Lafayette FHA Loan Rates, Closing Costs & Stats

LAFAYETTE, 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.

Lafayette's 89 lenders originated 1,233 FHA loans during 2023. The total origination value was $284,375,000, with an average FHA loan value of $230,637.

Lafayette FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lafayette averaged 6.52% for the week of 2024-07-05, compared to the national average (all FHA variants) of 6.724% for the same period.

Lafayette's average FHA mortgage closing costs are $7,067.

The average rate for the prior week (2024-06-28) was 6.78% and one month ago for the week of 2024-05-31, the average rate was 6.67%.

The average rate one year ago was 6.54%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.42%.

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

Lafayette 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 Lafayette level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 200 6.44% $10,938
DHI MORTGAGE COMPANY, LTD. 122 5.30% $7,765
QUICKEN LOANS, LLC 94 6.49% $9,682
DSLD MORTGAGE, LLC 77 6.24% $5,326
EUSTIS AND AMERICAN MORTGAGE COMPANY 73 6.76% $9,101
GMFS LLC 58 6.54% $7,500
PENNYMAC LOAN SERVICES, LLC 54 6.10% $10,953
ARK-LA-TEX FINANCIAL SERVICES, LLC. 46 6.69% $7,607
FIDELITY BANK 33 6.68% $9,505
CROSSCOUNTRY MORTGAGE, LLC 29 6.93% $10,461
Assurance Financial Group, L.L.C. 25 6.97% $10,300
MID AMERICA MORTGAGE, INC. 25 6.73% $8,938
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 21 6.71% $8,155
NEWREZ LLC 20 6.81% $8,868
FREEDOM MORTGAGE CORPORATION 16 6.87% $12,165
CARDINAL FINANCIAL 16 6.76% $11,024
AMERICAN PACIFIC MORTGAGE CORPORATION 15 6.72% $9,777
PLAZA HOME MORTGAGE, INC. 13 6.52% $9,403
Equity Prime Mortgage LLC 12 6.76% $8,109
MUTUAL OF OMAHA MORTGAGE, INC. 12 6.63% $11,296
UNION HOME MORTGAGE CORP. 12 6.58% $8,861
AMERICAN FINANCIAL RESOURCES, INC. 11 6.65% $10,766
STANDARD MORTGAGE CORPORATION 11 5.86% $7,488
INSPIRE HOME LOANS INC. 11 5.48% $7,991
Paramount Residential Mortgage Group, Inc. 9 6.80% $11,233
LOANDEPOT.COM, LLC 8 6.28% $8,741
Flagstar Bank, FSB 8 6.52% $8,841
STOCKTON MORTGAGE CORPORATION 8 7.13% $10,346
AMERICAN FINANCIAL NETWORK, INC. 8 6.98% $7,928
MORTGAGE FINANCIAL SERVICES, LLC 7 6.46% $8,671
JPMorgan Chase Bank 7 6.43% $6,390
FIRST COMMUNITY MORTGAGE, INC. 7 6.73% $11,153
First Horizon Bank 5 6.58% $7,412
Plains Commerce Bank 5 6.55% $8,796
