Monroe FHA Loans

MONROE, 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.

    Monroe's 75 lenders originated 880 FHA loans during 2021. The total origination value was $158,620,000, with an average FHA loan value of $180,250.

    Monroe FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Monroe averaged 5.2% 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 5.53% and one month ago for the week of 2022-04-08, the average rate was 5%.

    The average rate one year ago was 3.3%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.17%.

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

    Monroe 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 Monroe level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 85 2.72% $5,812
    Eagle Bank and Trust Company 84 2.84% $6,553
    Origin Bank 67 2.95% $6,936
    GMFS LLC 54 2.88% $4,875
    Assurance Financial Group, L.L.C. 51 3.19% $7,977
    MOVEMENT MORTGAGE, LLC 46 3.38% $6,779
    LAKEVIEW LOAN SERVICING, LLC 28 3.05% $3,841
    PLANET HOME LENDING, LLC 28 3.07% $6,805
    CALIBER HOME LOANS, INC. 27 3.16% $6,356
    NEWREZ LLC 26 3.09% $5,263
    FREEDOM MORTGAGE CORPORATION 18 2.92% $3,959
    ACADEMY MORTGAGE CORPORATION 18 2.88% $7,024
    UNITED WHOLESALE MORTGAGE, LLC 16 2.83% $6,815
    Cross Keys Bank 16 2.65% $6,688
    Carrington Mortgage Services, LLC 14 3.55% $7,694
    PRIMARY RESIDENTIAL MORTGAGE, INC. 14 4.07% $7,360
    PENNYMAC LOAN SERVICES, LLC 12 3.20% $3,932
    BancorpSouth Bank 11 2.97% $7,120
    Home Federal Bank 10 3.43% $8,076
    Mr. Cooper ( Nationstar Mortgage ) 9 3.36% $3,540
    First Horizon Bank 9 3.06% $7,243
    AMERICAN FINANCIAL RESOURCES, INC. 8 3.95% $6,427
    SOUTHWEST FUNDING, LP 7 3.64% $9,904
    THRIVE MORTGAGE, LLC 6 3.38% $8,258
    LOANDEPOT.COM, LLC 5 3.28% $8,592
    DSLD MORTGAGE, LLC 5 2.80% $5,330
    First Guaranty Mortgage Corporation 5 3.10% $5,014
    Nations Lending Corporation 4 3.59% $10,895
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.19% $7,538
    BAYSHORE MORTGAGE FUNDING, LLC 4 3.47% $7,413
    TOWNE MORTGAGE COMPANY 4 2.78% $7,332
    GUARANTEED RATE, INC. 3 2.88% $6,891
    JPMorgan Chase Bank 3 2.79% $4,156
    Shamrock Home Loans, Inc. 3 3.38% $5,625
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.25% $7,875
    SOVEREIGN LENDING GROUP INCORPORATED 2 2.63% $13,049
    AMERICAN FINANCIAL NETWORK, INC. 2 3.31% $14,452
    BETTER MORTGAGE CORPORATION 2 3.13% $6,573
    BROKER SOLUTIONS, INC. 2 3.69% $6,662
    Century Next Bank 2 2.38% $5,536
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 3.13% $8,181
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.25% $4,923
    HOME POINT FINANCIAL CORPORATION 2 2.31% $6,081
    MIDLAND MORTGAGE CORPORATION 2 3.81% $6,292
    MORIA DEVELOPMENT, INC. 2 3.19% $6,101
    MORTGAGE FINANCIAL SERVICES, LLC 2 3.00% $7,375
    NATIONS DIRECT MORTGAGE, LLC 2 3.94% $7,784
    OCEANSIDE MORTGAGE COMPANY 2 2.75% $2,113
    Reliant Bank 2 3.31% $5,332
    US MORTGAGE CORPORATION 2 4.00% $5,622
    VILLAGE CAPITAL & INVESTMENT LLC 2 3.50% $2,842
    UNION HOME MORTGAGE CORP. 1 4.25% $6,941
    HOMESIDE FINANCIAL, LLC 1 3.25% $7,782
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.25% $5,233
    AMERICAN FINANCING CORPORATION 1 3.13% $7,567
    GUILD MORTGAGE COMPANY 1 3.50% $11,725
    DHI MORTGAGE COMPANY, LTD. 1 2.88% $9,006
    Commerce Home Mortgage, Inc. 1 2.88% $7,185
    Citizens Bank 1 2.88% $6,681
    CHURCHILL MORTGAGE CORPORATION 1 3.50% $7,462
    Willamette Valley Bank 1 2.88% $5,574
    Sabine State Bank and Trust Company 1 3.00% $7,338
    CENTRIC 1 4.00% $7,170
    Simmons Bank 1 3.00% $6,586
    Barrington Bank & Trust Company, N.A. 1 3.75% $7,154
    Bank of England 1 3.25% $6,155
    STANDARD MORTGAGE CORPORATION 1 2.99% $7,435
    Lakeview Community Capital, LLC 1 3.38% $3,366
    Low VA Rates, LLC 1 3.00% $3,213
    MID AMERICA MORTGAGE, INC. 1 3.49% $3,814
    SUN WEST MORTGAGE COMPANY, INC. 1 4.62% $4,496
    AMERISAVE MORTGAGE CORPORATION 1 3.00% $9,778
    AmeriHome Mortgage Company, LLC 1 2.63% $3,650
    InterContinental Capital Group, Inc 1 2.38% $8,188
    Hometown Equity Mortgage, LLC 1 3.13% $6,770

