Morgan City FHA Loan Rates, Closing Costs & Stats

Morgan City, 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.

    Morgan City's 24 lenders originated 69 FHA loans during 2023. The total origination value was $11,935,000, with an average FHA loan value of $172,971.

    Morgan City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Morgan City averaged 6.59% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Morgan City's average FHA mortgage closing costs are $6,440.

    The average rate for the prior week (2024-04-05) was 6.42% and one month ago for the week of 2024-03-08, the average rate was 6.56%.

    The average rate one year ago was 6.29%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.94%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Morgan City 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 Morgan City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 10 5.95% $14,847
    Flagstar Bank, FSB 9 6.96% $8,707
    GMFS LLC 8 6.92% $4,813
    QUICKEN LOANS, LLC 4 6.38% $6,682
    Carrington Mortgage Services, LLC 3 6.83% $8,335
    MID AMERICA MORTGAGE, INC. 3 7.42% $3,803
    EUSTIS AND AMERICAN MORTGAGE COMPANY 3 7.12% $7,400
    NEWREZ LLC 2 6.75% $7,639
    PENNYMAC LOAN SERVICES, LLC 2 6.62% $9,935
    First Horizon Bank 2 6.06% $8,608
    Regions Bank 2 5.50% $10,313
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 6.56% $3,143
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.75% $8,605
    CARDINAL FINANCIAL 2 7.00% $9,876
    Wells Fargo Bank 1 6.63% $6,974
    Assurance Financial Group, L.L.C. 1 7.25% $10,739
    BROKER SOLUTIONS, INC. 1 6.25% $9,803
    FIDELITY BANK 1 6.50% $7,901
    JPMorgan Chase Bank 1 5.75% $17,758
    Mr. Cooper ( Nationstar Mortgage ) 1 7.13% $9,911
    Paramount Residential Mortgage Group, Inc. 1 5.50% $8,901
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $6,751
    RELIANCE FIRST CAPITAL, LLC 1 5.88% $12,607
    UNION HOME MORTGAGE CORP. 1 5.75% $11,287

    The top Morgan City FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 10 FHA loans originated. Their average total fees are $14,847, which is $6,140 higher than the next largest lender, Flagstar Bank, FSB.

    The lowest fee Morgan City FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($14,847), .

    The lowest rate Morgan City FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.95%), .

