Monroe FHA Loans

MONROE, 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.

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).