Lafayette FHA Loans

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 105 lenders originated 2,107 FHA loans during 2021. The total origination value was $393,295,000, with an average FHA loan value of $186,661.

Lafayette FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lafayette averaged 5.02% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.15% and one month ago for the week of 2022-04-08, the average rate was 4.62%.

The average rate one year ago was 3.23%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.06%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Lafayette level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
HOME POINT FINANCIAL CORPORATION 178 2.86% $7,246
QUICKEN LOANS, LLC 129 2.75% $5,841
UNITED WHOLESALE MORTGAGE, LLC 111 2.80% $7,801
DHI MORTGAGE COMPANY, LTD. 107 2.96% $7,080
Assurance Financial Group, L.L.C. 81 3.25% $7,730
CALIBER HOME LOANS, INC. 78 2.94% $6,474
DSLD MORTGAGE, LLC 76 2.75% $4,261
GMFS LLC 75 3.04% $5,163
FREEDOM MORTGAGE CORPORATION 66 2.94% $4,778
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 56 3.09% $6,131
LAKEVIEW LOAN SERVICING, LLC 54 3.04% $4,226
PENNYMAC LOAN SERVICES, LLC 49 2.95% $5,069
MID AMERICA MORTGAGE, INC. 49 3.02% $4,050
SOUTHWEST FUNDING, LP 46 3.71% $9,246
FIDELITY BANK 37 3.04% $7,513
MORTGAGE FINANCIAL SERVICES, LLC 36 3.46% $7,462
MOVEMENT MORTGAGE, LLC 31 3.19% $7,129
LOANDEPOT.COM, LLC 31 3.06% $8,077
Mr. Cooper ( Nationstar Mortgage ) 30 3.37% $3,269
AMERICAN FINANCIAL RESOURCES, INC. 27 3.31% $6,626
Paramount Residential Mortgage Group, Inc. 25 3.40% $7,428
Carrington Mortgage Services, LLC 20 3.51% $7,092
PLAZA HOME MORTGAGE, INC. 19 3.30% $7,367
Equity Prime Mortgage LLC 19 3.55% $6,384
STANDARD MORTGAGE CORPORATION 18 2.76% $7,049
SUN WEST MORTGAGE COMPANY, INC. 16 3.05% $8,279
VILLAGE CAPITAL & INVESTMENT LLC 16 3.17% $2,671
HOMEBRIDGE FINANCIAL SERVICES, INC. 15 2.64% $4,982
TJC Mortgage, Inc. 15 2.93% $7,946
AmeriHome Mortgage Company, LLC 14 2.86% $4,302
UNION HOME MORTGAGE CORP. 13 2.83% $7,362
Nations Lending Corporation 13 3.16% $6,446
GUARANTEED RATE, INC. 11 3.36% $7,155
PLANET HOME LENDING, LLC 11 3.39% $7,696
Lakeview Community Capital, LLC 11 2.92% $4,260
AMCAP MORTGAGE, LTD. 9 3.35% $7,292
Citizens Bank 9 2.57% $6,528
CRESCENT MORTGAGE COMPANY 8 2.78% $7,119
AMERICAN FINANCIAL NETWORK, INC. 8 3.09% $11,407
First Guaranty Mortgage Corporation 8 2.81% $5,870
First Horizon Bank 8 2.77% $7,243
JPMorgan Chase Bank 8 2.89% $5,192
MICHIGAN MUTUAL, INC. 8 2.89% $6,701
LEADERONE FINANCIAL CORPORATION 7 3.00% $8,290