    The top Monroe FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 85 FHA loans originated. Their average total fees are $5,812, which is $741 lower than the next largest lender, Eagle Bank and Trust Company.

    The lowest fee Monroe FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($3,841), PENNYMAC LOAN SERVICES, LLC ($3,932), FREEDOM MORTGAGE CORPORATION ($3,959), GMFS LLC ($4,875) and NEWREZ LLC ($5,263).

    The lowest rate Monroe FHA lenders (with over 10 loans originated) are Cross Keys Bank (2.65%), QUICKEN LOANS, LLC (2.72%), UNITED WHOLESALE MORTGAGE, LLC (2.83%), Eagle Bank and Trust Company (2.84%) and ACADEMY MORTGAGE CORPORATION (2.88%).

    Monroe FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MONROE, LA MOREHOUSE 2022 $420,680 $538,650 $651,050 $809,150
    MONROE, LA OUACHITA 2022 $420,680 $538,650 $651,050 $809,150
    MONROE, LA UNION 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Monroe (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 $209,950 (5.9%) $246,029 (-1.0%) 0.77 767
    2018-02-01 $208,500 (5.1%) $243,784 (-2.3%) 0.75 804
    2018-03-01 $209,000 (5.5%) $243,046 (-1.3%) 0.72 826
    2018-04-01 $206,000 (-0.4%) $241,535 (-2.9%) 0.69 888
    2018-05-01 $209,000 (0.5%) $244,362 (-1.6%) 0.70 925
    2018-06-01 $209,900 (-0.1%) $249,879 (0.4%) 0.70 922
    2018-07-01 $211,500 (1.0%) $252,363 (1.2%) 0.71 975
    2018-08-01 $209,900 (1.9%) $250,267 (0.9%) 0.70 998
    2018-09-01 $209,900 (0.7%) $249,283 (0.3%) 0.70 983
    2018-10-01 $204,500 (-1.6%) $244,516 (-1.5%) 0.68 972
    2018-11-01 $200,000 (-5.7%) $242,074 (-3.1%) 0.67 943
    2018-12-01 $199,900 (-5.7%) $239,221 (-3.3%) 0.68 887
    2019-01-01 $199,950 (-4.8%) $241,992 (-1.6%) 0.69 857
    2019-02-01 $199,900 (-4.1%) $240,070 (-1.5%) 0.67 904
    2019-03-01 $206,371 (-1.3%) $243,043 (0.0%) 0.67 961
    2019-04-01 $215,000 (4.4%) $246,219 (1.9%) 0.68 1,019
    2019-05-01 $212,750 (1.8%) $243,192 (-0.5%) 0.66 1,020
    2019-06-01 $210,000 (0.1%) $243,476 (-2.6%) 0.65 1,019
    2019-07-01 $209,450 (-1.0%) $244,525 (-3.1%) 0.65 1,026
    2019-08-01 $205,143 (-2.3%) $243,603 (-2.7%) 0.65 1,004
    2019-09-01 $200,643 (-4.4%) $242,641 (-2.7%) 0.64 984
    2019-10-01 $204,950 (0.2%) $244,401 (-0.1%) 0.65 936
    2019-11-01 $212,900 (6.5%) $246,796 (2.0%) 0.69 896
    2019-12-01 $215,000 (7.6%) $247,429 (3.4%) 0.72 840
    2020-01-01 $222,500 (11.3%) $251,341 (3.9%) 0.74 645
    2020-02-01 $219,005 (9.6%) $245,268 (2.2%) 0.71 628
    2020-03-01 $216,500 (4.9%) $243,970 (0.4%) 0.68 598
    2020-04-01 $221,995 (3.3%) $243,986 (-0.9%) 0.69 562
    2020-05-01 $229,900 (8.1%) $252,731 (3.9%) 0.70 501
    2020-06-01 $225,120 (7.2%) $259,147 (6.4%) 0.66 492
    2020-07-01 $229,000 (9.3%) $261,089 (6.8%) 0.66 474
    2020-08-01 $225,000 (9.7%) $274,451 (12.7%) 0.64 466
    2020-09-01 $225,000 (12.1%) $274,611 (13.2%) 0.64 441
    2020-10-01 $229,000 (11.7%) $279,323 (14.3%) 0.65 409
    2020-11-01 $231,950 (9.0%) $280,920 (13.8%) 0.66 370
    2020-12-01 $232,450 (8.1%) $276,973 (11.9%) 0.68 335
    2021-01-01 $225,000 (1.1%) $276,375 (10.0%) 0.66 304
    2021-02-01 $230,000 (5.0%) $279,286 (13.9%) 0.66 287
    2021-03-01 $239,950 (10.8%) $289,032 (18.5%) 0.67 246
    2021-04-01 $249,250 (12.3%) $287,826 (18.0%) 0.67 222
    2021-05-01 $240,000 (4.4%) $282,092 (11.6%) 0.63 214
    2021-06-01 $249,950 (11.0%) $294,325 (13.6%) 0.65 223
    2021-07-01 $252,170 (10.1%) $310,148 (18.8%) 0.66 237
    2021-08-01 $255,000 (13.3%) $314,283 (14.5%) 0.67 256
    2021-09-01 $250,000 (11.1%) $320,917 (16.9%) 0.66 240
    2021-10-01 $229,999 (0.4%) $303,472 (8.7%) 0.61 196
    2021-11-01 $232,500 (0.2%) $319,455 (13.7%) 0.61 183
    2021-12-01 $248,123 (6.7%) $318,792 (15.1%) 0.66 184
    2022-01-01 $259,900 (15.5%) $318,827 (15.4%) 0.69 167
    2022-02-01 $273,000 (18.7%) $326,224 (16.8%) 0.70 151
    2022-03-01 $270,000 (12.5%) $317,467 (9.8%) 0.67 150
    2022-04-01 $271,000 (8.7%) $330,902 (15.0%) 0.64 145
    Monroe's median listing price for 2022-04-01 was $271,000, a difference of $21,750 (8.7%) versus the prior year and $1,000 versus the prior month.