Carrington Mortgage Services, LLC 4 6.41% $6,664
Mr. Cooper ( Nationstar Mortgage ) 4 6.13% $9,571
SUN WEST MORTGAGE COMPANY, INC. 4 6.50% $10,090
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 4 5.69% $11,867
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.83% $7,156
AMERISAVE MORTGAGE CORPORATION 3 6.21% $10,954
HOMESIDE FINANCIAL, LLC 3 6.79% $9,266
PLANET HOME LENDING, LLC 3 6.63% $8,626
NATIONS DIRECT MORTGAGE, LLC 3 7.21% $15,343
Mortgage Research Center, LLC 3 7.04% $4,647
BancorpSouth 2 6.31% $9,389
CITYWIDE HOME LOANS, LLC 2 6.75% $8,349
Wolfe Financial, Inc 2 6.63% $9,646
Regions Bank 2 5.50% $13,079
BAY EQUITY LLC 2 4.94% $15,088
Red River Bank 2 5.63% $7,004
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 7.19% $3,998
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 7.06% $7,153
Century Mortgage Company DBA Century Lending Company 2 7.69% $8,199
LAKEVIEW LOAN SERVICING, LLC 2 6.25% $9,755
MOVEMENT MORTGAGE, LLC 2 6.69% $7,696
Nations Lending Corporation 2 7.19% $6,720
NTFN, INC. 2 6.50% $8,575
ZILLOW HOME LOANS, LLC 1 6.75% $9,831
Bank of England 1 6.25% $8,297
BROKER SOLUTIONS, INC. 1 8.25% $8,134
Citizens Bank 1 6.88% $10,436
CMG MORTGAGE, INC. 1 5.25% $11,373
Commerce Home Mortgage, Inc. 1 6.88% $12,436
CRESCENT MORTGAGE COMPANY 1 6.00% $8,397
DRAPER AND KRAMER MORTGAGE CORP. 1 6.13% $12,751
EVERETT FINANCIAL, INC. 1 7.63% $8,957
First Option Mortgage, LLC 1 7.00% $6,157
Gateway First Bank 1 6.25% $11,717
GENEVA FINANCIAL, LLC 1 6.63% $7,857
LAND HOME FINANCIAL SERVICES, INC. 1 7.50% $13,757
OCMBC, INC. 1 7.25% $4,712
ON Q FINANCIAL, INC. 1 7.00% $11,906
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.38% $11,016
RELIANCE FIRST CAPITAL, LLC 1 6.75% $9,045
Republic State Mortgage Co. 1 7.75% $12,472
ROYAL UNITED MORTGAGE LLC 1 6.00% $12,262
Sabine State Bank and Trust Company 1 6.50% $7,517
Shamrock Home Loans, Inc. 1 7.75% $9,192
SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.25% $5,801
SOUTHWEST STAGE FUNDING, LLC 1 6.38% $5,847
SUMMIT FUNDING, INC. 1 6.75% $9,596
Summit Mortgage Corporation 1 7.00% $7,371
The Federal Savings Bank 1 6.75% $15,644
THE MORTGAGE FIRM, INC. 1 6.63% $7,187
TJC Mortgage, Inc. 1 7.25% $7,098
TOP FLITE FINANCIAL, INC. 1 7.00% $10,164
TOWNE MORTGAGE COMPANY 1 6.13% $8,797
VILLAGE CAPITAL MORTGAGE 1 6.75% $2,576
AMCAP MORTGAGE, LTD. 1 7.13% $9,185

