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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.