New Orleans FHA Loan Rates, Closing Costs & Stats

NEW ORLEANS-METAIRIE, 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.

    New Orleans's 128 lenders originated 3,038 FHA loans during 2023. The total origination value was $720,570,000, with an average FHA loan value of $237,186.

    New Orleans FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in New Orleans averaged -0.28% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    New Orleans's average FHA mortgage closing costs are $7,948.

    The average rate for the prior week (2024-11-08) was 6.43% and one month ago for the week of 2024-10-11, the average rate was 5.83%.

    The average rate one year ago was 7.08%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.14%.

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

    New Orleans 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 New Orleans level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 317 6.30% $11,564
    QUICKEN LOANS, LLC 259 6.16% $10,761
    GMFS LLC 209 6.40% $7,827
    EUSTIS AND AMERICAN MORTGAGE COMPANY 185 6.59% $10,911
    DHI MORTGAGE COMPANY, LTD. 146 5.34% $8,066
    Gulf Coast Bank and Trust Company 141 6.48% $9,200
    FIDELITY BANK 141 6.44% $10,189
    MOVEMENT MORTGAGE, LLC 103 6.60% $11,113
    CROSSCOUNTRY MORTGAGE, LLC 78 6.86% $11,234
    LOANDEPOT.COM, LLC 57 6.57% $10,456
    DSLD MORTGAGE, LLC 47 6.49% $6,011
    CARDINAL FINANCIAL 47 6.38% $11,236
    PRIMELENDING, A PLAINSCAPITAL COMPANY 46 6.80% $11,759
    Hancock Whitney Bank 46 6.20% $9,625
    FREEDOM MORTGAGE CORPORATION 46 6.86% $12,454
    NEWREZ LLC 45 6.58% $10,576
    PENNYMAC LOAN SERVICES, LLC 44 6.24% $11,565
    BROKER SOLUTIONS, INC. 43 6.65% $11,729
    T2 FINANCIAL LLC 40 6.35% $11,753
    GUARANTEED RATE, INC. 38 6.44% $11,518
    DRAPER AND KRAMER MORTGAGE CORP. 31 6.91% $10,448
    AMERICAN FINANCIAL NETWORK, INC. 30 7.07% $10,602
    MORTGAGE SOLUTIONS OF COLORADO, LLC 30 7.02% $11,097
    STANDARD MORTGAGE CORPORATION 29 6.26% $8,997
    Mr. Cooper ( Nationstar Mortgage ) 28 6.08% $13,590
    America's Mortgage Resource, Inc. 28 6.43% $6,308
    Carrington Mortgage Services, LLC 24 6.35% $12,547
    Plains Commerce Bank 22 6.49% $11,126
    Regions Bank 22 6.13% $9,312
    SUMMIT FUNDING, INC. 22 6.89% $9,942
    MUTUAL OF OMAHA MORTGAGE, INC. 22 6.68% $11,967
    JPMorgan Chase Bank 20 6.49% $5,406
    INTERLINC MORTGAGE SERVICES, LLC 19 6.95% $9,943
    MID AMERICA MORTGAGE, INC. 19 7.02% $7,354
    Paramount Residential Mortgage Group, Inc. 18 7.01% $13,195
    Equity Prime Mortgage LLC 18 6.74% $11,168
    UNION HOME MORTGAGE CORP. 18 6.63% $11,286
    PLANET HOME LENDING, LLC 17 6.29% $9,243
    Nations Lending Corporation 15 6.38% $7,463
    AMERISAVE MORTGAGE CORPORATION 14 6.08% $12,794
    KEESLER 13 5.33% $7,582
    First Horizon Bank 12 6.26% $12,371
    V.I.P. MORTGAGE, INC. 11 6.60% $11,237
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 6.78% $10,407
    RELIANCE FIRST CAPITAL, LLC 10 6.54% $10,960
    Bank of England 10 6.15% $9,848
    Cornerstone First Mortgage, Inc 10 6.64% $11,798
    Flagstar Bank, FSB 9 6.21% $11,310
    Goldwater Bank, N.A. 8 6.66% $10,827
    Mortgage Research Center, LLC 8 7.27% $7,942
    SUN WEST MORTGAGE COMPANY, INC. 7 6.35% $8,781
    NTFN, INC. 6 6.65% $10,658
    PRIMARY RESIDENTIAL MORTGAGE, INC. 6 6.79% $12,420
