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 100 lenders originated 1,465 FHA loans during 2024. The total origination value was $364,835,000, with an average FHA loan value of $249,034.

    Lafayette FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lafayette averaged 6.41% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Lafayette's average FHA mortgage closing costs are $7,319.

    The average rate for the prior week (2025-03-28) was 6.21% and one month ago for the week of 2025-02-28, the average rate was 6.4%.

    The average rate one year ago was 6.72%.

    For refis of the same type during the week of 2025-04-04, the average rate was 5.98%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 221 6.18% $10,953
    DHI MORTGAGE COMPANY, LTD. 183 4.74% $7,176
    DSLD MORTGAGE, LLC 135 5.79% $4,855
    QUICKEN LOANS, LLC 87 6.52% $10,011
    FREEDOM MORTGAGE CORPORATION 56 6.32% $11,733
    EUSTIS AND AMERICAN MORTGAGE COMPANY 50 6.45% $9,831
    Equity Prime Mortgage LLC 46 6.50% $8,778
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 43 6.29% $7,674
    CROSSCOUNTRY MORTGAGE, LLC 33 6.42% $9,920
    Assurance Financial Group, L.L.C. 31 6.78% $9,236
    GMFS LLC 31 6.44% $6,440
    NEWREZ LLC 29 6.48% $8,859
    Flagstar Bank, FSB 28 6.37% $8,841
    PENNYMAC LOAN SERVICES, LLC 25 6.14% $9,457
    FIRST COMMUNITY MORTGAGE, INC. 25 6.45% $9,146
    FIDELITY BANK 24 6.34% $8,229
    MID AMERICA MORTGAGE, INC. 20 7.28% $6,400
    TOWNE MORTGAGE COMPANY 17 6.41% $9,756
    SOUTHWEST FUNDING, LP 15 6.97% $8,789
    STANDARD MORTGAGE CORPORATION 14 6.16% $9,119
    AMERICAN FINANCIAL RESOURCES, INC. 12 6.96% $8,268
    First Horizon Bank 12 6.42% $8,610
    AMERICAN PACIFIC MORTGAGE CORPORATION 11 6.78% $9,607
    Residential Acceptance Corporation 10 7.14% $11,706
    PLANET HOME LENDING, LLC 10 6.21% $6,934
    PLAZA HOME MORTGAGE, INC. 9 6.85% $9,620
    Plains Commerce Bank 8 6.17% $10,804
    INSPIRE HOME LOANS INC. 7 5.29% $8,356
    AmeriHome Mortgage Company, LLC 7 6.43% $6,638
    Hancock Whitney Bank 7 6.02% $8,769
    UNION HOME MORTGAGE CORP. 7 6.63% $7,014
    AMERICAN FINANCIAL NETWORK, INC. 6 6.90% $11,290
    GENEVA FINANCIAL, LLC 6 6.79% $7,513
    LAKEVIEW LOAN SERVICING, LLC 6 6.75% $7,948
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 6.50% $7,822
    MICHIGAN MUTUAL, INC. 5 6.73% $7,594
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.47% $10,197
    T2 FINANCIAL LLC 5 6.53% $10,662
    BROKER SOLUTIONS, INC. 5 6.73% $11,376
    AMERITRUST MORTGAGE CORPORATION 5 7.10% $14,353
    Summit Mortgage Corporation 5 6.38% $10,226
    Regions Bank 5 6.33% $8,444
    VILLAGE CAPITAL MORTGAGE 5 6.45% $5,158
