Monroe FHA Loan Rates, Closing Costs & Stats

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 65 lenders originated 467 FHA loans during 2023. The total origination value was $89,945,000, with an average FHA loan value of $192,602.

    Monroe FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Monroe averaged 0.29% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Monroe's average FHA mortgage closing costs are $7,412.

    The average rate for the prior week (2024-11-08) was 6.4% and one month ago for the week of 2024-10-11, the average rate was 6.3%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.08%.

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

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Eagle Bank and Trust Company 85 6.52% $8,440
    Assurance Financial Group, L.L.C. 45 6.87% $10,549
    QUICKEN LOANS, LLC 44 6.25% $8,559
    Origin Bank 39 6.62% $8,288
    MOVEMENT MORTGAGE, LLC 32 7.08% $8,209
    NEWREZ LLC 18 6.33% $9,371
    DSLD MORTGAGE, LLC 17 6.53% $6,091
    GMFS LLC 13 6.71% $6,899
    UNITED WHOLESALE MORTGAGE, LLC 11 6.59% $10,290
    LOANDEPOT.COM, LLC 8 6.58% $10,364
    Regions Bank 8 6.19% $8,545
    Gateway First Bank 7 6.38% $6,960
    STOCKTON MORTGAGE CORPORATION 7 7.11% $7,045
    CROSSCOUNTRY MORTGAGE, LLC 6 7.00% $10,460
    EVERETT FINANCIAL, INC. 6 7.06% $7,295
    SECURITYNATIONAL MORTGAGE COMPANY 6 6.29% $10,729
    MORTGAGE SOLUTIONS OF COLORADO, LLC 5 6.75% $10,296
    EUSTIS AND AMERICAN MORTGAGE COMPANY 5 6.95% $7,809
    Carrington Mortgage Services, LLC 4 5.97% $10,099
    PENNYMAC LOAN SERVICES, LLC 4 5.96% $10,760
    JPMorgan Chase Bank 3 6.66% $6,923
    HOMESIDE FINANCIAL, LLC 3 6.46% $6,933
    ACADEMY MORTGAGE CORPORATION 3 6.67% $8,893
    AMERISAVE MORTGAGE CORPORATION 3 5.75% $12,312
    PLANET HOME LENDING, LLC 3 6.17% $10,499
    BROKER SOLUTIONS, INC. 3 6.58% $13,285
    Century Next Bank 2 6.38% $11,585
    Equity Prime Mortgage LLC 2 6.69% $7,636
    RELIANCE FIRST CAPITAL, LLC 2 5.75% $10,467
    AMERICAN FINANCIAL NETWORK, INC. 2 6.81% $14,374
    FIRST COLONY MORTGAGE CORPORATION 2 5.81% $11,382
    Barrington Bank & Trust Company, N.A. 2 7.00% $7,943
    First Horizon Bank 2 6.56% $9,106
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.63% $11,041
    FREEDOM MORTGAGE CORPORATION 2 6.75% $7,944
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.88% $11,261
    Merchants Bank of Indiana 2 6.88% $7,440
    CARDINAL FINANCIAL 2 6.63% $12,722
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.25% $9,792
    U.S. Bank 1 7.25% $5,601
    Bank of England 1 6.25% $7,585
    BETTER MORTGAGE CORPORATION 1 7.00% $9,473
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.25% $6,665
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $9,152
    FIDELITY BANK 1 7.25% $10,469
    FIRST COMMUNITY MORTGAGE, INC. 1 6.75% $10,959
    FirstTrust Home Loans, Inc. 1 6.75% $7,168
    MEMBER FIRST MORTGAGE, LLC 1 6.00% $5,510
    MIDLAND MORTGAGE CORPORATION 1 6.75% $11,334
    Mortgage Research Center, LLC 1 8.13% $2,743
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $8,503
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $12,181
    Nations Lending Corporation 1 6.75% $17,297
    NBKC BANK 1 7.13% $7,391
    NEW DAY FINANCIAL, LLC 1 7.50% $4,169
    Paramount Residential Mortgage Group, Inc. 1 6.25% $10,463
    PHH Mortgage Corporation 1 7.50% $9,956
    PLAZA HOME MORTGAGE, INC. 1 6.25% $9,193
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $10,752
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.13% $10,020
    SUMMIT FUNDING, INC. 1 6.25% $11,126
    The Huntington National Bank 1 6.00% $11,265
    THE MORTGAGE FIRM, INC. 1 7.25% $6,708
    TOP FLITE FINANCIAL, INC. 1 7.25% $14,429
    UNION HOME MORTGAGE CORP. 1 6.13% $8,289

    The top Monroe FHA lender as defined by loan originations is Eagle Bank and Trust Company, with 85 FHA loans originated. Their average total fees are $8,440, which is $2,109 lower than the next largest lender, Assurance Financial Group, L.L.C..

