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 54 lenders originated 516 FHA loans during 2024. The total origination value was $106,620,000, with an average FHA loan value of $206,628.

Monroe FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Monroe averaged 6.54% for the week of 2025-04-11, compared to the national average (all FHA variants) of 6.429% for the same period.

Monroe's average FHA mortgage closing costs are $7,547.

The average rate for the prior week (2025-04-04) was 6.66% and one month ago for the week of 2025-03-07, the average rate was 6.63%.

The average rate one year ago was 6.88%.

For refis of the same type during the week of 2025-04-11, the average rate was 6.58%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
Eagle Bank and Trust Company 128 6.55% $7,936
MOVEMENT MORTGAGE, LLC 50 6.73% $9,200
Assurance Financial Group, L.L.C. 47 6.75% $10,569
QUICKEN LOANS, LLC 32 6.44% $9,141
GMFS LLC 25 6.48% $5,350
Origin Bank 22 6.52% $8,808
DSLD MORTGAGE, LLC 19 5.85% $5,201
NEWREZ LLC 14 6.54% $7,607
GUILD MORTGAGE COMPANY 13 6.91% $9,599
PLANET HOME LENDING, LLC 9 6.00% $6,321
LOANDEPOT.COM, LLC 7 6.36% $10,136
FREEDOM MORTGAGE CORPORATION 7 6.61% $12,951
Plains Commerce Bank 6 6.63% $6,823
PENNYMAC LOAN SERVICES, LLC 6 5.94% $5,065
Equity Prime Mortgage LLC 5 7.53% $9,932
UNITED WHOLESALE MORTGAGE, LLC 5 6.53% $11,105
AMERISAVE MORTGAGE CORPORATION 4 6.31% $10,752
Mr. Cooper ( Nationstar Mortgage ) 3 6.38% $9,643
STOCKTON MORTGAGE CORPORATION 3 6.67% $7,167
BROKER SOLUTIONS, INC. 3 7.00% $10,529
CMG MORTGAGE, INC. 2 7.38% $8,782
AMERICAN FINANCIAL RESOURCES, INC. 2 6.75% $12,379
CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $5,878
EUSTIS AND AMERICAN MORTGAGE COMPANY 2 6.25% $10,840
FIRST COMMUNITY MORTGAGE, INC. 2 7.06% $7,705
Red River Bank 2 5.94% $7,892
ROYAL UNITED MORTGAGE LLC 2 6.38% $16,589
First Federal Bank, A FSB 1 6.00% $12,760
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.49% $5,575
Lakeview Community Capital, LLC 1 6.75% $7,699
FIDELITY BANK 1 6.50% $8,180
Merchants Bank of Indiana 1 6.63% $5,547
MICHIGAN MUTUAL, INC. 1 6.13% $11,868
Mortgage Research Center, LLC 1 7.13% $3,479
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.25% $7,341
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $2,871
EMBRACE HOME LOANS, INC. 1 6.75% $6,785
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $13,056
Nations Lending Corporation 1 6.75% $19,548
NETWORK CAPITAL FUNDING CORPORATION 1 5.75% $9,059
AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $10,038
NFM, INC. 1 6.75% $11,737
Centennial Bank 1 5.88% $12,710
Carrington Mortgage Services, LLC 1 6.13% $9,986
CARDINAL FINANCIAL 1 7.75% $9,522
BancorpSouth 1 6.00% $10,166
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $7,023
Wells Fargo Bank 1 6.63% $6,729
Regions Bank 1 6.75% $5,433
Willamette Valley Bank 1 7.75% $13,523
AmeriHome Mortgage Company, LLC 1 6.63% $9,156
AMERICAN FINANCING CORPORATION 1 5.38% $15,718
First Horizon Bank 1 6.25% $9,013
Goldwater Bank, N.A. 1 6.25% $6,315

The top Monroe FHA lender as defined by loan originations is Eagle Bank and Trust Company, with 128 FHA loans originated. Their average total fees are $7,936, which is $1,264 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Monroe FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($5,201), GMFS LLC ($5,350), NEWREZ LLC ($7,607), Eagle Bank and Trust Company ($7,936) and Origin Bank ($8,808).

The lowest rate Monroe FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC (5.85%), QUICKEN LOANS, LLC (6.44%), GMFS LLC (6.48%), Origin Bank (6.52%) and NEWREZ LLC (6.54%).