    Carrington Mortgage Services, LLC 5 6.40% $9,657
    CARDINAL FINANCIAL 4 6.81% $9,733
    Mr. Cooper ( Nationstar Mortgage ) 4 6.50% $7,230
    CANOPY MORTGAGE, LLC 4 6.81% $11,415
    Gulf Coast Bank and Trust Company 4 5.93% $6,968
    LOANDEPOT.COM, LLC 4 6.39% $9,166
    CORNERSTONE HOME LENDING, INC. 3 6.00% $12,992
    AMERISAVE MORTGAGE CORPORATION 3 5.96% $14,708
    HOMESIDE FINANCIAL, LLC 3 6.52% $6,990
    Lakeview Community Capital, LLC 3 6.42% $8,017
    Mortgage Research Center, LLC 3 7.17% $5,143
    STOCKTON MORTGAGE CORPORATION 3 6.83% $6,375
    AFFORDABLE MORTGAGE ADVISORS, LLC. 2 6.44% $6,845
    Century Mortgage Company DBA Century Lending Company 2 5.49% $18,413
    GUILD MORTGAGE COMPANY 2 6.51% $8,240
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.75% $8,848
    MOVEMENT MORTGAGE, LLC 2 6.25% $8,622
    MUTUAL OF OMAHA MORTGAGE, INC. 2 5.25% $17,627
    MYCUMORTGAGE, LLC 2 6.25% $7,295
    NATIONS RELIABLE LENDING, LLC 2 6.25% $13,680
    SFMC, LP 2 6.19% $14,294
    SUN WEST MORTGAGE COMPANY, INC. 2 6.87% $7,483
    The Loan Store, Inc. 2 6.63% $7,085
    THE MORTGAGE LINK, INC. 2 6.25% $15,215
    NATIONS DIRECT MORTGAGE, LLC 1 6.75% $5,419
    Midwest Mortgage Associates Corporation 1 7.25% $6,553
    LAND HOME FINANCIAL SERVICES, INC. 1 7.13% $10,102
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.75% $9,882
    Presidential Bank, FSB 1 6.75% $13,875
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.63% $13,366
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 5.75% $15,655
    Red River Bank 1 6.19% $5,072
    GUARANTEED RATE AFFINITY, LLC 1 6.99% $12,285
    RELIANCE FIRST CAPITAL, LLC 1 6.63% $10,026
    Renasant Bank 1 6.63% $8,799
    First Financial Bank 1 5.75% $8,597
    ROYAL UNITED MORTGAGE LLC 1 7.25% $7,967
    ALLIED MORTGAGE GROUP, INC. 1 6.63% $2,960
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.50% $6,872
    First Federal Bank 1 6.63% $5,174
    EMM LOANS LLC 1 6.25% $11,191
    Cornerstone First Mortgage, Inc 1 7.13% $8,611
    CMG MORTGAGE, INC. 1 6.50% $11,563
    V.I.P. MORTGAGE, INC. 1 6.25% $5,381
    CALCON MUTUAL MORTGAGE LLC 1 7.63% $11,122
    The Federal Savings Bank 1 7.75% $6,059
    Wells Fargo Bank 1 6.50% $8,744
    ZILLOW HOME LOANS, LLC 1 5.75% $11,333
    BARKSDALE 1 6.38% $11,809
    Bank of England 1 6.25% $15,434
    Ameris Bank 1 6.25% $9,492
    U.S. Bank 1 6.75% $6,796
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.25% $10,676
    NBKC BANK 1 5.50% $13,394
    PANORAMA MORTGAGE GROUP, LLC 1 7.25% $16,099
    Paramount Residential Mortgage Group, Inc. 1 6.25% $8,599
    Nations Lending Corporation 1 6.50% $4,526