EUSTIS AND AMERICAN MORTGAGE COMPANY 7 2.95% $8,531
TOWNE MORTGAGE COMPANY 7 3.20% $5,239
LHM FINANCIAL CORPORATION 6 3.21% $7,495
Flagstar Bank, FSB 6 2.57% $5,933
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 3.88% $7,469
BancorpSouth Bank 6 2.85% $7,356
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 6 3.40% $8,669
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 2.89% $6,218
Bank of England 5 3.38% $7,427
NEWREZ LLC 4 2.88% $5,319
GENEVA FINANCIAL, LLC 4 2.81% $9,172
CMG MORTGAGE, INC. 4 3.13% $8,520
OCEANSIDE MORTGAGE COMPANY 4 2.88% $2,604
GUILD MORTGAGE COMPANY 4 4.22% $8,951
SOUTHWEST STAGE FUNDING, LLC 4 3.16% $4,367
Regions Bank 4 3.00% $5,656
BECKAM FUNDING CORP. 4 3.91% $7,379
Hometown Equity Mortgage, LLC 3 3.79% $8,072
STEARNS LENDING, LLC 3 2.67% $11,061
BAYSHORE MORTGAGE FUNDING, LLC 3 3.83% $7,000
Gateway First Bank 3 3.42% $5,595
AMERISAVE MORTGAGE CORPORATION 3 3.08% $7,792
Hancock Whitney Bank 3 2.50% $6,601
VANDERBILT MORTGAGE AND FINANCE, INC. 3 3.25% $9,082
RELIANCE FIRST CAPITAL, LLC 2 3.25% $7,910
RESIDENTIAL BANCORP. 2 3.62% $13,709
Mortgage Research Center, LLC 2 2.62% $4,581
CROSSCOUNTRY MORTGAGE, LLC 2 2.62% $7,939
CIS Financial Services, Inc. 2 3.38% $12,884
InterContinental Capital Group, Inc 2 2.50% $7,537
KELLER MORTGAGE, LLC 2 2.50% $6,812
NTFN, INC. 2 2.81% $6,522
Commerce Home Mortgage, Inc. 2 3.19% $6,846
GSF Mortgage Corporation 2 3.63% $13,504
OCMBC, INC. 1 3.75% $5,975
Florida Capital Bank 1 2.75% $6,519
Gulf Coast Bank and Trust Company 1 2.99% $7,616
Home Mortgage Alliance Corp 1 2.75% $6,576
First Option Mortgage, LLC 1 3.25% $6,750
American Mortgage Bank, LLC 1 3.13% $7,139
COUNTRYPLACE MORTGAGE, LTD. 1 3.25% $12,304
Wells Fargo Bank 1 3.75% $2,676
Colonial Savings, F.A. 1 3.50% $13,773
MUTUAL OF OMAHA MORTGAGE, INC. 1 4.13% $6,077
NATIONS DIRECT MORTGAGE, LLC 1 3.75% $7,828
CHURCHILL MORTGAGE CORPORATION 1 2.88% $6,909
NP, Inc. 1 2.63% $10,972
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.88% $7,249
Paramount Bank 1 2.50% $10,390
BROKER SOLUTIONS, INC. 1 3.25% $8,699
Plains Commerce Bank 1 2.50% $9,554
BETTER MORTGAGE CORPORATION 1 2.63% $7,025
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 4.25% $10,343
Red River Bank 1 2.25% $7,281
Renasant Bank 1 2.63% $6,697
Sierra Pacific Mortgage Company, Inc. 1 3.63% $4,771
Barrington Bank & Trust Company, N.A. 1 2.53% $7,272
The First National Bank of Middle Tennessee 1 2.38% $7,774
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.25% $4,325
Trustmark National Bank 1 3.00% $7,848
UNITED SECURITY FINANCIAL CORP 1 2.88% $4,924

