.49% $10,454
Bank of England 1 6.25% $12,233
US MORTGAGE CORPORATION 1 7.13% $8,172
SECURITYNATIONAL MORTGAGE COMPANY 1 7.38% $19,987
SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.88% $4,265
Goldwater Bank, N.A. 1 6.75% $6,056
INTERLINC MORTGAGE SERVICES, LLC 1 7.75% $4,512
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $11,538
America's Mortgage Resource, Inc. 1 7.26% $5,192
Lakeview Community Capital, LLC 1 6.13% $7,438
LAKEVIEW LOAN SERVICING, LLC 1 6.25% $9,478
MORTGAGE FINANCIAL SERVICES, LLC 1 6.75% $6,920
Mortgage Research Center, LLC 1 8.13% $12,646
MOVEMENT MORTGAGE, LLC 1 7.13% $11,403
FIRST COMMUNITY MORTGAGE, INC. 1 6.00% $13,783
EVERETT FINANCIAL, INC. 1 6.50% $10,259

The top Houma FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 144 FHA loans originated. Their average total fees are $10,209, which is $325 higher than the next largest lender, Assurance Financial Group, L.L.C..

The lowest fee Houma FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($5,762), DHI MORTGAGE COMPANY, LTD. ($7,264), GMFS LLC ($7,322), QUICKEN LOANS, LLC ($8,570) and Regions Bank ($8,867).

The lowest rate Houma FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.40%), NEWREZ LLC (6.15%), DSLD MORTGAGE, LLC (6.21%), EUSTIS AND AMERICAN MORTGAGE COMPANY (6.33%) and QUICKEN LOANS, LLC (6.40%).