    The top Lafayette FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 221 FHA loans originated. Their average total fees are $10,953, which is $3,777 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 ($4,855), MID AMERICA MORTGAGE, INC. ($6,400), GMFS LLC ($6,440), PLANET HOME LENDING, LLC ($6,934) and DHI MORTGAGE COMPANY, LTD. ($7,176).

    The lowest rate Lafayette FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.74%), DSLD MORTGAGE, LLC (5.79%), PENNYMAC LOAN SERVICES, LLC (6.14%), STANDARD MORTGAGE CORPORATION (6.16%) and UNITED WHOLESALE MORTGAGE, LLC (6.18%).

    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 $212,425 (-1.0%) $264,546 (-2.0%) 0.79 1,908
    2018-02-01 $214,300 (-1.0%) $268,960 (0.1%) 0.78 1,930
    2018-03-01 $215,000 (-1.9%) $270,834 (-1.6%) 0.75 2,018
    2018-04-01 $219,183 (-2.6%) $276,517 (-2.3%) 0.74 2,027
    2018-05-01 $219,000 (-2.7%) $276,132 (-3.1%) 0.73 2,091
    2018-06-01 $217,500 (-3.3%) $275,234 (-3.5%) 0.73 2,168
    2018-07-01 $217,800 (-2.3%) $276,035 (-2.9%) 0.73 2,216
    2018-08-01 $217,600 (-1.1%) $273,029 (-2.5%) 0.73 2,255
    2018-09-01 $218,703 (-0.1%) $273,536 (-1.6%) 0.74 2,221
    2018-10-01 $215,000 (-0.9%) $269,033 (-2.8%) 0.73 2,203
    2018-11-01 $215,000 (0.0%) $272,031 (-0.3%) 0.73 2,164
    2018-12-01 $215,000 (1.0%) $272,748 (1.9%) 0.74 2,135
    2019-01-01 $215,250 (1.3%) $276,764 (4.6%) 0.74 2,035
    2019-02-01 $218,650 (2.0%) $281,958 (4.8%) 0.74 2,067
    2019-03-01 $219,800 (2.2%) $286,127 (5.7%) 0.72 2,066
    2019-04-01 $221,400 (1.0%) $290,734 (5.1%) 0.70 2,062
    2019-05-01 $226,475 (3.4%) $295,283 (6.9%) 0.71 1,999
    2019-06-01 $226,750 (4.3%) $296,241 (7.6%) 0.71 2,013
    2019-07-01 $229,000 (5.1%) $300,855 (9.0%) 0.72 2,005
    2019-08-01 $227,909 (4.7%) $301,092 (10.3%) 0.72 1,965
    2019-09-01 $226,273 (3.5%) $301,580 (10.3%) 0.72 1,915
    2019-10-01 $225,000 (4.7%) $302,686 (12.5%) 0.73 1,869
    2019-11-01 $220,900 (2.7%) $298,107 (9.6%) 0.72 1,836
    2019-12-01 $219,684 (2.2%) $292,253 (7.2%) 0.73 1,742
    2020-01-01 $220,000 (2.2%) $293,739 (6.1%) 0.74 1,653
    2020-02-01 $219,500 (0.4%) $298,639 (5.9%) 0.72 1,677
    2020-03-01 $222,450 (1.2%) $311,720 (8.9%) 0.70 1,685
    2020-04-01 $225,000 (1.6%) $313,931 (8.0%) 0.70 1,610
    2020-05-01 $226,230 (-0.1%) $318,531 (7.9%) 0.69 1,579
    2020-06-01 $225,450 (-0.6%) $322,912 (9.0%) 0.66 1,466
    2020-07-01 $229,680 (0.3%) $325,731 (8.3%) 0.67 1,365
    2020-08-01 $239,000 (4.9%) $330,989 (9.9%) 0.68 1,318
    2020-09-01 $237,250 (4.9%) $333,851 (10.7%) 0.68 1,204
    2020-10-01 $235,000 (4.4%) $340,250 (12.4%) 0.67 1,127
    2020-11-01 $233,300 (5.6%) $341,597 (14.6%) 0.68 1,030
    2020-12-01 $229,450 (4.5%) $342,499 (17.2%) 0.68 990
    2021-01-01 $230,000 (4.6%) $346,735 (18.0%) 0.69 889
    2021-02-01 $239,950 (9.3%) $348,746 (16.8%) 0.70 826
    2021-03-01 $249,000 (11.9%) $361,906 (16.1%) 0.71 763