    Prosperity Home Mortgage, LLC 6 6.56% $14,195
    AmeriHome Mortgage Company, LLC 6 6.60% $10,148
    LAKEVIEW LOAN SERVICING, LLC 6 6.25% $11,034
    Red River Bank 5 5.98% $8,575
    BAY EQUITY LLC 5 6.15% $10,060
    PLAZA HOME MORTGAGE, INC. 5 6.35% $16,376
    NFM, INC. 5 7.28% $10,465
    OCMBC, INC. 4 6.75% $17,321
    AmRes Corporation 4 6.44% $9,012
    Century Mortgage Company DBA Century Lending Company 4 5.93% $10,859
    Citizens Bank 4 6.56% $8,881
    GUILD MORTGAGE COMPANY 4 6.88% $12,660
    Hometown Equity Mortgage, LLC 4 6.47% $11,200
    Assurance Financial Group, L.L.C. 4 6.75% $10,588
    ZILLOW HOME LOANS, LLC 3 7.00% $8,991
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.42% $12,847
    AMERICAN FINANCING CORPORATION 3 6.21% $8,615
    BECKAM FUNDING CORP. 3 6.83% $16,931
    EMM LOANS LLC 3 6.08% $18,118
    FIRST COMMUNITY MORTGAGE, INC. 3 7.08% $11,915
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.58% $11,614
    Lakeview Community Capital, LLC 3 5.88% $9,026
    Magnolia Bank 3 6.17% $11,062
    Republic State Mortgage Co. 3 6.46% $6,832
    SECURITYNATIONAL MORTGAGE COMPANY 3 6.08% $11,818
    SOUTHPOINT FINANCIAL SERVICES, INC. 3 6.50% $11,450
    SUCCESS MORTGAGE PARTNERS, INC. 3 6.42% $15,207
    The Federal Savings Bank 3 7.17% $16,026
    THE MORTGAGE FIRM, INC. 3 6.33% $10,727
    Towne Bank 3 6.00% $8,821
    VILLAGE CAPITAL MORTGAGE 3 6.29% $13,337
    BankPlus 2 6.13% $8,690
    GENEVA FINANCIAL, LLC 2 6.56% $9,635
    Wells Fargo Bank 2 6.88% $7,105
    LIBERTY HOME MORTGAGE CORPORATION 2 7.00% $12,130
    HOMESIDE FINANCIAL, LLC 2 6.31% $13,748
    NATIONS RELIABLE LENDING, LLC 2 6.63% $9,049
    CMG MORTGAGE, INC. 2 7.38% $13,905
    NETWORK CAPITAL FUNDING CORPORATION 2 5.69% $12,731
    Colonial Savings, F.A. 2 6.00% $11,815
    OPEN MORTGAGE, LLC 2 6.38% $6,248
    BM Real Estate Services, Inc. 2 6.88% $8,979
    Barrington Bank & Trust Company, N.A. 2 5.50% $9,294
    ROYAL UNITED MORTGAGE LLC 2 6.88% $6,447
    First Federal Bank 1 6.00% $13,418
    CRESCENT MORTGAGE COMPANY 1 6.63% $10,753
    Bank of America 1 3.88% $0
    S1L, Inc. 1 5.75% $10,525
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.75% $6,699
    U.S. Bank 1 7.00% $7,351
    STOCKTON MORTGAGE CORPORATION 1 6.75% $11,838
    Loan Simple, Inc. 1 6.25% $13,402
    SWBC MORTGAGE CORPORATION 1 6.75% $8,215
    AMCAP MORTGAGE, LTD. 1 7.13% $19,457
    Wolfe Financial, Inc 1 6.63% $9,457
    Truist 1 3.75% $2,798
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.75% $10,625
    Network Funding, L.P. 1 6.25% $10,607
    M&T Bank 1 5.75% $7,736
    MICHIGAN MUTUAL, INC. 1 7.13% $8,973
    NORWICH COMMERCIAL GROUP, INC. 1 7.13% $12,692
    MEMBER FIRST MORTGAGE, LLC 1 5.63% $6,899
    ALLIED MORTGAGE GROUP, INC. 1 6.50% $5,044
    PANORAMA MORTGAGE GROUP, LLC 1 6.63% $8,774
    LEGEND LENDING CORPORATION 1 6.13% $11,009
    PENTAGON FEDERAL CREDIT UNION 1 4.88% $14,836
    PHH Mortgage Corporation 1 6.63% $7,863
    PIERREMONT MORTGAGE, INC. 1 6.25% $5,263
    LAND HOME FINANCIAL SERVICES, INC. 1 7.50% $9,779
    Ixonia Bank 1 7.13% $10,861
    GSF Mortgage Corporation 1 6.63% $12,771
    Princeton Mortgage Corporation 1 5.99% $9,582
    Prosperity Bank 1 5.38% $7,638
    FirstTrust Home Loans, Inc. 1 6.25% $13,740
    First Option Mortgage, LLC 1 6.63% $11,823