The top Lafayette FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 200 FHA loans originated. Their average total fees are $10,938, which is $3,173 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Lafayette FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($5,326), STANDARD MORTGAGE CORPORATION ($7,488), GMFS LLC ($7,500), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,607) and DHI MORTGAGE COMPANY, LTD. ($7,765).

The lowest rate Lafayette FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.30%), INSPIRE HOME LOANS INC. (5.48%), STANDARD MORTGAGE CORPORATION (5.86%), PENNYMAC LOAN SERVICES, LLC (6.10%) and DSLD MORTGAGE, LLC (6.24%).

Lafayette FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
LAFAYETTE, LA ACADIA 2022 $420,680 $538,650 $651,050 $809,150
LAFAYETTE, LA IBERIA 2022 $420,680 $538,650 $651,050 $809,150
LAFAYETTE, LA LAFAYETTE 2022 $420,680 $538,650 $651,050 $809,150
LAFAYETTE, LA ST. MARTIN 2022 $420,680 $538,650 $651,050 $809,150
LAFAYETTE, LA VERMILION 2022 $420,680 $538,650 $651,050 $809,150
LAFAYETTE, LA ACADIA 2023 $472,030 $604,400 $730,525 $907,900
LAFAYETTE, LA IBERIA 2023 $472,030 $604,400 $730,525 $907,900
LAFAYETTE, LA LAFAYETTE 2023 $472,030 $604,400 $730,525 $907,900
LAFAYETTE, LA ST. MARTIN 2023 $472,030 $604,400 $730,525 $907,900
LAFAYETTE, LA VERMILION 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lafayette (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 $208,225 (-0.7%) $257,866 (-2.0%) 0.77 2,119
2018-02-01 $209,900 (-0.1%) $262,204 (0.4%) 0.76 2,154
2018-03-01 $210,000 (-2.3%) $263,652 (-1.5%) 0.74 2,260
2018-04-01 $214,400 (-2.6%) $267,566 (-2.6%) 0.73 2,283
2018-05-01 $213,650 (-2.9%) $267,797 (-3.7%) 0.71 2,350
2018-06-01 $210,500 (-4.3%) $266,711 (-4.0%) 0.70 2,425
2018-07-01 $210,000 (-4.0%) $266,548 (-3.6%) 0.70 2,492
2018-08-01 $210,250 (-2.2%) $263,933 (-3.1%) 0.70 2,530
2018-09-01 $211,957 (-0.5%) $264,707 (-1.7%) 0.71 2,493
2018-10-01 $206,475 (-1.8%) $260,159 (-2.9%) 0.70 2,482
2018-11-01 $208,086 (-0.8%) $262,477 (-0.9%) 0.71 2,431
2018-12-01 $206,500 (-0.6%) $262,637 (0.7%) 0.71 2,385
2019-01-01 $209,450 (0.6%) $266,925 (3.5%) 0.72 2,265
2019-02-01 $210,550 (0.3%) $271,209 (3.4%) 0.71 2,302
2019-03-01 $212,143 (1.0%) $274,673 (4.2%) 0.69 2,306
2019-04-01 $215,000 (0.3%) $278,210 (4.0%) 0.68 2,310
2019-05-01 $217,950 (2.0%) $282,612 (5.5%) 0.68 2,251
2019-06-01 $219,500 (4.3%) $284,430 (6.6%) 0.69 2,268
2019-07-01 $219,975 (4.8%) $288,977 (8.4%) 0.69 2,253
2019-08-01 $219,691 (4.5%) $289,149 (9.6%) 0.70 2,204
2019-09-01 $219,302 (3.5%) $289,647 (9.4%) 0.70 2,141
2019-10-01 $219,000 (6.1%) $290,618 (11.7%) 0.71 2,084
2019-11-01 $214,900 (3.3%) $286,648 (9.2%) 0.70 2,044
2019-12-01 $211,000 (2.2%) $280,622 (6.9%) 0.70 1,947
2020-01-01 $210,000 (0.3%) $282,065 (5.7%) 0.70 1,852
2020-02-01 $210,000 (-0.3%) $286,456 (5.6%) 0.69 1,882
2020-03-01 $213,750 (0.8%) $298,141 (8.5%) 0.67 1,885