    2021-04-01 $255,325 (13.5%) $382,882 (22.0%) 0.69 687
    2021-05-01 $282,500 (24.9%) $405,844 (27.4%) 0.75 646
    2021-06-01 $284,750 (26.3%) $415,741 (28.8%) 0.75 657
    2021-07-01 $276,250 (20.3%) $420,321 (29.0%) 0.73 706
    2021-08-01 $275,250 (15.2%) $425,538 (28.6%) 0.73 721
    2021-09-01 $278,850 (17.5%) $430,831 (29.1%) 0.74 718
    2021-10-01 $279,500 (18.9%) $409,354 (20.3%) 0.75 708
    2021-11-01 $277,500 (19.0%) $403,473 (18.1%) 0.74 705
    2021-12-01 $277,500 (20.9%) $394,657 (15.2%) 0.75 689
    2022-01-01 $276,475 (20.2%) $397,302 (14.6%) 0.75 632
    2022-02-01 $279,000 (16.3%) $403,943 (15.8%) 0.73 591
    2022-03-01 $290,125 (16.5%) $417,325 (15.3%) 0.73 567
    2022-04-01 $308,388 (20.8%) $426,286 (11.3%) 0.74 554
    2022-05-01 $300,250 (6.3%) $427,208 (5.3%) 0.69 589
    2022-06-01 $304,125 (6.8%) $417,726 (0.5%) 0.68 667
    2022-07-01 $299,450 (8.4%) $397,690 (-5.4%) 0.67 782
    2022-08-01 $295,600 (7.4%) $383,861 (-9.8%) 0.68 815
    2022-09-01 $298,975 (7.2%) $387,269 (-10.1%) 0.70 849
    2022-10-01 $294,600 (5.4%) $391,016 (-4.5%) 0.69 846
    2022-11-01 $288,625 (4.0%) $375,028 (-7.1%) 0.69 894
    2022-12-01 $293,250 (5.7%) $375,967 (-4.7%) 0.72 865
    2023-01-01 $299,625 (8.4%) $383,123 (-3.6%) 0.74 848
    2023-02-01 $295,000 (5.7%) $379,683 (-6.0%) 0.71 843
    2023-03-01 $298,950 (3.0%) $384,760 (-7.8%) 0.71 861
    2023-04-01 $283,000 (-8.2%) $378,150 (-11.3%) 0.66 888
    2023-05-01 $285,281 (-5.0%) $379,070 (-11.3%) 0.65 911
    2023-06-01 $280,500 (-7.8%) $376,526 (-9.9%) 0.63 944
    2023-07-01 $274,000 (-8.5%) $362,721 (-8.8%) 0.62 1,035
    2023-08-01 $270,700 (-8.4%) $358,217 (-6.7%) 0.62 1,044
    2023-09-01 $274,900 (-8.1%) $356,699 (-7.9%) 0.64 1,048
    2023-10-01 $269,950 (-8.4%) $350,552 (-10.4%) 0.64 1,073
    2023-11-01 $273,091 (-5.4%) $349,699 (-6.8%) 0.65 1,114
    2023-12-01 $270,000 (-7.9%) $353,280 (-6.0%) 0.66 1,143
    2024-01-01 $266,200 (-11.2%) $353,669 (-7.7%) 0.65 1,093
    2024-02-01 $267,725 (-9.3%) $358,337 (-5.6%) 0.64 1,065
    2024-03-01 $265,000 (-11.4%) $358,961 (-6.7%) 0.62 1,104
    2024-04-01 $267,765 (-5.4%) $353,152 (-6.6%) 0.62 1,213
    2024-05-01 $269,225 (-5.6%) $355,995 (-6.1%) 0.61 1,214
    2024-06-01 $270,000 (-3.7%) $359,667 (-4.5%) 0.61 1,265
    2024-07-01 $273,500 (-0.2%) $365,572 (0.8%) 0.63 1,274
    2024-08-01 $272,000 (0.5%) $363,742 (1.5%) 0.63 1,328
    2024-09-01 $272,100 (-1.0%) $361,661 (1.4%) 0.64 1,334
    2024-10-01 $279,950 (3.7%) $366,942 (4.7%) 0.66 1,377
    2024-11-01 $275,000 (0.7%) $367,673 (5.1%) 0.66 1,411
    2024-12-01 $269,950 (0.0%) $363,290 (2.8%) 0.67 1,428
    2025-01-01 $269,525 (1.3%) $366,372 (3.6%) 0.67 1,375
    2025-02-01 $269,913 (0.8%) $367,209 (2.5%) 0.66 1,376
    2025-03-01 $269,900 (1.9%) $374,762 (4.4%) 0.00 1,364
    Lafayette's median listing price for 2025-03-01 was $269,900, a difference of $4,900 (1.9%) versus the prior year and $-13 versus the prior month.