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 $183,750 (4.4%) $225,013 (-0.6%) 0.68 922
2018-02-01 $179,975 (0.6%) $220,036 (-3.4%) 0.65 983
2018-03-01 $184,500 (5.4%) $220,505 (-1.6%) 0.65 999
2018-04-01 $184,925 (1.5%) $220,383 (-3.4%) 0.63 1,069
2018-05-01 $187,500 (1.4%) $222,840 (-2.3%) 0.63 1,112
2018-06-01 $189,900 (-2.1%) $228,480 (-1.1%) 0.63 1,094
2018-07-01 $190,000 (0.9%) $237,645 (3.4%) 0.63 1,148
2018-08-01 $189,500 (4.6%) $242,503 (6.3%) 0.63 1,169
2018-09-01 $189,500 (2.5%) $242,745 (5.6%) 0.64 1,160
2018-10-01 $185,000 (-0.5%) $239,486 (4.1%) 0.63 1,149
2018-11-01 $184,950 (-1.7%) $237,818 (3.5%) 0.63 1,123
2018-12-01 $179,900 (-4.8%) $234,504 (3.4%) 0.62 1,058
2019-01-01 $184,950 (0.7%) $224,934 (0.0%) 0.64 1,010
2019-02-01 $185,000 (2.8%) $224,579 (2.1%) 0.63 1,069
2019-03-01 $189,071 (2.5%) $227,699 (3.3%) 0.62 1,122
2019-04-01 $194,750 (5.3%) $231,180 (4.9%) 0.62 1,175
2019-05-01 $189,900 (1.3%) $228,311 (2.5%) 0.59 1,195
2019-06-01 $189,900 (0.0%) $228,786 (0.1%) 0.59 1,175
2019-07-01 $194,500 (2.4%) $230,487 (-3.0%) 0.61 1,194
2019-08-01 $191,909 (1.3%) $230,098 (-5.1%) 0.61 1,172
2019-09-01 $188,023 (-0.8%) $229,149 (-5.6%) 0.60 1,151
2019-10-01 $188,932 (2.1%) $232,843 (-2.8%) 0.61 1,095
2019-11-01 $195,000 (5.4%) $237,712 (0.0%) 0.64 1,029
2019-12-01 $199,900 (11.1%) $238,908 (1.9%) 0.67 970
2020-01-01 $202,750 (9.6%) $241,592 (7.4%) 0.68 746
2020-02-01 $199,000 (7.6%) $233,905 (4.2%) 0.65 740
2020-03-01 $198,875 (5.2%) $234,603 (3.0%) 0.62 707
2020-04-01 $195,250 (0.3%) $233,133 (0.8%) 0.61 675
2020-05-01 $199,900 (5.3%) $239,199 (4.8%) 0.61 618
2020-06-01 $206,475 (8.7%) $246,841 (7.9%) 0.61 603
2020-07-01 $212,450 (9.2%) $250,380 (8.6%) 0.62 571
2020-08-01 $214,900 (12.0%) $265,164 (15.2%) 0.62 555
2020-09-01 $210,000 (11.7%) $265,515 (15.9%) 0.60 521
2020-10-01 $218,000 (15.4%) $272,711 (17.1%) 0.62 486
2020-11-01 $215,000 (10.3%) $269,591 (13.4%) 0.63 449
2020-12-01 $216,500 (8.3%) $268,273 (12.3%) 0.64 407
2021-01-01 $207,000 (2.1%) $267,112 (10.6%) 0.62 379
2021-02-01 $203,950 (2.5%) $269,696 (15.3%) 0.59 353
2021-03-01 $210,000 (5.6%) $274,547 (17.0%) 0.60 312
2021-04-01 $225,950 (15.7%) $274,249 (17.6%) 0.61 282
2021-05-01 $225,000 (12.6%) $275,171 (15.0%) 0.60 258
2021-06-01 $229,800 (11.3%) $283,320 (14.8%) 0.60 270
2021-07-01 $236,450 (11.3%) $293,439 (17.2%) 0.62 279
2021-08-01 $235,000 (9.4%) $299,858 (13.1%) 0.63 292
