Lake Charles FHA Loan Rates, Closing Costs & Stats

LAKE CHARLES, 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.

    Lake Charles's 60 lenders originated 560 FHA loans during 2023. The total origination value was $116,480,000, with an average FHA loan value of $208,000.

    Lake Charles FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Lake Charles averaged 6.16% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Lake Charles's average FHA mortgage closing costs are $6,987.

    The average rate for the prior week (2024-11-01) was 6.33% and one month ago for the week of 2024-10-04, the average rate was 5.75%.

    The average rate one year ago was 7.2%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.01%.

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

    Lake Charles 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 Lake Charles level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FIDELITY BANK 77 6.45% $8,156
    UNITED WHOLESALE MORTGAGE, LLC 52 6.58% $9,588
    NTFN, INC. 39 6.61% $9,114
    DHI MORTGAGE COMPANY, LTD. 33 5.19% $7,798
    NEWREZ LLC 30 6.96% $9,982
    DSLD MORTGAGE, LLC 27 5.74% $4,896
    GMFS LLC 22 6.50% $6,414
    QUICKEN LOANS, LLC 22 6.29% $9,719
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 21 6.75% $10,295
    FREEDOM MORTGAGE CORPORATION 15 6.98% $9,346
    Chickasaw Community Bank 12 7.04% $10,037
    Nations Lending Corporation 12 7.11% $4,601
    MORTGAGE FINANCIAL SERVICES, LLC 9 6.64% $7,713
    Plains Commerce Bank 8 6.56% $9,840
    CARDINAL FINANCIAL 8 6.44% $8,595
    T2 FINANCIAL LLC 8 6.74% $10,287
    Red River Bank 8 6.30% $6,245
    LOANDEPOT.COM, LLC 8 6.20% $11,868
    UNION HOME MORTGAGE CORP. 7 6.57% $9,124
    AMERICAN PACIFIC MORTGAGE CORPORATION 7 7.07% $10,080
    Equity Prime Mortgage LLC 6 7.00% $8,096
    THE MORTGAGE FIRM, INC. 6 7.00% $7,947
    AMERICAN FINANCIAL NETWORK, INC. 6 7.27% $10,603
    JPMorgan Chase Bank 6 6.23% $5,737
    DAS Acquisition Company, LLC 6 7.08% $10,684
    PENNYMAC LOAN SERVICES, LLC 5 6.25% $12,506
    NP, Inc. 5 6.55% $6,412
    EUSTIS AND AMERICAN MORTGAGE COMPANY 3 6.83% $7,217
    AMERISAVE MORTGAGE CORPORATION 3 6.50% $14,053
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.88% $9,619
    Citizens Bank 3 6.21% $6,597
    PLAZA HOME MORTGAGE, INC. 3 6.83% $6,013
    MID AMERICA MORTGAGE, INC. 3 7.17% $8,711
    BROKER SOLUTIONS, INC. 2 6.25% $16,388
    Carrington Mortgage Services, LLC 2 6.38% $8,594
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.94% $6,750
    First Horizon Bank 2 6.63% $11,498
    Gateway First Bank 2 7.25% $8,164
    Hancock Whitney Bank 2 6.63% $6,609
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.81% $5,885
    M&T Bank 2 6.50% $10,496
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $17,667
    STOCKTON MORTGAGE CORPORATION 2 6.75% $7,525
    Paramount Residential Mortgage Group, Inc. 1 7.25% $11,223
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $13,200
    PENTAGON FEDERAL CREDIT UNION 1 5.88% $5,698
    Magnolia Bank 1 6.13% $9,288
    INSPIRE HOME LOANS INC. 1 5.50% $8,223
    PREMIA MORTGAGE, LLC 1 7.00% $9,536
    FBC MORTGAGE, LLC 1 7.25% $3,795
    CRESCENT MORTGAGE COMPANY 1 6.63% $13,950
    Renasant Bank 1 7.63% $6,655
    Sabine State Bank and Trust Company 1 5.63% $9,375
    Wells Fargo Bank 1 6.63% $8,770
    CMG MORTGAGE, INC. 1 6.75% $13,393
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.63% $10,005
    BARKSDALE 1 5.88% $6,058
    Assurance Financial Group, L.L.C. 1 6.75% $11,991
    V.I.P. MORTGAGE, INC. 1 6.25% $10,253
    NATIONS RELIABLE LENDING, LLC 1 7.63% $8,713

    The top Lake Charles FHA lender as defined by loan originations is FIDELITY BANK, with 77 FHA loans originated. Their average total fees are $8,156, which is $1,432 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Lake Charles FHA lenders (with over 10 loans originated) are Nations Lending Corporation ($4,601), DSLD MORTGAGE, LLC ($4,896), GMFS LLC ($6,414), DHI MORTGAGE COMPANY, LTD. ($7,798) and FIDELITY BANK ($8,156).

    The lowest rate Lake Charles FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.19%), DSLD MORTGAGE, LLC (5.74%), QUICKEN LOANS, LLC (6.29%), FIDELITY BANK (6.45%) and GMFS LLC (6.50%).

    Lake Charles FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LAKE CHARLES, LA CALCASIEU 2022 $420,680 $538,650 $651,050 $809,150
    LAKE CHARLES, LA CAMERON 2022 $420,680 $538,650 $651,050 $809,150
    LAKE CHARLES, LA CALCASIEU 2023 $472,030 $604,400 $730,525 $907,900
    LAKE CHARLES, LA CAMERON 2023 $472,030 $604,400 $730,525 $907,900

    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).