    The lowest fee Monroe FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($6,091), GMFS LLC ($6,899), MOVEMENT MORTGAGE, LLC ($8,209), Origin Bank ($8,288) and Eagle Bank and Trust Company ($8,440).

    The lowest rate Monroe FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.25%), NEWREZ LLC (6.33%), Eagle Bank and Trust Company (6.52%), DSLD MORTGAGE, LLC (6.53%) and UNITED WHOLESALE MORTGAGE, LLC (6.59%).

    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
    MONROE, LA MOREHOUSE 2023 $472,030 $604,400 $730,525 $907,900
    MONROE, LA OUACHITA 2023 $472,030 $604,400 $730,525 $907,900
    MONROE, LA UNION 2023 $472,030 $604,400 $730,525 $907,900

    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 $187,500 (2.8%) $228,320 (-0.8%) 0.70 881
    2018-02-01 $185,000 (2.8%) $223,473 (-3.3%) 0.67 937
    2018-03-01 $185,900 (3.4%) $223,521 (-1.9%) 0.65 951
    2018-04-01 $185,475 (0.3%) $223,703 (-3.2%) 0.63 1,015
    2018-05-01 $190,000 (0.5%) $226,054 (-2.3%) 0.63 1,060
    2018-06-01 $193,500 (-0.8%) $231,702 (-0.7%) 0.65 1,046
    2018-07-01 $198,000 (3.3%) $235,190 (1.1%) 0.66 1,099
    2018-08-01 $192,500 (2.8%) $233,286 (0.6%) 0.64 1,118
    2018-09-01 $191,500 (1.5%) $233,005 (0.1%) 0.64 1,107
    2018-10-01 $187,875 (-0.3%) $229,028 (-1.4%) 0.64 1,098
    2018-11-01 $185,000 (-2.8%) $226,731 (-2.7%) 0.63 1,068
    2018-12-01 $184,900 (-5.2%) $224,592 (-2.4%) 0.64 999
    2019-01-01 $186,125 (-0.7%) $227,845 (-0.2%) 0.64 957
    2019-02-01 $187,250 (1.2%) $227,088 (1.6%) 0.63 1,010
    2019-03-01 $190,714 (2.6%) $229,648 (2.7%) 0.62 1,068
    2019-04-01 $196,750 (6.1%) $232,914 (4.1%) 0.62 1,124
    2019-05-01 $195,000 (2.6%) $230,386 (1.9%) 0.61 1,137
    2019-06-01 $194,950 (0.8%) $231,020 (-0.3%) 0.61 1,120
    2019-07-01 $196,100 (-1.0%) $232,987 (-0.9%) 0.61 1,135
    2019-08-01 $195,032 (1.3%) $231,934 (-0.6%) 0.62 1,110
    2019-09-01 $191,780 (0.2%) $230,085 (-1.3%) 0.61 1,090
    2019-10-01 $192,486 (2.5%) $232,607 (1.6%) 0.62 1,041
    2019-11-01 $199,250 (7.7%) $236,941 (4.5%) 0.65 988
    2019-12-01 $199,900 (8.1%) $237,368 (5.7%) 0.67 932
    2020-01-01 $207,750 (11.6%) $239,627 (5.2%) 0.69 714
    2020-02-01 $199,900 (6.8%) $231,669 (2.0%) 0.65 706
    2020-03-01 $199,900 (4.8%) $230,519 (0.4%) 0.63 670
    2020-04-01 $199,450 (1.4%) $229,181 (-1.6%) 0.62 637
    2020-05-01 $209,000 (7.2%) $236,523 (2.7%) 0.64 577
    2020-06-01 $209,998 (7.7%) $243,949 (5.6%) 0.62 566
    2020-07-01 $215,000 (9.6%) $247,460 (6.2%) 0.62 536
    2020-08-01 $219,000 (12.3%) $263,520 (13.6%) 0.63 521
    2020-09-01 $214,925 (12.1%) $264,025 (14.8%) 0.62 489
    2020-10-01 $219,900 (14.2%) $267,446 (15.0%) 0.63 454
    2020-11-01 $218,864 (9.8%) $264,481 (11.6%) 0.64 419
    2020-12-01 $219,675 (9.9%) $263,476 (11.0%) 0.65 382
    2021-01-01 $210,000 (1.1%) $262,871 (9.7%) 0.63 348
    2021-02-01 $207,500 (3.8%) $265,241 (14.5%) 0.60 326
