Lake Charles FHA Loan Rates, Closing Costs & Stats

LAKE CHARLES, LA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.25% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.36% and one month ago for the week of 2025-01-10, the average rate was 6.52%.

    The average rate one year ago was 6.65%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.1%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lake Charles (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 $224,900 (-2.2%) $284,992 (-10.5%) 0.86 932
    2018-02-01 $224,250 (-2.3%) $281,913 (-10.3%) 0.83 917
    2018-03-01 $226,200 (-4.8%) $284,167 (-10.9%) 0.82 913
    2018-04-01 $228,250 (-4.9%) $285,599 (-11.6%) 0.80 904
    2018-05-01 $234,250 (-4.4%) $299,216 (-9.5%) 0.82 892
    2018-06-01 $230,000 (-4.5%) $294,629 (-10.4%) 0.80 969
    2018-07-01 $225,450 (-6.0%) $289,788 (-9.1%) 0.78 1,007
    2018-08-01 $231,292 (-2.2%) $316,473 (4.1%) 0.80 1,032
    2018-09-01 $228,000 (-2.9%) $309,421 (4.4%) 0.79 1,056
    2018-10-01 $229,700 (-0.1%) $300,606 (2.0%) 0.80 1,084
    2018-11-01 $226,250 (0.3%) $303,167 (3.3%) 0.79 1,101
    2018-12-01 $226,200 (0.5%) $308,462 (5.5%) 0.81 1,094
    2019-01-01 $225,889 (0.4%) $304,557 (6.9%) 0.81 1,073
    2019-02-01 $229,000 (2.1%) $305,724 (8.5%) 0.80 1,078
    2019-03-01 $229,429 (1.4%) $309,403 (8.9%) 0.78 1,057
    2019-04-01 $232,450 (1.8%) $314,140 (10.0%) 0.76 1,035
    2019-05-01 $237,350 (1.3%) $324,349 (8.4%) 0.76 998
    2019-06-01 $237,000 (3.0%) $320,658 (8.8%) 0.75 976
    2019-07-01 $231,250 (2.6%) $315,308 (8.8%) 0.75 1,040
    2019-08-01 $228,609 (-1.2%) $310,639 (-1.8%) 0.75 1,068
    2019-09-01 $226,523 (-0.7%) $308,776 (-0.2%) 0.74 1,073
    2019-10-01 $225,182 (-2.0%) $310,409 (3.3%) 0.74 1,061
    2019-11-01 $225,000 (-0.6%) $308,675 (1.8%) 0.75 1,045
    2019-12-01 $215,000 (-5.0%) $252,454 (-18.2%) 0.73 933
    2020-01-01 $215,000 (-4.8%) $253,974 (-16.6%) 0.73 916
    2020-02-01 $218,200 (-4.7%) $257,225 (-15.9%) 0.73 926
    2020-03-01 $216,443 (-5.7%) $262,914 (-15.0%) 0.69 940
    2020-04-01 $215,313 (-7.4%) $261,860 (-16.6%) 0.69 960
    2020-05-01 $219,000 (-7.7%) $264,939 (-18.3%) 0.67 943
    2020-06-01 $219,950 (-7.2%) $271,135 (-15.4%) 0.66 929
    2020-07-01 $219,900 (-4.9%) $273,837 (-13.2%) 0.65 916
    2020-08-01 $219,225 (-4.1%) $276,891 (-10.9%) 0.63 915
    2020-09-01 $219,000 (-3.3%) $275,448 (-10.8%) 0.63 746
    2020-10-01 $223,500 (-0.8%) $281,582 (-9.3%) 0.65 619
    2020-11-01 $225,125 (0.1%) $272,815 (-11.6%) 0.67 567
    2020-12-01 $226,000 (5.1%) $270,723 (7.2%) 0.68 538
    2021-01-01 $230,000 (7.0%) $272,581 (7.3%) 0.70 492
    2021-02-01 $242,083 (11.0%) $286,672 (11.5%) 0.71 443
    2021-03-01 $233,600 (7.9%) $284,131 (8.1%) 0.68 396