The top Lafayette FHA lender as defined by loan originations is HOME POINT FINANCIAL CORPORATION, with 178 FHA loans originated. Their average total fees are $7,246, which is $1,405 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Lafayette FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,671), Mr. Cooper ( Nationstar Mortgage ) ($3,269), MID AMERICA MORTGAGE, INC. ($4,050), LAKEVIEW LOAN SERVICING, LLC ($4,226) and Lakeview Community Capital, LLC ($4,260).

The lowest rate Lafayette FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (2.64%), DSLD MORTGAGE, LLC (2.75%), QUICKEN LOANS, LLC (2.75%), STANDARD MORTGAGE CORPORATION (2.76%) and UNITED WHOLESALE MORTGAGE, LLC (2.80%).

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

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 $208,500 (-0.5%) $258,538 (-1.4%) 0.77 2,107
2018-02-01 $209,950 (0.0%) $262,399 (0.5%) 0.76 2,135
2018-03-01 $210,000 (-2.3%) $263,718 (-1.6%) 0.73 2,235
2018-04-01 $214,900 (-2.7%) $267,995 (-2.7%) 0.72 2,259
2018-05-01 $214,100 (-2.9%) $268,114 (-3.2%) 0.71 2,319
2018-06-01 $211,900 (-3.7%) $266,949 (-3.5%) 0.71 2,393
2018-07-01 $210,000 (-4.1%) $268,051 (-2.7%) 0.70 2,472
2018-08-01 $210,650 (-2.0%) $265,010 (-2.3%) 0.70 2,507
2018-09-01 $212,500 (-0.3%) $266,547 (-0.3%) 0.71 2,471
2018-10-01 $205,000 (-2.8%) $260,262 (-2.3%) 0.69 2,470
2018-11-01 $207,950 (-1.0%) $262,596 (-0.4%) 0.70 2,412
2018-12-01 $205,524 (-1.4%) $261,794 (0.1%) 0.70 2,359
2019-01-01 $208,500 (0.0%) $266,166 (3.0%) 0.72 2,243
2019-02-01 $210,000 (0.0%) $270,151 (3.0%) 0.70 2,285
2019-03-01 $212,143 (1.0%) $274,582 (4.1%) 0.69 2,287
2019-04-01 $215,000 (0.1%) $278,329 (3.9%) 0.68 2,292
2019-05-01 $217,785 (1.7%) $283,201 (5.6%) 0.67 2,233
2019-06-01 $219,000 (3.4%) $284,174 (6.5%) 0.67 2,252
2019-07-01 $220,000 (4.8%) $292,002 (8.9%) 0.68 2,236
2019-08-01 $219,143 (4.0%) $293,940 (10.9%) 0.69 2,169
2019-09-01 $218,143 (2.7%) $295,611 (10.9%) 0.69 2,077
2019-10-01 $219,000 (6.8%) $293,968 (13.0%) 0.70 2,068
2019-11-01 $214,000 (2.9%) $289,447 (10.2%) 0.69 2,020
2019-12-01 $210,168 (2.3%) $283,099 (8.1%) 0.70 1,922
2020-01-01 $210,000 (0.7%) $284,403 (6.9%) 0.70 1,826
2020-02-01 $210,000 (0.0%) $288,808 (6.9%) 0.68 1,848
2020-03-01 $213,455 (0.6%) $300,262 (9.4%) 0.67 1,866
2020-04-01 $217,000 (0.9%) $301,875 (8.5%) 0.68 1,791
2020-05-01 $219,500 (0.8%) $309,479 (9.3%) 0.67 1,726
2020-06-01 $219,000 (0.0%) $312,533 (10.0%) 0.64 1,594
2020-07-01 $226,850 (3.1%) $317,742 (8.8%) 0.65 1,479
2020-08-01 $234,000 (6.8%) $323,685 (10.1%) 0.67 1,422
2020-09-01 $234,750 (7.6%) $329,172 (11.4%) 0.67 1,296
2020-10-01 $229,835 (5.0%) $336,237 (14.4%) 0.66 1,223
2020-11-01 $231,950 (8.4%) $340,349 (17.6%) 0.66 1,117
2020-12-01 $227,000 (8.0%) $338,742 (19.7%) 0.67 1,080
2021-01-01 $227,520 (8.3%) $343,614 (20.8%) 0.67 982
2021-02-01 $235,000 (11.9%) $344,473 (19.3%) 0.68 915
2021-03-01 $239,450 (12.2%) $357,620 (19.1%) 0.67 844
2021-04-01 $246,815 (13.7%) $376,903 (24.9%) 0.66 769
2021-05-01 $274,500 (25.1%) $392,767 (26.9%) 0.72 713
2021-06-01 $275,000 (25.6%) $402,059 (28.7%) 0.71 716
2021-07-01 $269,000 (18.6%) $401,350 (26.3%) 0.70 760
2021-08-01 $269,000 (15.0%) $408,792 (26.3%) 0.71 785
2021-09-01 $271,250 (15.6%) $410,807 (24.8%) 0.71 783
2021-10-01 $274,900 (19.6%) $387,916 (15.4%) 0.72 792
2021-11-01 $269,000 (16.0%) $381,434 (12.1%) 0.71 787
2021-12-01 $269,000 (18.5%) $372,055 (9.8%) 0.72 762
2022-01-01 $265,500 (16.7%) $376,615 (9.6%) 0.71 692
2022-02-01 $275,000 (17.0%) $385,032 (11.8%) 0.70 661
2022-03-01 $283,500 (18.4%) $396,794 (11.0%) 0.70 635
2022-04-01 $300,000 (21.6%) $409,766 (8.7%) 0.71 624
Lafayette's median listing price for 2022-04-01 was $300,000, a difference of $53,185 (21.6%) versus the prior year and $16,500 versus the prior month.