    2021-03-01 $219,900 (10.0%) $270,142 (17.2%) 0.62 285
    2021-04-01 $230,700 (15.7%) $267,328 (16.7%) 0.62 258
    2021-05-01 $229,000 (9.6%) $266,419 (12.6%) 0.61 235
    2021-06-01 $231,700 (10.3%) $279,402 (14.5%) 0.61 247
    2021-07-01 $239,900 (11.6%) $298,300 (20.5%) 0.63 262
    2021-08-01 $240,500 (9.8%) $303,470 (15.2%) 0.64 274
    2021-09-01 $239,375 (11.4%) $308,450 (16.8%) 0.64 257
    2021-10-01 $229,000 (4.1%) $290,209 (8.5%) 0.61 217
    2021-11-01 $221,600 (1.3%) $306,736 (16.0%) 0.59 206
    2021-12-01 $231,750 (5.5%) $312,309 (18.5%) 0.63 203
    2022-01-01 $246,500 (17.4%) $306,023 (16.4%) 0.67 187
    2022-02-01 $260,723 (25.7%) $315,793 (19.1%) 0.68 175
    2022-03-01 $254,975 (16.0%) $300,594 (11.3%) 0.64 176
    2022-04-01 $260,000 (12.7%) $310,949 (16.3%) 0.62 169
    2022-05-01 $249,950 (9.2%) $294,123 (10.4%) 0.57 181
    2022-06-01 $247,000 (6.6%) $289,553 (3.6%) 0.55 216
    2022-07-01 $250,000 (4.2%) $300,403 (0.7%) 0.56 235
    2022-08-01 $253,225 (5.3%) $321,084 (5.8%) 0.59 257
    2022-09-01 $253,725 (6.0%) $322,550 (4.6%) 0.59 263
    2022-10-01 $245,000 (7.0%) $337,213 (16.2%) 0.58 258
    2022-11-01 $239,450 (8.1%) $322,927 (5.3%) 0.58 284
    2022-12-01 $238,450 (2.9%) $310,828 (-0.5%) 0.59 287
    2023-01-01 $238,500 (-3.3%) $299,300 (-2.2%) 0.59 257
    2023-02-01 $243,500 (-6.6%) $312,148 (-1.2%) 0.59 254
    2023-03-01 $241,250 (-5.4%) $311,463 (3.6%) 0.57 272
    2023-04-01 $240,000 (-7.7%) $303,732 (-2.3%) 0.56 263
    2023-05-01 $243,720 (-2.5%) $304,524 (3.5%) 0.55 287
    2023-06-01 $246,575 (-0.2%) $309,551 (6.9%) 0.55 296
    2023-07-01 $259,000 (3.6%) $319,101 (6.2%) 0.59 314
    2023-08-01 $251,290 (-0.8%) $316,131 (-1.5%) 0.58 334
    2023-09-01 $250,000 (-1.5%) $312,911 (-3.0%) 0.58 336
    2023-10-01 $249,500 (1.8%) $307,231 (-8.9%) 0.59 334
    2023-11-01 $244,000 (1.9%) $304,974 (-5.6%) 0.58 362
    2023-12-01 $240,000 (0.7%) $303,713 (-2.3%) 0.59 365
    2024-01-01 $236,500 (-0.8%) $297,523 (-0.6%) 0.58 350
    2024-02-01 $239,925 (-1.5%) $291,893 (-6.5%) 0.58 349
    2024-03-01 $250,000 (3.6%) $299,160 (-4.0%) 0.59 360
    2024-04-01 $259,000 (7.9%) $313,081 (3.1%) 0.60 377
    2024-05-01 $268,375 (10.1%) $337,027 (10.7%) 0.61 377
    2024-06-01 $259,000 (5.0%) $337,342 (9.0%) 0.58 387
    2024-07-01 $270,250 (4.3%) $333,345 (4.5%) 0.62 394
    2024-08-01 $259,000 (3.1%) $314,332 (-0.6%) 0.60 423
    2024-09-01 $249,400 (-0.2%) $301,955 (-3.5%) 0.59 434
    2024-10-01 $239,775 (-3.9%) $296,398 (-3.5%) 0.56 451
    Monroe's median listing price for 2024-10-01 was $239,775, a difference of $-9,725 (-3.9%) versus the prior year and $-9,625 versus the prior month.

    Monroe's median listing price comes in at 56% of the national average.

    Monroe's average listing price for 2024-10-01 was $296,398, a difference of $-10,833 (-3.5%) versus the prior year and $-5,557 versus the prior month.