    Morgan City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MORGAN CITY, LA ST. MARY 2022 $420,680 $538,650 $651,050 $809,150
    MORGAN CITY, LA ST. MARY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Morgan City (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 $135,850 (5.5%) $209,469 (1.1%) 0.00 152
    2018-02-01 $135,725 (4.7%) $210,850 (-0.7%) 0.00 148
    2018-03-01 $142,000 (-0.3%) $210,979 (-4.5%) 0.00 150
    2018-04-01 $143,000 (-4.4%) $210,249 (-6.7%) 0.00 164
    2018-05-01 $140,450 (-7.6%) $210,658 (-10.9%) 0.00 159
    2018-06-01 $139,700 (-6.9%) $203,397 (-7.6%) 0.00 169
    2018-07-01 $148,225 (-0.1%) $206,270 (2.3%) 0.00 164
    2018-08-01 $149,450 (5.5%) $205,367 (4.4%) 0.00 171
    2018-09-01 $150,000 (1.7%) $204,549 (4.9%) 0.00 164
    2018-10-01 $153,750 (12.6%) $209,148 (7.0%) 0.00 159
    2018-11-01 $151,250 (7.3%) $204,377 (3.0%) 0.00 158
    2018-12-01 $150,000 (11.1%) $203,537 (3.4%) 0.00 150
    2019-01-01 $150,000 (10.4%) $199,035 (-5.0%) 0.00 152
    2019-02-01 $157,175 (15.8%) $198,487 (-5.9%) 0.00 165
    2019-03-01 $154,550 (8.8%) $199,692 (-5.4%) 0.00 165
    2019-04-01 $150,000 (4.9%) $207,994 (-1.1%) 0.00 163
    2019-05-01 $149,900 (6.7%) $207,946 (-1.3%) 0.00 160
    2019-06-01 $142,450 (2.0%) $207,804 (2.2%) 0.00 165
    2019-07-01 $145,250 (-2.0%) $211,326 (2.5%) 0.00 171
    2019-08-01 $144,455 (-3.3%) $209,940 (2.2%) 0.00 165
    2019-09-01 $143,636 (-4.2%) $206,222 (0.8%) 0.00 162
    2019-10-01 $143,000 (-7.0%) $204,458 (-2.2%) 0.00 158
    2019-11-01 $143,000 (-5.5%) $207,874 (1.7%) 0.00 152
    2019-12-01 $140,650 (-6.2%) $208,555 (2.5%) 0.00 144
    2020-01-01 $135,000 (-10.0%) $200,401 (0.7%) 0.00 150
    2020-02-01 $135,000 (-14.1%) $199,553 (0.5%) 0.00 162
    2020-03-01 $134,675 (-12.9%) $205,653 (3.0%) 0.00 166
    2020-04-01 $135,000 (-10.0%) $209,598 (0.8%) 0.00 160
    2020-05-01 $139,250 (-7.1%) $213,700 (2.8%) 0.00 154
    2020-06-01 $139,950 (-1.8%) $212,049 (2.0%) 0.00 156
    2020-07-01 $144,750 (-0.3%) $210,898 (-0.2%) 0.00 152
    2020-08-01 $155,000 (7.3%) $221,035 (5.3%) 0.00 146
    2020-09-01 $163,525 (13.9%) $223,655 (8.5%) 0.00 138
    2020-10-01 $155,000 (8.4%) $204,172 (-0.1%) 0.00 134
    2020-11-01 $149,675 (4.7%) $203,723 (-2.0%) 0.00 136
    2020-12-01 $146,975 (4.5%) $227,215 (9.0%) 0.00 129
    2021-01-01 $145,000 (7.4%) $229,119 (14.3%) 0.00 115
    2021-02-01 $154,925 (14.8%) $236,588 (18.6%) 0.00 120
    2021-03-01 $153,725 (14.2%) $253,189 (23.1%) 0.00 115
    2021-04-01 $155,000 (14.8%) $262,181 (25.1%) 0.00 104
    2021-05-01 $149,900 (7.7%) $249,687 (16.8%) 0.00 97
    2021-06-01 $157,475 (12.5%) $256,272 (20.9%) 0.00 100
    2021-07-01 $169,450 (17.1%) $250,940 (19.0%) 0.00 103
    2021-08-01 $176,500 (13.9%) $274,215 (24.1%) 0.00 98
    2021-09-01 $176,000 (7.6%) $257,351 (15.1%) 0.00 105
    2021-10-01 $195,000 (25.8%) $287,635 (40.9%) 0.00 92
    2021-11-01 $199,200 (33.1%) $288,551 (41.6%) 0.00 87
    2021-12-01 $199,950 (36.0%) $268,456 (18.2%) 0.00 86
    2022-01-01 $195,000 (34.5%) $263,790 (15.1%) 0.00 88
    2022-02-01 $194,875 (25.8%) $284,063 (20.1%) 0.00 88
    2022-03-01 $188,500 (22.6%) $278,695 (10.1%) 0.00 83
    2022-04-01 $189,000 (21.9%) $266,312 (1.6%) 0.00 92
    2022-05-01 $188,750 (25.9%) $272,309 (9.1%) 0.00 100
    2022-06-01 $182,500 (15.9%) $284,020 (10.8%) 0.00 89
    2022-07-01 $169,900 (0.3%) $280,883 (11.9%) 0.00 87
    2022-08-01 $166,500 (-5.7%) $271,619 (-1.0%) 0.00 93
    2022-09-01 $159,625 (-9.3%) $265,319 (3.1%) 0.00 101
    2022-10-01 $163,500 (-16.2%) $249,548 (-13.2%) 0.00 103
    2022-11-01 $160,000 (-19.7%) $244,611 (-15.2%) 0.00 102
    2022-12-01 $160,000 (-20.0%) $241,658 (-10.0%) 0.00 99
    2023-01-01 $160,000 (-18.0%) $244,219 (-7.4%) 0.00 90
    2023-02-01 $170,000 (-12.8%) $257,398 (-9.4%) 0.00 91
    2023-03-01 $168,500 (-10.6%) $248,246 (-10.9%) 0.00 93
    2023-04-01 $172,000 (-9.0%) $250,269 (-6.0%) 0.00 93
    2023-05-01 $169,974 (-10.0%) $250,655 (-8.0%) 0.00 101
    2023-06-01 $172,125 (-5.7%) $250,056 (-12.0%) 0.00 100
    2023-07-01 $185,000 (8.9%) $266,892 (-5.0%) 0.00 99
    2023-08-01 $188,000 (12.9%) $262,823 (-3.2%) 0.00 103
    2023-09-01 $206,500 (29.4%) $274,283 (3.4%) 0.00 100
    2023-10-01 $206,250 (26.2%) $271,694 (8.9%) 0.00 95
    2023-11-01 $187,750 (17.3%) $254,576 (4.1%) 0.00 103
    2023-12-01 $187,500 (17.2%) $246,748 (2.1%) 0.00 98
    2024-01-01 $186,000 (16.3%) $259,983 (6.5%) 0.00 90
    2024-02-01 $191,725 (12.8%) $270,526 (5.1%) 0.00 87
    2024-03-01 $194,000 (15.1%) $271,204 (9.3%) 0.00 90
    Morgan City's median listing price for 2024-03-01 was $194,000, a difference of $25,500 (15.1%) versus the prior year and $2,275 versus the prior month.