    2021-04-01 $231,450 (7.5%) $282,027 (7.7%) 0.64 382
    2021-05-01 $229,500 (4.8%) $287,957 (8.7%) 0.62 337
    2021-06-01 $225,000 (2.3%) $286,061 (5.5%) 0.61 329
    2021-07-01 $228,950 (4.1%) $282,854 (3.3%) 0.62 370
    2021-08-01 $226,541 (3.3%) $284,033 (2.6%) 0.62 410
    2021-09-01 $227,250 (3.8%) $278,933 (1.3%) 0.62 458
    2021-10-01 $219,000 (-2.0%) $272,234 (-3.3%) 0.60 500
    2021-11-01 $219,675 (-2.4%) $266,883 (-2.2%) 0.59 542
    2021-12-01 $215,950 (-4.5%) $257,900 (-4.7%) 0.59 569
    2022-01-01 $220,325 (-4.2%) $261,246 (-4.2%) 0.61 533
    2022-02-01 $215,875 (-10.8%) $261,910 (-8.6%) 0.57 524
    2022-03-01 $216,249 (-7.4%) $263,047 (-7.4%) 0.55 509
    2022-04-01 $218,448 (-5.6%) $273,566 (-3.0%) 0.52 504
    2022-05-01 $218,425 (-4.8%) $279,531 (-2.9%) 0.50 545
    2022-06-01 $234,900 (4.4%) $287,476 (0.5%) 0.53 619
    2022-07-01 $235,000 (2.6%) $281,075 (-0.6%) 0.54 703
    2022-08-01 $228,125 (0.7%) $274,156 (-3.5%) 0.54 763
    2022-09-01 $225,000 (-1.0%) $268,095 (-3.9%) 0.54 809
    2022-10-01 $232,500 (6.2%) $270,255 (-0.7%) 0.56 882
    2022-11-01 $232,200 (5.7%) $268,733 (0.7%) 0.57 929
    2022-12-01 $229,700 (6.4%) $267,004 (3.5%) 0.58 941
    2023-01-01 $229,950 (4.4%) $269,416 (3.1%) 0.59 901
    2023-02-01 $225,250 (4.3%) $265,161 (1.2%) 0.55 876
    2023-03-01 $233,250 (7.9%) $276,625 (5.2%) 0.56 879
    2023-04-01 $230,000 (5.3%) $279,273 (2.1%) 0.55 871
    2023-05-01 $237,750 (8.9%) $289,057 (3.4%) 0.55 964
    2023-06-01 $241,950 (3.0%) $292,605 (1.8%) 0.56 949
    2023-07-01 $244,800 (4.2%) $289,865 (3.1%) 0.57 984
    2023-08-01 $239,850 (5.1%) $289,260 (5.5%) 0.55 999
    2023-09-01 $237,000 (5.3%) $284,917 (6.3%) 0.56 1,007
    2023-10-01 $235,250 (1.2%) $287,017 (6.2%) 0.56 997
    2023-11-01 $235,250 (1.3%) $286,114 (6.5%) 0.57 982
    2023-12-01 $239,000 (4.1%) $285,898 (7.1%) 0.59 962
    2024-01-01 $238,625 (3.8%) $286,459 (6.3%) 0.59 910
    2024-02-01 $239,925 (6.5%) $288,804 (8.9%) 0.59 952
    2024-03-01 $243,500 (4.4%) $295,038 (6.7%) 0.58 981
    2024-04-01 $242,500 (5.4%) $302,020 (8.2%) 0.57 996
    2024-05-01 $247,000 (3.9%) $307,994 (6.6%) 0.56 987
    2024-06-01 $242,750 (0.3%) $304,685 (4.1%) 0.55 996
    2024-07-01 $238,375 (-2.6%) $300,768 (3.8%) 0.55 1,071
    2024-08-01 $235,750 (-1.7%) $299,651 (3.6%) 0.56 1,077
    2024-09-01 $239,500 (1.1%) $302,161 (6.1%) 0.57 1,067
    2024-10-01 $236,000 (0.3%) $297,486 (3.7%) 0.56 1,074
    2024-11-01 $237,000 (0.7%) $296,559 (3.7%) 0.57 1,077
    2024-12-01 $235,250 (-1.6%) $290,157 (1.5%) 0.59 1,082
    2025-01-01 $235,000 (-1.5%) $289,527 (1.1%) 0.00 1,043
    Lake Charles's median listing price for 2025-01-01 was $235,000, a difference of $-3,625 (-1.5%) versus the prior year and $-250 versus the prior month.