2020-04-01 $217,750 (1.3%) $300,192 (7.9%) 0.68 1,801
2020-05-01 $220,000 (0.9%) $307,356 (8.8%) 0.67 1,738
2020-06-01 $219,250 (-0.1%) $312,262 (9.8%) 0.65 1,618
2020-07-01 $226,250 (2.9%) $316,447 (9.5%) 0.66 1,507
2020-08-01 $234,000 (6.5%) $321,871 (11.3%) 0.67 1,449
2020-09-01 $234,863 (7.1%) $326,834 (12.8%) 0.67 1,319
2020-10-01 $229,835 (5.0%) $331,236 (14.0%) 0.66 1,245
2020-11-01 $230,750 (7.4%) $335,088 (16.9%) 0.67 1,138
2020-12-01 $227,000 (7.6%) $335,192 (19.5%) 0.68 1,094
2021-01-01 $227,520 (8.3%) $338,888 (20.2%) 0.68 996
2021-02-01 $235,000 (11.9%) $339,304 (18.5%) 0.68 930
2021-03-01 $239,950 (12.3%) $353,111 (18.4%) 0.68 853
2021-04-01 $248,905 (14.3%) $372,194 (24.0%) 0.67 778
2021-05-01 $275,000 (25.0%) $392,155 (27.6%) 0.73 730
2021-06-01 $276,250 (26.0%) $403,675 (29.3%) 0.73 726
2021-07-01 $269,250 (19.0%) $408,165 (29.0%) 0.71 770
2021-08-01 $269,500 (15.2%) $410,440 (27.5%) 0.72 789
2021-09-01 $274,200 (16.8%) $412,851 (26.3%) 0.73 790
2021-10-01 $274,900 (19.6%) $389,720 (17.7%) 0.73 791
2021-11-01 $269,000 (16.6%) $384,471 (14.7%) 0.72 788
2021-12-01 $269,000 (18.5%) $378,473 (12.9%) 0.73 755
2022-01-01 $269,000 (18.2%) $381,448 (12.6%) 0.73 694
2022-02-01 $272,290 (15.9%) $385,451 (13.6%) 0.71 654
2022-03-01 $286,000 (19.2%) $396,601 (12.3%) 0.72 631
2022-04-01 $299,950 (20.5%) $407,443 (9.5%) 0.72 618
2022-05-01 $296,200 (7.7%) $408,340 (4.1%) 0.68 656
2022-06-01 $296,800 (7.4%) $399,391 (-1.1%) 0.66 744
2022-07-01 $292,500 (8.6%) $385,615 (-5.5%) 0.66 864
2022-08-01 $287,000 (6.5%) $372,326 (-9.3%) 0.66 908
2022-09-01 $287,975 (5.0%) $374,247 (-9.4%) 0.67 949
2022-10-01 $280,000 (1.9%) $373,132 (-4.3%) 0.66 964
2022-11-01 $275,000 (2.2%) $359,756 (-6.4%) 0.66 1,009
2022-12-01 $276,250 (2.7%) $360,461 (-4.8%) 0.68 966
2023-01-01 $287,450 (6.9%) $366,587 (-3.9%) 0.71 944
2023-02-01 $276,700 (1.6%) $363,015 (-5.8%) 0.67 939
2023-03-01 $283,756 (-0.8%) $368,143 (-7.2%) 0.67 963
2023-04-01 $269,900 (-10.0%) $363,354 (-10.8%) 0.63 992
2023-05-01 $269,950 (-8.9%) $364,358 (-10.8%) 0.61 1,022
2023-06-01 $269,450 (-9.2%) $362,171 (-9.3%) 0.61 1,063
2023-07-01 $265,000 (-9.4%) $350,270 (-9.2%) 0.60 1,157
2023-08-01 $265,000 (-7.7%) $346,534 (-6.9%) 0.61 1,163
2023-09-01 $264,900 (-8.0%) $344,934 (-7.8%) 0.62 1,180
2023-10-01 $262,450 (-6.3%) $338,927 (-9.2%) 0.62 1,205
2023-11-01 $264,200 (-3.9%) $338,659 (-5.9%) 0.63 1,248
2023-12-01 $262,000 (-5.2%) $342,335 (-5.0%) 0.64 1,272
2024-01-01 $260,000 (-9.6%) $344,379 (-6.1%) 0.63 1,209
2024-02-01 $260,000 (-6.0%) $346,452 (-4.6%) 0.63 1,183
2024-03-01 $259,250 (-8.6%) $349,307 (-5.1%) 0.61 1,219
2024-04-01 $260,000 (-3.7%) $343,329 (-5.5%) 0.60 1,344
2024-05-01 $260,875 (-3.4%) $344,381 (-5.5%) 0.59 1,362
2024-06-01 $260,000 (-3.5%) $348,846 (-3.7%) 0.58 1,417
Lafayette's median listing price for 2024-06-01 was $260,000, a difference of $-9,450 (-3.5%) versus the prior year and $-875 versus the prior month.