    The top New Orleans FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 317 FHA loans originated. Their average total fees are $11,564, which is $803 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee New Orleans FHA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($5,406), DSLD MORTGAGE, LLC ($6,011), America's Mortgage Resource, Inc. ($6,308), MID AMERICA MORTGAGE, INC. ($7,354) and Nations Lending Corporation ($7,463).

    The lowest rate New Orleans FHA lenders (with over 10 loans originated) are KEESLER (5.33%), DHI MORTGAGE COMPANY, LTD. (5.34%), Mr. Cooper ( Nationstar Mortgage ) (6.08%), AMERISAVE MORTGAGE CORPORATION (6.08%) and Regions Bank (6.13%).

    New Orleans FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NEW ORLEANS-METAIRIE, LA JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA ORLEANS 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA PLAQUEMINES 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA ST. BERNARD 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA ST. CHARLES 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA ST. JAMES 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA ST. JOHN THE BA 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA ST. TAMMANY 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900
    NEW ORLEANS-METAIRIE, LA ORLEANS 2023 $472,030 $604,400 $730,525 $907,900
    NEW ORLEANS-METAIRIE, LA PLAQUEMINES 2023 $472,030 $604,400 $730,525 $907,900
    NEW ORLEANS-METAIRIE, LA ST. BERNARD 2023 $472,030 $604,400 $730,525 $907,900
    NEW ORLEANS-METAIRIE, LA ST. CHARLES 2023 $472,030 $604,400 $730,525 $907,900
    NEW ORLEANS-METAIRIE, LA ST. JAMES 2023 $472,030 $604,400 $730,525 $907,900
    NEW ORLEANS-METAIRIE, LA ST. JOHN THE BA 2023 $472,030 $604,400 $730,525 $907,900
    NEW ORLEANS-METAIRIE, LA ST. TAMMANY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - New Orleans (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 $269,000 (5.5%) $376,955 (5.4%) 1.00 4,540
    2018-02-01 $267,000 (5.4%) $380,738 (6.0%) 0.97 4,565
    2018-03-01 $274,600 (4.6%) $385,791 (5.5%) 0.96 4,791
    2018-04-01 $282,450 (4.9%) $394,539 (6.5%) 0.96 4,888
    2018-05-01 $289,000 (5.1%) $399,410 (5.0%) 0.97 4,959
    2018-06-01 $285,000 (3.0%) $393,787 (2.3%) 0.95 5,047
    2018-07-01 $279,450 (1.6%) $393,072 (3.5%) 0.93 4,962
    2018-08-01 $279,950 (1.8%) $392,931 (3.9%) 0.94 4,959
    2018-09-01 $279,000 (2.6%) $390,958 (4.8%) 0.94 4,860
    2018-10-01 $279,900 (2.7%) $391,251 (3.4%) 0.95 4,899
    2018-11-01 $279,250 (2.6%) $386,462 (1.3%) 0.95 4,873
    2018-12-01 $275,000 (2.2%) $381,029 (0.5%) 0.95 4,786
    2019-01-01 $270,000 (0.4%) $377,002 (0.0%) 0.93 4,563
    2019-02-01 $275,000 (3.0%) $384,261 (0.9%) 0.93 4,583
    2019-03-01 $283,671 (3.3%) $393,869 (2.1%) 0.93 4,501
    2019-04-01 $289,950 (2.7%) $404,036 (2.4%) 0.92 4,495
    2019-05-01 $291,750 (1.0%) $409,210 (2.5%) 0.91 4,537
    2019-06-01 $290,000 (1.8%) $406,772 (3.3%) 0.91 4,590
    2019-07-01 $289,900 (3.7%) $403,227 (2.6%) 0.91 4,638
    2019-08-01 $285,000 (1.8%) $395,237 (0.6%) 0.90 4,681
    2019-09-01 $285,000 (2.2%) $395,065 (1.1%) 0.91 4,649
    2019-10-01 $284,500 (1.6%) $394,321 (0.8%) 0.92 4,595
    2019-11-01 $282,500 (1.2%) $395,116 (2.2%) 0.93 4,486
    2019-12-01 $278,498 (1.3%) $391,981 (2.9%) 0.93 4,268
    2020-01-01 $277,450 (2.8%) $391,440 (3.8%) 0.93 4,026
    2020-02-01 $280,000 (1.8%) $391,989 (2.0%) 0.92 3,951