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

    Lake Charles's average listing price for 2025-01-01 was $289,527, a difference of $3,068 (1.1%) versus the prior year and $-630 versus the prior month.

    For the 2025-01-01 period, Lake Charles had 1,043 MLS listings, a difference of -39 listings (-4%) versus the prior month and 133 listings (15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lake Charles (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 84 days 1,943 sqft
    2018-02-01 88 days 1,919 sqft
    2018-03-01 80 days 1,925 sqft
    2018-04-01 71 days 1,933 sqft
    2018-05-01 69 days 1,972 sqft
    2018-06-01 69 days 1,977 sqft
    2018-07-01 74 days 1,972 sqft
    2018-08-01 79 days 2,004 sqft
    2018-09-01 81 days 1,971 sqft
    2018-10-01 79 days 1,982 sqft
    2018-11-01 83 days 1,983 sqft
    2018-12-01 87 days 1,979 sqft
    2019-01-01 90 days 1,982 sqft
    2019-02-01 94 days 1,982 sqft
    2019-03-01 82 days 1,990 sqft
    2019-04-01 75 days 2,005 sqft
    2019-05-01 76 days 2,019 sqft
    2019-06-01 76 days 2,020 sqft
    2019-07-01 79 days 2,008 sqft
    2019-08-01 79 days 1,994 sqft
    2019-09-01 81 days 1,982 sqft
    2019-10-01 82 days 1,988 sqft
    2019-11-01 88 days 1,985 sqft
    2019-12-01 89 days 1,888 sqft
    2020-01-01 91 days 1,868 sqft
    2020-02-01 92 days 1,874 sqft
    2020-03-01 71 days 1,876 sqft
    2020-04-01 78 days 1,875 sqft
    2020-05-01 80 days 1,885 sqft
    2020-06-01 81 days 1,899 sqft
    2020-07-01 77 days 1,893 sqft
    2020-08-01 75 days 1,899 sqft
    2020-09-01 86 days 1,899 sqft
    2020-10-01 98 days 1,900 sqft
    2020-11-01 100 days 1,900 sqft
    2020-12-01 67 days 1,899 sqft
    2021-01-01 70 days 1,899 sqft
    2021-02-01 60 days 1,895 sqft
    2021-03-01 58 days 1,880 sqft
    2021-04-01 55 days 1,877 sqft
    2021-05-01 53 days 1,887 sqft
    2021-06-01 52 days 1,897 sqft
    2021-07-01 47 days 1,880 sqft
    2021-08-01 51 days 1,895 sqft
    2021-09-01 53 days 1,885 sqft
    2021-10-01 58 days 1,857 sqft
    2021-11-01 65 days 1,850 sqft
    2021-12-01 69 days 1,834 sqft
    2022-01-01 72 days 1,829 sqft
    2022-02-01 62 days 1,825 sqft
    2022-03-01 57 days 1,836 sqft
    2022-04-01 54 days 1,814 sqft
    2022-05-01 52 days 1,837 sqft
    2022-06-01 53 days 1,865 sqft
    2022-07-01 54 days 1,897 sqft
    2022-08-01 60 days 1,882 sqft
    2022-09-01 64 days 1,876 sqft
    2022-10-01 70 days 1,870 sqft
    2022-11-01 77 days 1,874 sqft
    2022-12-01 89 days 1,865 sqft
    2023-01-01 97 days 1,875 sqft
    2023-02-01 97 days 1,851 sqft
    2023-03-01 92 days 1,876 sqft
    2023-04-01 78 days 1,875 sqft
    2023-05-01 72 days 1,878 sqft
    2023-06-01 78 days 1,890 sqft
    2023-07-01 80 days 1,889 sqft
    2023-08-01 78 days 1,881 sqft
    2023-09-01 78 days 1,878 sqft
    2023-10-01 85 days 1,883 sqft
    2023-11-01 90 days 1,866 sqft
    2023-12-01 94 days 1,870 sqft
    2024-01-01 102 days 1,871 sqft
    2024-02-01 94 days 1,880 sqft
    2024-03-01 80 days 1,886 sqft
    2024-04-01 74 days 1,884 sqft
    2024-05-01 77 days 1,888 sqft
    2024-06-01 83 days 1,878 sqft
    2024-07-01 86 days 1,867 sqft
    2024-08-01 82 days 1,858 sqft
    2024-09-01 80 days 1,867 sqft
    2024-10-01 87 days 1,849 sqft
    2024-11-01 91 days 1,841 sqft
    2024-12-01 96 days 1,824 sqft
    2025-01-01 0 days 1,819 sqft
    Lake Charles's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Lake Charles's median square footage for active listings during the 2025-01-01 period was 1,819 sqft. One year prior, the average listing was 1,871 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).