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

    Lafayette's average listing price for 2025-03-01 was $374,762, a difference of $15,801 (4.4%) versus the prior year and $7,553 versus the prior month.

    For the 2025-03-01 period, Lafayette had 1,364 MLS listings, a difference of -12 listings (-1%) versus the prior month and 260 listings (24%) 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 1,863 sqft
    2018-02-01 96 days 1,865 sqft
    2018-03-01 74 days 1,862 sqft
    2018-04-01 72 days 1,888 sqft
    2018-05-01 68 days 1,891 sqft
    2018-06-01 72 days 1,897 sqft
    2018-07-01 79 days 1,888 sqft
    2018-08-01 85 days 1,889 sqft
    2018-09-01 88 days 1,893 sqft
    2018-10-01 92 days 1,882 sqft
    2018-11-01 95 days 1,879 sqft
    2018-12-01 100 days 1,875 sqft
    2019-01-01 107 days 1,893 sqft
    2019-02-01 108 days 1,908 sqft
    2019-03-01 98 days 1,910 sqft
    2019-04-01 87 days 1,914 sqft
    2019-05-01 83 days 1,935 sqft
    2019-06-01 81 days 1,933 sqft
    2019-07-01 86 days 1,951 sqft
    2019-08-01 87 days 1,941 sqft
    2019-09-01 86 days 1,926 sqft
    2019-10-01 87 days 1,917 sqft
    2019-11-01 86 days 1,916 sqft
    2019-12-01 89 days 1,903 sqft
    2020-01-01 93 days 1,900 sqft
    2020-02-01 87 days 1,896 sqft
    2020-03-01 73 days 1,922 sqft
    2020-04-01 81 days 1,934 sqft
    2020-05-01 87 days 1,930 sqft
    2020-06-01 94 days 1,926 sqft
    2020-07-01 79 days 1,969 sqft
    2020-08-01 72 days 2,000 sqft
    2020-09-01 73 days 1,983 sqft
    2020-10-01 78 days 1,963 sqft
    2020-11-01 78 days 1,997 sqft
    2020-12-01 78 days 1,993 sqft
    2021-01-01 75 days 2,000 sqft
    2021-02-01 70 days 2,000 sqft
    2021-03-01 57 days 2,010 sqft
    2021-04-01 49 days 2,051 sqft
    2021-05-01 48 days 2,164 sqft
    2021-06-01 45 days 2,135 sqft
    2021-07-01 46 days 2,080 sqft
    2021-08-01 55 days 2,065 sqft
    2021-09-01 60 days 2,077 sqft
    2021-10-01 62 days 2,021 sqft
    2021-11-01 61 days 1,995 sqft
    2021-12-01 63 days 1,996 sqft
    2022-01-01 71 days 1,972 sqft
    2022-02-01 64 days 1,991 sqft
    2022-03-01 59 days 2,091 sqft
    2022-04-01 52 days 2,144 sqft
    2022-05-01 52 days 2,101 sqft
    2022-06-01 48 days 2,013 sqft
    2022-07-01 46 days 2,000 sqft
    2022-08-01 55 days 1,997 sqft
    2022-09-01 62 days 2,000 sqft
    2022-10-01 71 days 1,985 sqft
    2022-11-01 75 days 1,959 sqft
    2022-12-01 85 days 1,950 sqft
    2023-01-01 91 days 1,960 sqft
    2023-02-01 91 days 1,946 sqft
    2023-03-01 66 days 1,949 sqft
    2023-04-01 58 days 1,906 sqft
    2023-05-01 61 days 1,908 sqft
    2023-06-01 64 days 1,902 sqft
    2023-07-01 66 days 1,885 sqft
    2023-08-01 67 days 1,884 sqft
    2023-09-01 71 days 1,887 sqft
    2023-10-01 71 days 1,890 sqft
    2023-11-01 67 days 1,863 sqft
    2023-12-01 73 days 1,863 sqft
    2024-01-01 81 days 1,850 sqft
    2024-02-01 87 days 1,857 sqft
    2024-03-01 71 days 1,851 sqft
    2024-04-01 57 days 1,833 sqft
    2024-05-01 60 days 1,858 sqft
    2024-06-01 71 days 1,866 sqft
    2024-07-01 73 days 1,861 sqft
    2024-08-01 68 days 1,854 sqft
    2024-09-01 76 days 1,861 sqft
    2024-10-01 78 days 1,873 sqft
    2024-11-01 84 days 1,863 sqft
    2024-12-01 88 days 1,842 sqft
    2025-01-01 97 days 1,833 sqft
    2025-02-01 94 days 1,840 sqft
    2025-03-01 0 days 1,851 sqft
    Lafayette's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Lafayette's median square footage for active listings during the 2025-03-01 period was 1,851 sqft. One year prior, the average listing was 1,851 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).