    2020-03-01 $289,250 (2.0%) $396,491 (0.7%) 0.91 4,102
    2020-04-01 $289,450 (-0.2%) $395,862 (-2.0%) 0.91 4,138
    2020-05-01 $299,000 (2.5%) $411,424 (0.5%) 0.91 3,932
    2020-06-01 $300,250 (3.5%) $422,965 (4.0%) 0.88 3,633
    2020-07-01 $315,000 (8.7%) $439,921 (9.1%) 0.91 3,340
    2020-08-01 $324,000 (13.7%) $452,643 (14.5%) 0.93 3,036
    2020-09-01 $325,000 (14.0%) $460,124 (16.5%) 0.93 2,921
    2020-10-01 $329,000 (15.6%) $470,648 (19.4%) 0.94 2,803
    2020-11-01 $328,325 (16.2%) $461,924 (16.9%) 0.96 2,758
    2020-12-01 $325,000 (16.7%) $459,660 (17.3%) 0.97 2,622
    2021-01-01 $314,950 (13.5%) $449,444 (14.8%) 0.94 2,501
    2021-02-01 $317,125 (13.3%) $460,401 (17.5%) 0.92 2,299
    2021-03-01 $326,950 (13.0%) $470,032 (18.6%) 0.93 2,200
    2021-04-01 $339,000 (17.1%) $487,199 (23.1%) 0.92 2,057
    2021-05-01 $339,900 (13.7%) $491,731 (19.5%) 0.90 2,009
    2021-06-01 $340,500 (13.4%) $488,000 (15.4%) 0.90 2,107
    2021-07-01 $339,000 (7.6%) $478,859 (8.9%) 0.89 2,325
    2021-08-01 $336,250 (3.8%) $472,753 (4.4%) 0.90 2,495
    2021-09-01 $337,347 (3.8%) $474,955 (3.2%) 0.90 2,382
    2021-10-01 $339,250 (3.1%) $476,097 (1.2%) 0.90 2,076
    2021-11-01 $346,950 (5.7%) $488,782 (5.8%) 0.93 1,927
    2021-12-01 $341,176 (5.0%) $481,384 (4.7%) 0.92 1,795
    2022-01-01 $345,000 (9.5%) $486,985 (8.4%) 0.93 1,620
    2022-02-01 $348,750 (10.0%) $486,293 (5.6%) 0.91 1,564
    2022-03-01 $347,450 (6.3%) $481,653 (2.5%) 0.87 1,669
    2022-04-01 $349,000 (3.0%) $476,306 (-2.2%) 0.83 1,853
    2022-05-01 $349,000 (2.7%) $476,649 (-3.1%) 0.80 2,149
    2022-06-01 $349,950 (2.8%) $475,973 (-2.5%) 0.78 2,491
    2022-07-01 $343,150 (1.2%) $464,997 (-2.9%) 0.77 3,004
    2022-08-01 $333,450 (-0.8%) $451,635 (-4.5%) 0.77 3,317
    2022-09-01 $329,450 (-2.3%) $447,773 (-5.7%) 0.77 3,431
    2022-10-01 $329,000 (-3.0%) $447,521 (-6.0%) 0.77 3,649
    2022-11-01 $327,000 (-5.8%) $450,070 (-7.9%) 0.79 3,736
    2022-12-01 $325,000 (-4.7%) $444,185 (-7.7%) 0.80 3,541
    2023-01-01 $324,950 (-5.8%) $446,007 (-8.4%) 0.80 3,396
    2023-02-01 $324,619 (-6.9%) $453,659 (-6.7%) 0.78 3,363
    2023-03-01 $329,900 (-5.1%) $458,430 (-4.8%) 0.78 3,489
    2023-04-01 $339,900 (-2.6%) $470,005 (-1.3%) 0.79 3,663
    2023-05-01 $345,000 (-1.2%) $483,261 (1.4%) 0.78 3,890
    2023-06-01 $345,000 (-1.4%) $477,273 (0.3%) 0.78 3,985
    2023-07-01 $339,999 (-0.9%) $473,270 (1.8%) 0.77 4,196
    2023-08-01 $339,250 (1.7%) $468,284 (3.7%) 0.78 4,288
    2023-09-01 $335,000 (1.7%) $464,617 (3.8%) 0.78 4,407
    2023-10-01 $334,500 (1.7%) $466,116 (4.2%) 0.79 4,601
    2023-11-01 $329,950 (0.9%) $460,139 (2.2%) 0.79 4,673
    2023-12-01 $325,000 (0.0%) $455,090 (2.5%) 0.79 4,567
    2024-01-01 $325,000 (0.0%) $451,141 (1.2%) 0.79 4,363
    2024-02-01 $325,000 (0.1%) $451,821 (-0.4%) 0.78 4,348
    2024-03-01 $329,000 (-0.3%) $461,041 (0.6%) 0.77 4,455
    2024-04-01 $335,000 (-1.4%) $464,310 (-1.2%) 0.78 4,749
    2024-05-01 $338,500 (-1.9%) $470,568 (-2.6%) 0.77 4,955
    2024-06-01 $335,000 (-2.9%) $462,747 (-3.0%) 0.75 5,125
    2024-07-01 $327,450 (-3.7%) $448,900 (-5.2%) 0.75 5,440
    2024-08-01 $325,000 (-4.2%) $440,537 (-5.9%) 0.76 5,829
    2024-09-01 $325,000 (-3.0%) $442,377 (-4.8%) 0.76 5,263
    2024-10-01 $325,125 (-2.8%) $445,816 (-4.4%) 0.77 5,295
    New Orleans's median listing price for 2024-10-01 was $325,125, a difference of $-9,375 (-2.8%) versus the prior year and $125 versus the prior month.