    For the 2024-10-01 period, Monroe had 451 MLS listings, a difference of 17 listings (4%) versus the prior month and 117 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
    2018-01-01 100 days 1,976 sqft
    2018-02-01 98 days 1,943 sqft
    2018-03-01 93 days 1,950 sqft
    2018-04-01 80 days 1,962 sqft
    2018-05-01 74 days 1,961 sqft
    2018-06-01 72 days 1,983 sqft
    2018-07-01 72 days 1,985 sqft
    2018-08-01 73 days 1,947 sqft
    2018-09-01 80 days 1,939 sqft
    2018-10-01 86 days 1,906 sqft
    2018-11-01 92 days 1,909 sqft
    2018-12-01 102 days 1,914 sqft
    2019-01-01 116 days 1,923 sqft
    2019-02-01 109 days 1,926 sqft
    2019-03-01 93 days 1,937 sqft
    2019-04-01 77 days 1,950 sqft
    2019-05-01 78 days 1,943 sqft
    2019-06-01 81 days 1,970 sqft
    2019-07-01 84 days 1,960 sqft
    2019-08-01 89 days 1,951 sqft
    2019-09-01 93 days 1,939 sqft
    2019-10-01 94 days 1,954 sqft
    2019-11-01 99 days 1,978 sqft
    2019-12-01 107 days 1,981 sqft
    2020-01-01 115 days 1,990 sqft
    2020-02-01 120 days 1,922 sqft
    2020-03-01 106 days 1,936 sqft
    2020-04-01 96 days 1,941 sqft
    2020-05-01 91 days 2,012 sqft
    2020-06-01 83 days 2,005 sqft
    2020-07-01 63 days 2,006 sqft
    2020-08-01 65 days 2,010 sqft
    2020-09-01 74 days 2,026 sqft
    2020-10-01 79 days 2,082 sqft
    2020-11-01 90 days 2,060 sqft
    2020-12-01 88 days 2,049 sqft
    2021-01-01 86 days 2,050 sqft
    2021-02-01 79 days 2,068 sqft
    2021-03-01 71 days 2,074 sqft
    2021-04-01 69 days 2,090 sqft
    2021-05-01 50 days 2,052 sqft
    2021-06-01 44 days 2,081 sqft
    2021-07-01 44 days 2,044 sqft
    2021-08-01 43 days 2,075 sqft
    2021-09-01 50 days 2,019 sqft
    2021-10-01 66 days 2,009 sqft
    2021-11-01 58 days 1,937 sqft
    2021-12-01 58 days 1,953 sqft
    2022-01-01 60 days 1,971 sqft
    2022-02-01 48 days 2,064 sqft
    2022-03-01 50 days 2,076 sqft
    2022-04-01 44 days 2,064 sqft
    2022-05-01 32 days 2,010 sqft
    2022-06-01 31 days 2,027 sqft
    2022-07-01 40 days 2,096 sqft
    2022-08-01 52 days 2,114 sqft
    2022-09-01 59 days 2,103 sqft
    2022-10-01 54 days 2,114 sqft
    2022-11-01 52 days 2,051 sqft
    2022-12-01 60 days 1,951 sqft
    2023-01-01 82 days 1,930 sqft
    2023-02-01 83 days 1,966 sqft
    2023-03-01 60 days 2,010 sqft
    2023-04-01 60 days 2,000 sqft
    2023-05-01 53 days 1,984 sqft
    2023-06-01 57 days 2,001 sqft
    2023-07-01 64 days 2,073 sqft
    2023-08-01 61 days 2,015 sqft
    2023-09-01 65 days 2,017 sqft
    2023-10-01 67 days 2,020 sqft
    2023-11-01 71 days 2,020 sqft
    2023-12-01 75 days 1,981 sqft
    2024-01-01 90 days 1,950 sqft
    2024-02-01 87 days 1,981 sqft
    2024-03-01 66 days 1,985 sqft
    2024-04-01 57 days 2,036 sqft
    2024-05-01 58 days 2,067 sqft
    2024-06-01 64 days 2,015 sqft
    2024-07-01 65 days 2,000 sqft
    2024-08-01 61 days 1,959 sqft
    2024-09-01 61 days 1,905 sqft
    2024-10-01 66 days 1,878 sqft
    Monroe's median listing age (time on market) for 2024-10-01 was 66 days. This is 0% shorter than the same period one year ago.

    Monroe's median square footage for active listings during the 2024-10-01 period was 1,878 sqft. One year prior, the average listing was 2,020 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).