Houma FHA Loan Rates, Closing Costs & Stats

HOUMA-THIBODAUX, 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.

    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 6.44% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.11% and one month ago for the week of 2024-10-04, the average rate was 5.73%.

    The average rate one year ago was 7.08%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.48%.

    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

    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).