2021-09-01 $238,500 (13.6%) $306,135 (15.3%) 0.64 273
2021-10-01 $229,000 (5.1%) $290,044 (6.4%) 0.61 229
2021-11-01 $221,600 (3.1%) $306,237 (13.6%) 0.59 217
2021-12-01 $232,250 (7.3%) $311,186 (16.0%) 0.63 214
2022-01-01 $240,623 (16.2%) $301,967 (13.1%) 0.65 200
2022-02-01 $258,675 (26.8%) $310,751 (15.2%) 0.67 188
2022-03-01 $250,275 (19.2%) $297,395 (8.3%) 0.63 189
2022-04-01 $259,900 (15.0%) $308,319 (12.4%) 0.62 182
2022-05-01 $249,925 (11.1%) $294,983 (7.2%) 0.57 191
2022-06-01 $247,613 (7.8%) $291,107 (2.8%) 0.55 227
2022-07-01 $250,000 (5.7%) $301,483 (2.7%) 0.56 248
2022-08-01 $250,000 (6.4%) $319,150 (6.4%) 0.58 281
2022-09-01 $252,500 (5.9%) $322,011 (5.2%) 0.59 287
2022-10-01 $242,450 (5.9%) $332,339 (14.6%) 0.57 286
2022-11-01 $238,563 (7.7%) $313,782 (2.5%) 0.57 318
2022-12-01 $234,700 (1.1%) $331,198 (6.4%) 0.58 321
2023-01-01 $234,950 (-2.4%) $325,437 (7.8%) 0.58 290
2023-02-01 $238,544 (-7.8%) $338,432 (8.9%) 0.58 285
2023-03-01 $236,638 (-5.5%) $328,723 (10.5%) 0.56 298
2023-04-01 $235,000 (-9.6%) $298,377 (-3.2%) 0.55 285
2023-05-01 $235,000 (-6.0%) $295,570 (0.2%) 0.53 311
2023-06-01 $237,450 (-4.1%) $300,631 (3.3%) 0.53 320
2023-07-01 $250,000 (0.0%) $309,966 (2.8%) 0.57 338
2023-08-01 $249,000 (-0.4%) $326,455 (2.3%) 0.57 361
2023-09-01 $240,000 (-5.0%) $322,918 (0.3%) 0.56 372
2023-10-01 $239,988 (-1.0%) $317,320 (-4.5%) 0.56 365
2023-11-01 $239,500 (0.4%) $318,040 (1.4%) 0.57 387
2023-12-01 $239,900 (2.2%) $316,827 (-4.3%) 0.59 389
2024-01-01 $234,700 (-0.1%) $312,064 (-4.1%) 0.57 377
2024-02-01 $238,375 (-0.1%) $289,252 (-14.5%) 0.57 373
2024-03-01 $250,000 (5.7%) $313,162 (-4.7%) 0.59 383
2024-04-01 $255,850 (8.9%) $322,942 (8.2%) 0.60 405
2024-05-01 $262,698 (11.8%) $348,837 (18.0%) 0.60 404
2024-06-01 $258,900 (9.0%) $348,198 (15.8%) 0.59 422
2024-07-01 $269,500 (7.8%) $345,488 (11.5%) 0.62 426
2024-08-01 $259,000 (4.0%) $312,764 (-4.2%) 0.60 462
2024-09-01 $249,450 (3.9%) $301,990 (-6.5%) 0.59 467
2024-10-01 $239,225 (-0.3%) $294,063 (-7.3%) 0.56 489
2024-11-01 $230,000 (-4.0%) $297,732 (-6.4%) 0.55 513
2024-12-01 $230,000 (-4.1%) $297,094 (-6.2%) 0.57 495
2025-01-01 $235,000 (0.1%) $296,574 (-5.0%) 0.59 460
2025-02-01 $239,000 (0.3%) $310,613 (7.4%) 0.58 453
2025-03-01 $240,000 (-4.0%) $322,141 (2.9%) 0.00 438
Monroe's median listing price for 2025-03-01 was $240,000, a difference of $-10,000 (-4.0%) versus the prior year and $1,000 versus the prior month.