    Monroe's median listing price comes in at 64% of the national average.

    Monroe's average listing price for 2022-04-01 was $330,902, a difference of $43,076 (15.0%) versus the prior year and $13,435 versus the prior month.

    For the 2022-04-01 period, Monroe had 145 MLS listings, a difference of -5 listings (-3%) versus the prior month and -77 listings (-35%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Monroe (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 107 days 1,991 sqft
    2018-02-01 107 days 1,960 sqft
    2018-03-01 99 days 1,982 sqft
    2018-04-01 86 days 1,976 sqft
    2018-05-01 79 days 1,987 sqft
    2018-06-01 75 days 2,016 sqft
    2018-07-01 75 days 2,026 sqft
    2018-08-01 78 days 1,984 sqft
    2018-09-01 82 days 1,978 sqft
    2018-10-01 93 days 1,924 sqft
    2018-11-01 99 days 1,925 sqft
    2018-12-01 110 days 1,924 sqft
    2019-01-01 123 days 1,940 sqft
    2019-02-01 121 days 1,939 sqft
    2019-03-01 109 days 1,956 sqft
    2019-04-01 81 days 1,968 sqft
    2019-05-01 83 days 1,958 sqft
    2019-06-01 87 days 1,983 sqft
    2019-07-01 92 days 1,969 sqft
    2019-08-01 97 days 1,961 sqft
    2019-09-01 101 days 1,951 sqft
    2019-10-01 104 days 1,952 sqft
    2019-11-01 105 days 1,966 sqft
    2019-12-01 118 days 1,970 sqft
    2020-01-01 123 days 2,007 sqft
    2020-02-01 130 days 1,945 sqft
    2020-03-01 119 days 1,967 sqft
    2020-04-01 110 days 1,978 sqft
    2020-05-01 99 days 2,057 sqft
    2020-06-01 87 days 2,046 sqft
    2020-07-01 65 days 2,030 sqft
    2020-08-01 67 days 2,015 sqft
    2020-09-01 77 days 2,020 sqft
    2020-10-01 81 days 2,080 sqft
    2020-11-01 95 days 2,061 sqft
    2020-12-01 101 days 2,061 sqft
    2021-01-01 98 days 2,045 sqft
    2021-02-01 80 days 2,054 sqft
    2021-03-01 72 days 2,092 sqft
    2021-04-01 73 days 2,145 sqft
    2021-05-01 55 days 2,069 sqft
    2021-06-01 46 days 2,101 sqft
    2021-07-01 49 days 2,075 sqft
    2021-08-01 45 days 2,112 sqft
    2021-09-01 54 days 2,034 sqft
    2021-10-01 70 days 2,027 sqft
    2021-11-01 65 days 1,986 sqft
    2021-12-01 57 days 1,985 sqft
    2022-01-01 61 days 2,030 sqft
    2022-02-01 58 days 2,119 sqft
    2022-03-01 55 days 2,098 sqft
    2022-04-01 44 days 2,149 sqft
    Monroe's median listing age (time on market) for 2022-04-01 was 44 days. This is -40% shorter than the same period one year ago.

    Monroe's median square footage for active listings during the 2022-04-01 period was 2,149 sqft. One year prior, the average listing was 2,145 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).