Houma FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
HOUMA-THIBODAUX, LA LAFOURCHE 2022 $420,680 $538,650 $651,050 $809,150
HOUMA-THIBODAUX, LA TERREBONNE 2022 $420,680 $538,650 $651,050 $809,150
HOUMA-THIBODAUX, LA LAFOURCHE 2023 $472,030 $604,400 $730,525 $907,900
HOUMA-THIBODAUX, LA TERREBONNE 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Houma (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 $174,900 (-0.1%) $233,403 (4.8%) 0.65 905
2018-02-01 $174,975 (0.0%) $236,777 (7.2%) 0.64 890
2018-03-01 $176,000 (0.6%) $241,544 (7.4%) 0.62 864
2018-04-01 $178,200 (1.5%) $246,481 (8.4%) 0.60 860
2018-05-01 $179,000 (2.0%) $245,839 (6.3%) 0.60 858
2018-06-01 $179,000 (-0.5%) $250,605 (5.4%) 0.60 869
2018-07-01 $179,600 (-0.1%) $249,840 (6.5%) 0.60 897
2018-08-01 $180,000 (0.1%) $249,435 (4.8%) 0.60 923
2018-09-01 $180,000 (0.6%) $243,732 (1.9%) 0.61 929
2018-10-01 $181,875 (3.9%) $240,038 (0.3%) 0.62 911
2018-11-01 $184,813 (7.2%) $240,795 (3.8%) 0.63 893
2018-12-01 $185,000 (8.8%) $236,641 (2.5%) 0.64 882
2019-01-01 $186,800 (6.8%) $238,070 (2.0%) 0.65 847
2019-02-01 $187,475 (7.1%) $240,213 (1.5%) 0.63 850
2019-03-01 $191,770 (9.0%) $242,941 (0.6%) 0.63 838
2019-04-01 $194,574 (9.2%) $247,027 (0.2%) 0.62 832
2019-05-01 $198,750 (11.0%) $254,486 (3.5%) 0.62 828
2019-06-01 $198,750 (11.0%) $259,143 (3.4%) 0.62 834
2019-07-01 $199,000 (10.8%) $263,075 (5.3%) 0.62 839
2019-08-01 $198,909 (10.5%) $262,942 (5.4%) 0.63 830
2019-09-01 $199,523 (10.9%) $264,121 (8.4%) 0.64 804
2019-10-01 $200,000 (10.0%) $264,908 (10.4%) 0.65 787
2019-11-01 $195,950 (6.0%) $259,321 (7.7%) 0.64 768
2019-12-01 $193,450 (4.6%) $259,005 (9.5%) 0.65 741
2020-01-01 $192,500 (3.1%) $257,564 (8.2%) 0.64 711
2020-02-01 $192,000 (2.4%) $260,235 (8.3%) 0.63 708
2020-03-01 $192,000 (0.1%) $266,445 (9.7%) 0.60 696
2020-04-01 $192,144 (-1.3%) $270,514 (9.5%) 0.60 676
2020-05-01 $199,900 (0.6%) $281,929 (10.8%) 0.61 603
2020-06-01 $199,900 (0.6%) $283,629 (9.5%) 0.59 565
2020-07-01 $195,500 (-1.8%) $276,587 (5.1%) 0.57 562
2020-08-01 $198,000 (-0.5%) $279,151 (6.2%) 0.57 525
2020-09-01 $195,000 (-2.3%) $284,356 (7.7%) 0.56 512
2020-10-01 $188,000 (-6.0%) $284,850 (7.5%) 0.54 492
2020-11-01 $196,950 (0.5%) $294,346 (13.5%) 0.58 481
2020-12-01 $199,325 (3.0%) $304,939 (17.7%) 0.59 467
2021-01-01 $198,750 (3.3%) $302,246 (17.4%) 0.59 441
2021-02-01 $204,950 (6.7%) $302,501 (16.2%) 0.60 400
2021-03-01 $220,926 (15.1%) $303,876 (14.1%) 0.63 376
2021-04-01 $232,500 (21.0%) $320,328 (18.4%) 0.63 360
2021-05-01 $229,950 (15.0%) $329,153 (16.8%) 0.61 316
2021-06-01 $226,500 (13.3%) $334,828 (18.1%) 0.60 326
2021-07-01 $225,000 (15.1%) $333,643 (20.6%) 0.59 318
2021-08-01 $221,850 (12.1%) $331,206 (18.7%) 0.59 323
2021-09-01 $219,925 (12.8%) $336,723 (18.4%) 0.59 281
2021-10-01 $238,000 (26.6%) $372,184 (30.7%) 0.63 213
2021-11-01 $248,350 (26.1%) $381,237 (29.5%) 0.66 195
2021-12-01 $254,750 (27.8%) $402,511 (32.0%) 0.69 187
2022-01-01 $250,000 (25.8%) $399,406 (32.2%) 0.68 170
2022-02-01 $239,500 (16.9%) $378,177 (25.0%) 0.62 175
2022-03-01 $259,200 (17.3%) $382,075 (25.7%) 0.65 181
2022-04-01 $269,900 (16.1%) $389,043 (21.5%) 0.64 202
2022-05-01 $288,000 (25.2%) $399,829 (21.5%) 0.66 221
2022-06-01 $280,000 (23.6%) $379,507 (13.3%) 0.62 275
2022-07-01 $269,900 (20.0%) $358,217 (7.4%) 0.61 331
2022-08-01 $271,700 (22.5%) $348,883 (5.3%) 0.63 350
2022-09-01 $260,000 (18.2%) $331,421 (-1.6%) 0.61 379
2022-10-01 $255,000 (7.1%) $327,909 (-11.9%) 0.60 406
2022-11-01 $252,384 (1.6%) $316,445 (-17.0%) 0.61 444
2022-12-01 $250,000 (-1.9%) $313,838 (-22.0%) 0.62 507
2023-01-01 $249,050 (-0.4%) $316,224 (-20.8%) 0.62 447
2023-02-01 $249,725 (4.3%) $311,828 (-17.5%) 0.60 441
2023-03-01 $256,875 (-0.9%) $320,334 (-16.2%) 0.61 436
2023-04-01 $255,250 (-5.4%) $321,732 (-17.3%) 0.59 441
2023-05-01 $249,225 (-13.5%) $317,175 (-20.7%) 0.57 498
2023-06-01 $249,900 (-10.8%) $318,900 (-16.0%) 0.56 531
2023-07-01 $249,950 (-7.4%) $316,344 (-11.7%) 0.57 584
2023-08-01 $241,225 (-11.2%) $310,128 (-11.1%) 0.55 598
2023-09-01 $240,000 (-7.7%) $305,607 (-7.8%) 0.56 630
2023-10-01 $239,000 (-6.3%) $300,044 (-8.5%) 0.56 672
2023-11-01 $238,500 (-5.5%) $298,775 (-5.6%) 0.57 683
2023-12-01 $239,000 (-4.4%) $302,425 (-3.6%) 0.58 675
2024-01-01 $236,750 (-4.9%) $302,066 (-4.5%) 0.58 639
2024-02-01 $230,500 (-7.7%) $298,692 (-4.2%) 0.55 622
2024-03-01 $230,500 (-10.3%) $295,200 (-7.9%) 0.54 646
2024-04-01 $229,900 (-9.9%) $298,086 (-7.4%) 0.53 709
2024-05-01 $229,450 (-7.9%) $301,440 (-5.0%) 0.52 734
2024-06-01 $231,615 (-7.3%) $302,692 (-5.1%) 0.52 760
2024-07-01 $234,475 (-6.2%) $299,855 (-5.2%) 0.54 791
2024-08-01 $229,500 (-4.9%) $304,667 (-1.8%) 0.53 796
2024-09-01 $229,500 (-4.4%) $306,372 (0.3%) 0.54 791
2024-10-01 $232,500 (-2.7%) $307,009 (2.3%) 0.55 797
Houma's median listing price for 2024-10-01 was $232,500, a difference of $-6,500 (-2.7%) versus the prior year and $3,000 versus the prior month.

