Lake Charles FHA Loans

LAKE CHARLES, 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.

Lake Charles's 75 lenders originated 1,172 FHA loans during 2021. The total origination value was $233,320,000, with an average FHA loan value of $199,078.

Lake Charles FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lake Charles averaged 5.07% 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 5.3% and one month ago for the week of 2022-04-08, the average rate was 4.97%.

The average rate one year ago was 2.97%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.18%.

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
DHI MORTGAGE COMPANY, LTD. 97 2.90% $7,107
NTFN, INC. 89 3.07% $7,293
CALIBER HOME LOANS, INC. 83 2.95% $7,080
FIDELITY BANK 80 3.13% $7,333
LOANDEPOT.COM, LLC 65 3.24% $7,713
FREEDOM MORTGAGE CORPORATION 61 2.89% $5,784
MORTGAGE FINANCIAL SERVICES, LLC 55 3.34% $8,178
DSLD MORTGAGE, LLC 48 2.67% $4,307
GUILD MORTGAGE COMPANY 44 2.82% $7,782
GMFS LLC 42 2.90% $5,910
QUICKEN LOANS, LLC 40 2.73% $5,587
UNITED WHOLESALE MORTGAGE, LLC 37 2.78% $6,978
LAKEVIEW LOAN SERVICING, LLC 22 2.93% $4,477
Nations Lending Corporation 21 3.40% $6,558
HOME POINT FINANCIAL CORPORATION 19 3.18% $7,720
DAS Acquisition Company, LLC 18 3.22% $7,466
PENNYMAC LOAN SERVICES, LLC 17 2.93% $5,177
THE MORTGAGE FIRM, INC. 16 3.21% $7,333
Citizens Bank 13 2.72% $6,600
NATIONS RELIABLE LENDING, LLC 12 3.31% $8,384
Gateway First Bank 11 3.30% $8,439
Plains Commerce Bank 9 2.49% $7,962
Mr. Cooper ( Nationstar Mortgage ) 8 3.61% $4,172
MID AMERICA MORTGAGE, INC. 8 3.01% $5,326
VILLAGE CAPITAL & INVESTMENT LLC 8 3.05% $2,855
Chickasaw Community Bank 7 3.11% $7,854
AMERICAN FINANCIAL RESOURCES, INC. 7 3.89% $7,132
Carrington Mortgage Services, LLC 6 3.58% $7,549
PRIMARY RESIDENTIAL MORTGAGE, INC. 5 3.33% $8,677
AMERISAVE MORTGAGE CORPORATION 5 2.93% $6,439
AMCAP MORTGAGE, LTD. 4 3.31% $10,406
MOVEMENT MORTGAGE, LLC 4 2.94% $5,281
AmeriHome Mortgage Company, LLC 4 2.93% $5,043
First Guaranty Mortgage Corporation 3 3.29% $5,449
Flagstar Bank, FSB 3 2.52% $7,203
NEWREZ LLC 3 3.08% $5,731
PLAZA HOME MORTGAGE, INC. 3 3.04% $5,400
CRESCENT MORTGAGE COMPANY 3 3.21% $10,318
EUSTIS AND AMERICAN MORTGAGE COMPANY 2 3.25% $13,159
AMERICAN FINANCIAL NETWORK, INC. 2 3.19% $12,234
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.50% $4,902
JPMorgan Chase Bank 2 2.75% $2,397
Lakeview Community Capital, LLC 2 2.75% $4,036
Hancock Whitney Bank 2 2.38% $7,456
STEARNS LENDING, LLC 2 2.50% $8,700
BECKAM FUNDING CORP. 2 3.44% $6,484
ZILLOW HOME LOANS, LLC 1 3.00% $7,231
AMERICAN HOMESTAR MORTGAGE, L.L.C. 1 3.50% $9,369
Assurance Financial Group, L.L.C. 1 2.75% $5,499
Austin Capital Bank SSB 1 3.25% $6,979
BancorpSouth Bank 1 2.50% $8,695
Barrington Bank & Trust Company, N.A. 1 2.25% $12,324
BAYSHORE MORTGAGE FUNDING, LLC 1 3.88% $7,849
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 4.25% $5,034
CIS Financial Services, Inc. 1 3.13% $10,263
CROSSCOUNTRY MORTGAGE, LLC 1 3.13% $7,811
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.50% $6,267
First Home Bank 1 3.63% $7,459
First Horizon Bank 1 2.50% $8,212
Hometown Equity Mortgage, LLC 1 4.25% $5,532
Hometown Lenders, Inc. 1 3.75% $6,508
InterContinental Capital Group, Inc 1 3.63% $6,203
Low VA Rates, LLC 1 3.13% $3,127
Mortgage Research Center, LLC 1 2.88% $5,940
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.38% $8,298
NATIONS DIRECT MORTGAGE, LLC 1 2.63% $9,245
Paramount Bank 1 3.50% $9,188
PLANET HOME LENDING, LLC 1 2.75% $4,629
Priority Bank 1 2.63% $7,597
RELIANCE FIRST CAPITAL, LLC 1 3.50% $9,176
Sabine State Bank and Trust Company 1 2.63% $10,892
Sierra Pacific Mortgage Company, Inc. 1 3.38% $6,559
SUN WEST MORTGAGE COMPANY, INC. 1 3.75% $6,120
The Federal Savings Bank 1 3.00% $4,956
ACADEMY MORTGAGE CORPORATION 1 2.75% $9,562

The top Lake Charles FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 97 FHA loans originated. Their average total fees are $7,107, which is $187 lower than the next largest lender, NTFN, INC..

The lowest fee Lake Charles FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($4,307), LAKEVIEW LOAN SERVICING, LLC ($4,477), PENNYMAC LOAN SERVICES, LLC ($5,177), QUICKEN LOANS, LLC ($5,587) and FREEDOM MORTGAGE CORPORATION ($5,784).

The lowest rate Lake Charles FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC (2.67%), Citizens Bank (2.72%), QUICKEN LOANS, LLC (2.73%), UNITED WHOLESALE MORTGAGE, LLC (2.78%) and GUILD MORTGAGE COMPANY (2.82%).

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

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).