Lafayette's median listing price comes in at 58% of the national average.

Lafayette's average listing price for 2024-06-01 was $348,846, a difference of $-13,325 (-3.7%) versus the prior year and $4,465 versus the prior month.

For the 2024-06-01 period, Lafayette had 1,417 MLS listings, a difference of 55 listings (4%) versus the prior month and 354 listings (33%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lafayette (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 100 days 1,858 sqft
2018-02-01 97 days 1,863 sqft
2018-03-01 74 days 1,863 sqft
2018-04-01 73 days 1,885 sqft
2018-05-01 70 days 1,886 sqft
2018-06-01 73 days 1,890 sqft
2018-07-01 79 days 1,884 sqft
2018-08-01 86 days 1,885 sqft
2018-09-01 88 days 1,891 sqft
2018-10-01 93 days 1,878 sqft
2018-11-01 95 days 1,880 sqft
2018-12-01 100 days 1,875 sqft
2019-01-01 108 days 1,888 sqft
2019-02-01 109 days 1,901 sqft
2019-03-01 98 days 1,906 sqft
2019-04-01 86 days 1,913 sqft
2019-05-01 83 days 1,927 sqft
2019-06-01 82 days 1,930 sqft
2019-07-01 86 days 1,945 sqft
2019-08-01 87 days 1,937 sqft
2019-09-01 86 days 1,924 sqft
2019-10-01 87 days 1,915 sqft
2019-11-01 87 days 1,906 sqft
2019-12-01 92 days 1,900 sqft
2020-01-01 94 days 1,900 sqft
2020-02-01 88 days 1,896 sqft
2020-03-01 73 days 1,919 sqft
2020-04-01 81 days 1,925 sqft
2020-05-01 88 days 1,925 sqft
2020-06-01 96 days 1,925 sqft
2020-07-01 82 days 1,968 sqft
2020-08-01 73 days 2,000 sqft
2020-09-01 73 days 1,985 sqft
2020-10-01 78 days 1,959 sqft
2020-11-01 78 days 2,000 sqft
2020-12-01 80 days 2,002 sqft
2021-01-01 79 days 2,000 sqft
2021-02-01 71 days 1,993 sqft
2021-03-01 59 days 1,998 sqft
2021-04-01 54 days 2,012 sqft
2021-05-01 51 days 2,121 sqft
2021-06-01 46 days 2,113 sqft
2021-07-01 47 days 2,060 sqft
2021-08-01 55 days 2,044 sqft
2021-09-01 60 days 2,051 sqft
2021-10-01 60 days 1,990 sqft
2021-11-01 60 days 1,967 sqft
2021-12-01 63 days 1,984 sqft
2022-01-01 71 days 1,956 sqft
2022-02-01 65 days 1,958 sqft
2022-03-01 59 days 2,073 sqft
2022-04-01 53 days 2,129 sqft
2022-05-01 52 days 2,097 sqft
2022-06-01 48 days 2,000 sqft
2022-07-01 47 days 2,000 sqft
2022-08-01 55 days 1,992 sqft
2022-09-01 61 days 2,000 sqft
2022-10-01 70 days 1,964 sqft
2022-11-01 75 days 1,955 sqft
2022-12-01 85 days 1,938 sqft
2023-01-01 91 days 1,955 sqft
2023-02-01 87 days 1,934 sqft
2023-03-01 66 days 1,948 sqft
2023-04-01 59 days 1,900 sqft
2023-05-01 61 days 1,905 sqft
2023-06-01 65 days 1,900 sqft
2023-07-01 67 days 1,883 sqft
2023-08-01 71 days 1,878 sqft
2023-09-01 71 days 1,877 sqft
2023-10-01 72 days 1,879 sqft
2023-11-01 69 days 1,860 sqft
2023-12-01 75 days 1,861 sqft
2024-01-01 86 days 1,855 sqft
2024-02-01 90 days 1,858 sqft
2024-03-01 69 days 1,851 sqft
2024-04-01 57 days 1,837 sqft
2024-05-01 60 days 1,855 sqft
2024-06-01 71 days 1,867 sqft
Lafayette's median listing age (time on market) for 2024-06-01 was 71 days. This is 10% longer than the same period one year ago.

Lafayette's median square footage for active listings during the 2024-06-01 period was 1,867 sqft. One year prior, the average listing was 1,900 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).