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
6.27%
for the week of 2024-12-13, compared to the national average (all FHA variants) of
6.277% for the same period.
Lafayette's average FHA mortgage closing costs are $7,067.
The average rate for the prior week (2024-12-06) was
6.34% and
one month ago for the week of 2024-11-08, the
average rate was 6.31%.
The average rate one year ago was 6.82%.
For refis of the same type during the week of 2024-12-13, the average rate
was 5.77%.
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.
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. LouisDate | 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 | $259,950 (-3.5%) | $347,767 (-4.0%) | 0.58 | 1,416 |
2024-07-01 | $263,000 (-0.8%) | $351,138 (0.3%) | 0.60 | 1,426 |
2024-08-01 | $260,000 (-1.9%) | $348,056 (0.4%) | 0.60 | 1,496 |
2024-09-01 | $260,000 (-1.9%) | $342,959 (-0.6%) | 0.61 | 1,513 |
2024-10-01 | $265,000 (1.0%) | $348,109 (2.7%) | 0.62 | 1,554 |
2024-11-01 | $265,000 (0.3%) | $351,444 (3.8%) | 0.64 | 1,578 |
Lafayette's median listing price comes in at 64% of the national average.
Lafayette's average listing price for 2024-11-01 was $351,444, a difference of $12,785 (3.8%) versus the prior year and $3,335 versus the prior month.
For the 2024-11-01 period, Lafayette had 1,578 MLS listings, a difference of 24 listings (2%) versus the prior month and 330 listings (26%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Lafayette (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
2024-07-01 | 74 days | 1,857 sqft |
2024-08-01 | 71 days | 1,841 sqft |
2024-09-01 | 75 days | 1,852 sqft |
2024-10-01 | 77 days | 1,865 sqft |
2024-11-01 | 82 days | 1,859 sqft |
Lafayette's median square footage for active listings during the 2024-11-01 period was 1,859 sqft. One year prior, the average listing was 1,860 sqft.