Monroe's median listing price comes in at 0% of the national average.

Monroe's average listing price for 2025-03-01 was $322,141, a difference of $8,979 (2.9%) versus the prior year and $11,528 versus the prior month.

For the 2025-03-01 period, Monroe had 438 MLS listings, a difference of -15 listings (-3%) versus the prior month and 55 listings (14%) 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 1,966 sqft
2018-02-01 97 days 1,941 sqft
2018-03-01 92 days 1,947 sqft
2018-04-01 80 days 1,955 sqft
2018-05-01 75 days 1,957 sqft
2018-06-01 73 days 1,978 sqft
2018-07-01 73 days 1,977 sqft
2018-08-01 73 days 1,943 sqft
2018-09-01 80 days 1,940 sqft
2018-10-01 86 days 1,908 sqft
2018-11-01 92 days 1,913 sqft
2018-12-01 101 days 1,918 sqft
2019-01-01 115 days 1,923 sqft
2019-02-01 109 days 1,933 sqft
2019-03-01 94 days 1,943 sqft
2019-04-01 77 days 1,949 sqft
2019-05-01 78 days 1,943 sqft
2019-06-01 81 days 1,969 sqft
2019-07-01 84 days 1,961 sqft
2019-08-01 88 days 1,951 sqft
2019-09-01 92 days 1,938 sqft
2019-10-01 94 days 1,952 sqft
2019-11-01 100 days 1,978 sqft
2019-12-01 108 days 1,978 sqft
2020-01-01 115 days 1,981 sqft
2020-02-01 118 days 1,921 sqft
2020-03-01 104 days 1,938 sqft
2020-04-01 95 days 1,941 sqft
2020-05-01 92 days 2,000 sqft
2020-06-01 84 days 2,003 sqft
2020-07-01 65 days 2,006 sqft
2020-08-01 66 days 2,010 sqft
2020-09-01 75 days 2,030 sqft
2020-10-01 79 days 2,094 sqft
2020-11-01 88 days 2,072 sqft
2020-12-01 88 days 2,064 sqft
2021-01-01 86 days 2,050 sqft
2021-02-01 80 days 2,057 sqft
2021-03-01 72 days 2,049 sqft
2021-04-01 73 days 2,084 sqft
2021-05-01 52 days 2,048 sqft
2021-06-01 46 days 2,070 sqft
2021-07-01 46 days 2,025 sqft
2021-08-01 45 days 2,060 sqft
2021-09-01 52 days 2,012 sqft
2021-10-01 66 days 2,016 sqft
2021-11-01 54 days 1,977 sqft
2021-12-01 58 days 1,976 sqft
2022-01-01 58 days 2,000 sqft
2022-02-01 49 days 2,053 sqft
2022-03-01 51 days 2,086 sqft
2022-04-01 45 days 2,064 sqft
2022-05-01 35 days 2,021 sqft
2022-06-01 32 days 2,027 sqft
2022-07-01 40 days 2,090 sqft
2022-08-01 53 days 2,112 sqft
2022-09-01 59 days 2,103 sqft
2022-10-01 58 days 2,104 sqft
2022-11-01 52 days 2,041 sqft
2022-12-01 60 days 1,953 sqft
2023-01-01 81 days 1,949 sqft
2023-02-01 84 days 1,964 sqft
2023-03-01 63 days 2,009 sqft
2023-04-01 60 days 1,987 sqft
2023-05-01 55 days 1,966 sqft
2023-06-01 60 days 1,970 sqft
2023-07-01 67 days 2,046 sqft
2023-08-01 61 days 1,996 sqft
2023-09-01 65 days 2,006 sqft
2023-10-01 68 days 2,008 sqft
2023-11-01 72 days 2,019 sqft
2023-12-01 77 days 1,981 sqft
2024-01-01 90 days 1,956 sqft
2024-02-01 86 days 1,983 sqft
2024-03-01 66 days 2,009 sqft
2024-04-01 57 days 2,079 sqft
2024-05-01 58 days 2,093 sqft
2024-06-01 64 days 2,016 sqft
2024-07-01 67 days 2,008 sqft
2024-08-01 64 days 1,972 sqft
2024-09-01 63 days 1,919 sqft
2024-10-01 68 days 1,890 sqft
2024-11-01 77 days 1,863 sqft
2024-12-01 84 days 1,818 sqft
2025-01-01 100 days 1,848 sqft
2025-02-01 94 days 1,868 sqft
2025-03-01 0 days 1,850 sqft
Monroe's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

Monroe's median square footage for active listings during the 2025-03-01 period was 1,850 sqft. One year prior, the average listing was 2,009 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).