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

    Morgan City's average listing price for 2024-03-01 was $271,204, a difference of $22,958 (9.3%) versus the prior year and $678 versus the prior month.

    For the 2024-03-01 period, Morgan City had 90 MLS listings, a difference of 3 listings (3%) versus the prior month and -3 listings (-3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Morgan City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,944 sqft
    2018-02-01 0 days 1,919 sqft
    2018-03-01 0 days 1,780 sqft
    2018-04-01 0 days 1,780 sqft
    2018-05-01 0 days 1,783 sqft
    2018-06-01 0 days 1,810 sqft
    2018-07-01 0 days 1,874 sqft
    2018-08-01 0 days 1,862 sqft
    2018-09-01 0 days 1,925 sqft
    2018-10-01 0 days 1,973 sqft
    2018-11-01 0 days 1,982 sqft
    2018-12-01 0 days 2,025 sqft
    2019-01-01 0 days 2,123 sqft
    2019-02-01 0 days 2,011 sqft
    2019-03-01 0 days 1,967 sqft
    2019-04-01 0 days 1,955 sqft
    2019-05-01 0 days 1,947 sqft
    2019-06-01 0 days 1,940 sqft
    2019-07-01 0 days 1,943 sqft
    2019-08-01 0 days 1,952 sqft
    2019-09-01 0 days 1,962 sqft
    2019-10-01 0 days 1,972 sqft
    2019-11-01 0 days 1,960 sqft
    2019-12-01 0 days 1,978 sqft
    2020-01-01 0 days 1,969 sqft
    2020-02-01 0 days 1,991 sqft
    2020-03-01 0 days 1,980 sqft
    2020-04-01 0 days 2,004 sqft
    2020-05-01 0 days 2,107 sqft
    2020-06-01 0 days 2,098 sqft
    2020-07-01 0 days 2,073 sqft
    2020-08-01 0 days 2,088 sqft
    2020-09-01 0 days 2,049 sqft
    2020-10-01 0 days 2,024 sqft
    2020-11-01 0 days 2,041 sqft
    2020-12-01 0 days 2,027 sqft
    2021-01-01 0 days 2,024 sqft
    2021-02-01 0 days 2,041 sqft
    2021-03-01 0 days 1,996 sqft
    2021-04-01 0 days 2,021 sqft
    2021-05-01 0 days 1,889 sqft
    2021-06-01 0 days 1,841 sqft
    2021-07-01 0 days 1,914 sqft
    2021-08-01 0 days 1,926 sqft
    2021-09-01 0 days 1,962 sqft
    2021-10-01 0 days 2,023 sqft
    2021-11-01 0 days 2,030 sqft
    2021-12-01 0 days 1,984 sqft
    2022-01-01 0 days 1,857 sqft
    2022-02-01 0 days 1,992 sqft
    2022-03-01 0 days 2,041 sqft
    2022-04-01 0 days 1,949 sqft
    2022-05-01 0 days 2,050 sqft
    2022-06-01 0 days 2,133 sqft
    2022-07-01 0 days 1,993 sqft
    2022-08-01 0 days 1,794 sqft
    2022-09-01 0 days 1,898 sqft
    2022-10-01 0 days 1,968 sqft
    2022-11-01 0 days 1,984 sqft
    2022-12-01 0 days 1,982 sqft
    2023-01-01 0 days 1,682 sqft
    2023-02-01 0 days 1,676 sqft
    2023-03-01 0 days 1,676 sqft
    2023-04-01 0 days 1,700 sqft
    2023-05-01 0 days 1,678 sqft
    2023-06-01 0 days 1,697 sqft
    2023-07-01 0 days 1,842 sqft
    2023-08-01 0 days 1,986 sqft
    2023-09-01 0 days 2,077 sqft
    2023-10-01 0 days 2,096 sqft
    2023-11-01 0 days 2,001 sqft
    2023-12-01 0 days 1,997 sqft
    2024-01-01 0 days 2,040 sqft
    2024-02-01 0 days 1,951 sqft
    2024-03-01 0 days 1,904 sqft
    Morgan City's median listing age (time on market) for 2024-03-01 was 0 days.

    Morgan City's median square footage for active listings during the 2024-03-01 period was 1,904 sqft. One year prior, the average listing was 1,676 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).