Houma's median listing price comes in at 55% of the national average.

Houma's average listing price for 2024-10-01 was $307,009, a difference of $6,965 (2.3%) versus the prior year and $637 versus the prior month.

For the 2024-10-01 period, Houma had 797 MLS listings, a difference of 6 listings (1%) versus the prior month and 125 listings (19%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Houma (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 110 days 2,458 sqft
2018-02-01 107 days 2,491 sqft
2018-03-01 112 days 1,996 sqft
2018-04-01 84 days 1,892 sqft
2018-05-01 81 days 1,918 sqft
2018-06-01 81 days 1,973 sqft
2018-07-01 82 days 1,990 sqft
2018-08-01 85 days 2,008 sqft
2018-09-01 87 days 2,001 sqft
2018-10-01 88 days 1,988 sqft
2018-11-01 92 days 1,941 sqft
2018-12-01 101 days 1,969 sqft
2019-01-01 109 days 1,989 sqft
2019-02-01 106 days 1,999 sqft
2019-03-01 87 days 2,021 sqft
2019-04-01 84 days 2,049 sqft
2019-05-01 85 days 2,150 sqft
2019-06-01 84 days 2,152 sqft
2019-07-01 88 days 2,223 sqft
2019-08-01 88 days 2,368 sqft
2019-09-01 88 days 2,520 sqft
2019-10-01 88 days 2,647 sqft
2019-11-01 92 days 2,642 sqft
2019-12-01 98 days 2,654 sqft
2020-01-01 104 days 2,664 sqft
2020-02-01 96 days 2,681 sqft
2020-03-01 89 days 2,671 sqft
2020-04-01 93 days 2,703 sqft
2020-05-01 102 days 2,757 sqft
2020-06-01 110 days 2,803 sqft
2020-07-01 94 days 2,737 sqft
2020-08-01 79 days 2,714 sqft
2020-09-01 78 days 2,723 sqft
2020-10-01 82 days 2,711 sqft
2020-11-01 83 days 2,771 sqft
2020-12-01 86 days 2,836 sqft
2021-01-01 91 days 2,756 sqft
2021-02-01 84 days 2,724 sqft
2021-03-01 59 days 2,793 sqft
2021-04-01 66 days 2,926 sqft
2021-05-01 73 days 3,085 sqft
2021-06-01 69 days 2,984 sqft
2021-07-01 69 days 3,012 sqft
2021-08-01 64 days 2,930 sqft
2021-09-01 79 days 2,949 sqft
2021-10-01 88 days 3,126 sqft
2021-11-01 93 days 3,152 sqft
2021-12-01 87 days 3,235 sqft
2022-01-01 86 days 3,149 sqft
2022-02-01 68 days 3,098 sqft
2022-03-01 56 days 3,081 sqft
2022-04-01 44 days 3,014 sqft
2022-05-01 54 days 3,025 sqft
2022-06-01 38 days 2,915 sqft
2022-07-01 45 days 2,780 sqft
2022-08-01 60 days 2,751 sqft
2022-09-01 70 days 2,631 sqft
2022-10-01 71 days 2,681 sqft
2022-11-01 73 days 2,622 sqft
2022-12-01 70 days 2,480 sqft
2023-01-01 33 days 1,802 sqft
2023-02-01 56 days 1,835 sqft
2023-03-01 84 days 1,898 sqft
2023-04-01 88 days 1,906 sqft
2023-05-01 78 days 1,865 sqft
2023-06-01 71 days 1,855 sqft
2023-07-01 77 days 1,838 sqft
2023-08-01 84 days 1,833 sqft
2023-09-01 87 days 1,820 sqft
2023-10-01 93 days 1,820 sqft
2023-11-01 98 days 1,813 sqft
2023-12-01 99 days 1,821 sqft
2024-01-01 105 days 1,806 sqft
2024-02-01 105 days 1,783 sqft
2024-03-01 95 days 1,800 sqft
2024-04-01 72 days 1,784 sqft
2024-05-01 72 days 1,800 sqft
2024-06-01 75 days 1,808 sqft
2024-07-01 86 days 1,783 sqft
2024-08-01 87 days 1,781 sqft
2024-09-01 94 days 1,780 sqft
2024-10-01 102 days 1,782 sqft
Houma's median listing age (time on market) for 2024-10-01 was 102 days. This is 10% longer than the same period one year ago.

Houma's median square footage for active listings during the 2024-10-01 period was 1,782 sqft. One year prior, the average listing was 1,820 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).