Lafayette FHA Loan Rates, Closing Costs & Stats

LAFAYETTE, 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.

    Lafayette's 97 lenders originated 1,553 FHA loans during 2022. The total origination value was $321,885,000, with an average FHA loan value of $207,267.

    Lafayette FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lafayette averaged -0.61% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Lafayette's average FHA mortgage closing costs are $6,719.

    The average rate for the prior week (2023-11-17) was 6.68% and one month ago for the week of 2023-10-20, the average rate was 6.69%.

    The average rate one year ago was 6.11%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.4%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 180 5.22% $8,955
    HOME POINT FINANCIAL CORPORATION 139 4.40% $8,685
    DHI MORTGAGE COMPANY, LTD. 130 4.34% $7,974
    EUSTIS AND AMERICAN MORTGAGE COMPANY 99 5.27% $8,308
    QUICKEN LOANS, LLC 81 4.41% $8,499
    PENNYMAC LOAN SERVICES, LLC 65 4.74% $7,683
    Assurance Financial Group, L.L.C. 51 5.17% $9,551
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 49 4.74% $7,671
    GMFS LLC 48 4.52% $7,215
    DSLD MORTGAGE, LLC 43 4.72% $6,410
    CALIBER HOME LOANS, INC. 42 4.65% $7,888
    PLAZA HOME MORTGAGE, INC. 41 5.01% $8,277
    FIDELITY BANK 40 4.77% $8,172
    MID AMERICA MORTGAGE, INC. 27 4.80% $6,052
    SOUTHWEST FUNDING, LP 25 5.21% $11,422
    MORTGAGE FINANCIAL SERVICES, LLC 24 4.49% $8,462
    FREEDOM MORTGAGE CORPORATION 23 4.30% $7,808
    LOANDEPOT.COM, LLC 22 4.36% $8,225
    AMERICAN FINANCIAL RESOURCES, INC. 21 4.95% $7,112
    Equity Prime Mortgage LLC 16 5.84% $7,947
    GUILD MORTGAGE COMPANY 13 5.29% $9,602
    First Horizon Bank 13 5.06% $7,515
    AMERISAVE MORTGAGE CORPORATION 12 4.73% $8,922
    Victorian Finance, LLC 12 5.76% $9,398
    Flagstar Bank, FSB 12 5.19% $7,881
    JPMorgan Chase Bank 10 4.87% $6,714
    Paramount Residential Mortgage Group, Inc. 10 5.04% $9,918
    Carrington Mortgage Services, LLC 10 4.86% $10,592
    CARDINAL FINANCIAL 10 4.52% $9,791
    GUARANTEED RATE, INC. 9 5.11% $7,987
    CMG MORTGAGE, INC. 9 3.66% $8,466
    MOVEMENT MORTGAGE, LLC 8 4.45% $8,685
    STANDARD MORTGAGE CORPORATION 8 4.84% $8,379
    UNION HOME MORTGAGE CORP. 7 4.89% $6,707
    Citizens Bank 7 3.98% $8,482
    Nations Lending Corporation 6 4.71% $4,706
    TJC Mortgage, Inc. 6 3.96% $7,785
    Mr. Cooper ( Nationstar Mortgage ) 6 4.46% $5,525
    PLANET HOME LENDING, LLC 5 4.73% $6,705
    Hancock Whitney Bank 5 5.10% $6,558
    AMCAP MORTGAGE, LTD. 5 5.35% $9,016
    SUN WEST MORTGAGE COMPANY, INC. 5 4.00% $8,421
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 6.65% $8,373
    Regions Bank 5 4.90% $6,937
    Bank of England 4 4.88% $7,609
    BROKER SOLUTIONS, INC. 4 6.50% $11,196
    CROSSCOUNTRY MORTGAGE, LLC 4 5.25% $7,506
    GENEVA FINANCIAL, LLC 4 4.75% $9,250
    LAKEVIEW LOAN SERVICING, LLC 4 3.29% $3,963
    BECKAM FUNDING CORP. 4 5.22% $13,565
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 5.97% $8,172
    NTFN, INC. 3 5.46% $6,827
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 3 5.75% $11,384
    LHM FINANCIAL CORPORATION 3 4.58% $9,345
    SUMMIT FUNDING, INC. 3 4.83% $9,970
    Republic State Mortgage Co. 3 4.88% $8,378
    CRESCENT MORTGAGE COMPANY 3 5.75% $7,947
    BancorpSouth 3 4.25% $8,066
    DRAPER AND KRAMER MORTGAGE CORP. 2 6.06% $9,682
    GSF Mortgage Corporation 2 3.50% $11,957
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.81% $12,001
    Hometown Equity Mortgage, LLC 2 4.94% $7,856
    Lakeview Community Capital, LLC 2 3.62% $4,636
    LEADERONE FINANCIAL CORPORATION 2 4.50% $8,690
    MUTUAL OF OMAHA MORTGAGE, INC. 2 5.75% $10,950
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 4.19% $4,598
    Plains Commerce Bank 2 6.19% $13,080
    Red River Bank 2 4.44% $6,574
    RELIANCE FIRST CAPITAL, LLC 2 5.81% $5,151
    TOWNE MORTGAGE COMPANY 2 5.44% $6,710
    NFM, INC. 1 5.13% $10,216
    NEWREZ LLC 1 4.25% $5,719
    Wells Fargo Bank 1 5.63% $6,802
    NBKC BANK 1 4.63% $7,865
    Wolfe Financial, Inc 1 5.50% $8,598
    Renasant Bank 1 4.50% $11,538
    M&T Bank 1 4.00% $6,964
    RESIDENTIAL BANCORP 1 5.75% $8,116
    ROYAL UNITED MORTGAGE LLC 1 4.75% $7,709
    S1L, Inc. 1 3.88% $5,475
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.25% $10,570
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $11,619
    Mortgage Research Center, LLC 1 7.13% $8,303
    STOCKTON MORTGAGE CORPORATION 1 5.25% $9,288
    MORIA DEVELOPMENT, INC. 1 5.63% $8,853
    MICHIGAN MUTUAL, INC. 1 5.13% $8,973
    THE MORTGAGE FIRM, INC. 1 5.50% $6,715
    Gateway First Bank 1 2.99% $7,235
    ENVOY MORTGAGE, LTD 1 6.50% $11,794
    Trustmark National Bank 1 4.13% $10,755
    Wyndham Capital Mortgage, Inc. 1 5.50% $9,418
    AMERICAN FINANCING CORPORATION 1 5.25% $6,152
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.50% $11,986
    PERFORMANCE MORTGAGE LLC 1 4.99% $8,406
    EVERETT FINANCIAL, INC. 1 7.00% $6,858
    Paramount Bank 1 4.13% $7,015
    OCMBC, INC. 1 4.25% $13,969

