Monroe FHA Loan Rates, Closing Costs & Stats

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 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 6.88% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

The average rate for the prior week (2024-07-12) was 6.83% and one month ago for the week of 2024-06-14, the average rate was 6.68%.

The average rate one year ago was 6.77%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.67%.

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%) $340,487 (10.0%) 0.58 387
Monroe's median listing price for 2024-06-01 was $259,000, a difference of $12,425 (5.0%) versus the prior year and $-9,375 versus the prior month.

Monroe's median listing price comes in at 58% of the national average.

Monroe's average listing price for 2024-06-01 was $340,487, a difference of $30,936 (10.0%) versus the prior year and $3,460 versus the prior month.

For the 2024-06-01 period, Monroe had 387 MLS listings, a difference of 10 listings (3%) versus the prior month and 91 listings (31%) 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 2,016 sqft
Monroe's median listing age (time on market) for 2024-06-01 was 64 days. This is 13% longer than the same period one year ago.

Monroe's median square footage for active listings during the 2024-06-01 period was 2,016 sqft. One year prior, the average listing was 2,001 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).