Lafayette's median listing price comes in at 71% of the national average.

Lafayette's average listing price for 2022-04-01 was $409,766, a difference of $32,863 (8.7%) versus the prior year and $12,972 versus the prior month.

For the 2022-04-01 period, Lafayette had 624 MLS listings, a difference of -11 listings (-2%) versus the prior month and -145 listings (-19%) 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
2018-01-01 107 days 1,860 sqft
2018-02-01 107 days 1,864 sqft
2018-03-01 93 days 1,862 sqft
2018-04-01 80 days 1,888 sqft
2018-05-01 75 days 1,890 sqft
2018-06-01 80 days 1,891 sqft
2018-07-01 85 days 1,887 sqft
2018-08-01 94 days 1,885 sqft
2018-09-01 96 days 1,891 sqft
2018-10-01 101 days 1,877 sqft
2018-11-01 105 days 1,879 sqft
2018-12-01 111 days 1,875 sqft
2019-01-01 118 days 1,885 sqft
2019-02-01 121 days 1,900 sqft
2019-03-01 120 days 1,903 sqft
2019-04-01 96 days 1,908 sqft
2019-05-01 97 days 1,925 sqft
2019-06-01 94 days 1,925 sqft
2019-07-01 98 days 1,941 sqft
2019-08-01 102 days 1,936 sqft
2019-09-01 105 days 1,923 sqft
2019-10-01 101 days 1,911 sqft
2019-11-01 100 days 1,902 sqft
2019-12-01 105 days 1,895 sqft
2020-01-01 107 days 1,892 sqft
2020-02-01 100 days 1,889 sqft
2020-03-01 90 days 1,914 sqft
2020-04-01 90 days 1,922 sqft
2020-05-01 100 days 1,917 sqft
2020-06-01 107 days 1,910 sqft
2020-07-01 103 days 1,967 sqft
2020-08-01 85 days 1,998 sqft
2020-09-01 80 days 1,982 sqft
2020-10-01 83 days 1,953 sqft
2020-11-01 86 days 2,000 sqft
2020-12-01 86 days 2,000 sqft
2021-01-01 81 days 2,006 sqft
2021-02-01 79 days 2,001 sqft
2021-03-01 68 days 2,000 sqft
2021-04-01 63 days 2,022 sqft
2021-05-01 60 days 2,118 sqft
2021-06-01 52 days 2,101 sqft
2021-07-01 50 days 2,061 sqft
2021-08-01 59 days 2,032 sqft
2021-09-01 61 days 2,062 sqft
2021-10-01 64 days 1,991 sqft
2021-11-01 60 days 1,972 sqft
2021-12-01 62 days 1,995 sqft
2022-01-01 74 days 1,966 sqft
2022-02-01 72 days 1,990 sqft
2022-03-01 64 days 2,080 sqft
2022-04-01 59 days 2,145 sqft
Lafayette's median listing age (time on market) for 2022-04-01 was 59 days. This is -6% shorter than the same period one year ago.

Lafayette's median square footage for active listings during the 2022-04-01 period was 2,145 sqft. One year prior, the average listing was 2,022 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).