    The top Lafayette FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 180 FHA loans originated. Their average total fees are $8,955, which is $270 higher than the next largest lender, HOME POINT FINANCIAL CORPORATION.

    The lowest fee Lafayette FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($6,052), DSLD MORTGAGE, LLC ($6,410), JPMorgan Chase Bank ($6,714), AMERICAN FINANCIAL RESOURCES, INC. ($7,112) and GMFS LLC ($7,215).

    The lowest rate Lafayette FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (4.30%), DHI MORTGAGE COMPANY, LTD. (4.34%), LOANDEPOT.COM, LLC (4.36%), HOME POINT FINANCIAL CORPORATION (4.40%) and QUICKEN LOANS, LLC (4.41%).

    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 (-0.8%) $259,634 (-1.8%) 0.77 2,118
    2018-02-01 $209,800 (-0.2%) $262,086 (-0.6%) 0.76 2,154
    2018-03-01 $210,000 (-2.3%) $263,623 (-2.4%) 0.74 2,259
    2018-04-01 $214,350 (-2.6%) $267,539 (-3.4%) 0.73 2,282
    2018-05-01 $213,450 (-3.0%) $267,771 (-4.4%) 0.71 2,349
    2018-06-01 $210,500 (-4.3%) $266,711 (-4.7%) 0.70 2,425
    2018-07-01 $210,000 (-4.0%) $266,532 (-4.3%) 0.70 2,492
    2018-08-01 $210,400 (-2.1%) $263,982 (-3.8%) 0.70 2,528
    2018-09-01 $212,000 (-0.6%) $264,788 (-2.3%) 0.71 2,491
    2018-10-01 $206,750 (-1.7%) $260,240 (-3.5%) 0.70 2,480
    2018-11-01 $208,425 (-0.7%) $262,540 (-1.6%) 0.71 2,429
    2018-12-01 $206,500 (-0.6%) $262,679 (0.0%) 0.71 2,385
    2019-01-01 $209,450 (0.6%) $266,925 (2.8%) 0.72 2,265
    2019-02-01 $210,550 (0.4%) $271,209 (3.5%) 0.71 2,302
    2019-03-01 $212,143 (1.0%) $274,699 (4.2%) 0.69 2,306
    2019-04-01 $215,000 (0.3%) $278,274 (4.0%) 0.68 2,309
    2019-05-01 $218,100 (2.2%) $282,678 (5.6%) 0.68 2,250
    2019-06-01 $219,500 (4.3%) $284,430 (6.6%) 0.69 2,267
    2019-07-01 $219,950 (4.7%) $288,385 (8.2%) 0.69 2,252
    2019-08-01 $219,655 (4.4%) $288,558 (9.3%) 0.70 2,203
    2019-09-01 $219,286 (3.4%) $289,062 (9.2%) 0.70 2,139
    2019-10-01 $219,000 (5.9%) $290,036 (11.5%) 0.71 2,082
    2019-11-01 $214,900 (3.1%) $286,053 (9.0%) 0.70 2,042
    2019-12-01 $210,750 (2.1%) $279,928 (6.6%) 0.70 1,945
    2020-01-01 $210,000 (0.3%) $281,338 (5.4%) 0.70 1,851
    2020-02-01 $210,000 (-0.3%) $285,738 (5.4%) 0.69 1,881
    2020-03-01 $213,622 (0.7%) $297,614 (8.3%) 0.67 1,884
    2020-04-01 $217,750 (1.3%) $299,825 (7.7%) 0.68 1,799
    2020-05-01 $219,950 (0.9%) $306,848 (8.6%) 0.67 1,737
    2020-06-01 $219,125 (-0.2%) $311,721 (9.6%) 0.65 1,617
    2020-07-01 $226,225 (2.9%) $315,867 (9.5%) 0.66 1,506
    2020-08-01 $234,000 (6.5%) $321,256 (11.3%) 0.67 1,448
    2020-09-01 $234,750 (7.1%) $326,167 (12.8%) 0.67 1,318
    2020-10-01 $229,717 (4.9%) $330,547 (14.0%) 0.66 1,244
    2020-11-01 $230,475 (7.3%) $334,328 (16.9%) 0.67 1,137
    2020-12-01 $227,000 (7.7%) $334,397 (19.5%) 0.68 1,093
    2021-01-01 $227,230 (8.2%) $338,027 (20.2%) 0.68 995
    2021-02-01 $235,000 (11.9%) $338,396 (18.4%) 0.68 929
    2021-03-01 $239,950 (12.3%) $352,135 (18.3%) 0.68 852
    2021-04-01 $248,905 (14.3%) $371,275 (23.8%) 0.67 776
    2021-05-01 $275,000 (25.0%) $391,060 (27.4%) 0.73 729
    2021-06-01 $276,125 (26.0%) $403,133 (29.3%) 0.73 726
    2021-07-01 $269,250 (19.0%) $408,165 (29.2%) 0.71 770
    2021-08-01 $269,500 (15.2%) $410,440 (27.8%) 0.72 789
    2021-09-01 $274,200 (16.8%) $412,851 (26.6%) 0.73 790
    2021-10-01 $274,900 (19.7%) $389,720 (17.9%) 0.73 791
    2021-11-01 $269,000 (16.7%) $384,471 (15.0%) 0.72 788
    2021-12-01 $269,000 (18.5%) $378,473 (13.2%) 0.73 755
    2022-01-01 $269,000 (18.4%) $381,448 (12.9%) 0.73 694
    2022-02-01 $272,290 (15.9%) $385,451 (13.9%) 0.71 654
    2022-03-01 $286,000 (19.2%) $396,601 (12.6%) 0.72 631
    2022-04-01 $299,950 (20.5%) $407,443 (9.7%) 0.72 618
    2022-05-01 $296,200 (7.7%) $408,340 (4.4%) 0.68 656
    2022-06-01 $296,800 (7.5%) $399,391 (-0.9%) 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%) $363,088 (-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 $269,972 (-8.9%) $364,567 (-10.7%) 0.61 1,021
    2023-06-01 $269,450 (-9.2%) $362,375 (-9.3%) 0.61 1,062
    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
    Lafayette's median listing price for 2023-10-01 was $262,450, a difference of $-17,550 (-6.3%) versus the prior year and $-2,450 versus the prior month.

    Lafayette's median listing price comes in at 62% of the national average.

    Lafayette's average listing price for 2023-10-01 was $338,927, a difference of $-34,205 (-9.2%) versus the prior year and $-6,007 versus the prior month.

    For the 2023-10-01 period, Lafayette had 1,205 MLS listings, a difference of 25 listings (2%) versus the prior month and 241 listings (25%) 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 1,862 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 1,883 sqft
    2018-08-01 86 days 1,884 sqft
    2018-09-01 88 days 1,891 sqft
    2018-10-01 93 days 1,878 sqft
    2018-11-01 95 days 1,879 sqft
    2018-12-01 100 days 1,875 sqft
    2019-01-01 108 days 1,888 sqft
    2019-02-01 109 days 1,902 sqft
    2019-03-01 98 days 1,906 sqft
    2019-04-01 86 days 1,914 sqft
    2019-05-01 83 days 1,928 sqft
    2019-06-01 82 days 1,930 sqft
    2019-07-01 86 days 1,944 sqft
    2019-08-01 87 days 1,935 sqft
    2019-09-01 86 days 1,920 sqft
    2019-10-01 87 days 1,911 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 1,984 sqft
    2020-10-01 78 days 1,957 sqft
    2020-11-01 78 days 1,999 sqft
    2020-12-01 80 days 2,001 sqft
    2021-01-01 79 days 2,000 sqft
    2021-02-01 71 days 1,991 sqft
    2021-03-01 59 days 2,000 sqft
    2021-04-01 54 days 2,013 sqft
    2021-05-01 51 days 2,121 sqft
    2021-06-01 46 days 2,113 sqft
    2021-07-01 47 days 2,061 sqft
    2021-08-01 55 days 2,045 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 1,881 sqft
    2023-08-01 71 days 1,877 sqft
    2023-09-01 71 days 1,877 sqft
    2023-10-01 72 days 1,879 sqft
    Lafayette's median listing age (time on market) for 2023-10-01 was 72 days. This is 4% longer than the same period one year ago.

    Lafayette's median square footage for active listings during the 2023-10-01 period was 1,879 sqft. One year prior, the average listing was 1,964 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).