    New Orleans's median listing price comes in at 77% of the national average.

    New Orleans's average listing price for 2024-10-01 was $445,816, a difference of $-20,300 (-4.4%) versus the prior year and $3,439 versus the prior month.

    For the 2024-10-01 period, New Orleans had 5,295 MLS listings, a difference of 32 listings (1%) versus the prior month and 694 listings (15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - New Orleans (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 82 days 1,832 sqft
    2018-02-01 80 days 1,838 sqft
    2018-03-01 62 days 1,854 sqft
    2018-04-01 58 days 1,879 sqft
    2018-05-01 59 days 1,905 sqft
    2018-06-01 59 days 1,895 sqft
    2018-07-01 65 days 1,889 sqft
    2018-08-01 68 days 1,883 sqft
    2018-09-01 68 days 1,872 sqft
    2018-10-01 72 days 1,876 sqft
    2018-11-01 72 days 1,866 sqft
    2018-12-01 75 days 1,855 sqft
    2019-01-01 84 days 1,848 sqft
    2019-02-01 78 days 1,864 sqft
    2019-03-01 69 days 1,893 sqft
    2019-04-01 61 days 1,921 sqft
    2019-05-01 58 days 1,943 sqft
    2019-06-01 61 days 1,950 sqft
    2019-07-01 67 days 1,950 sqft
    2019-08-01 68 days 1,927 sqft
    2019-09-01 72 days 1,908 sqft
    2019-10-01 72 days 1,896 sqft
    2019-11-01 71 days 1,888 sqft
    2019-12-01 81 days 1,874 sqft
    2020-01-01 88 days 1,866 sqft
    2020-02-01 81 days 1,870 sqft
    2020-03-01 62 days 1,895 sqft
    2020-04-01 69 days 1,901 sqft
    2020-05-01 75 days 1,920 sqft
    2020-06-01 82 days 1,935 sqft
    2020-07-01 66 days 1,935 sqft
    2020-08-01 64 days 1,911 sqft
    2020-09-01 67 days 1,893 sqft
    2020-10-01 67 days 1,897 sqft
    2020-11-01 68 days 1,872 sqft
    2020-12-01 73 days 1,863 sqft
    2021-01-01 75 days 1,810 sqft
    2021-02-01 69 days 1,816 sqft
    2021-03-01 60 days 1,826 sqft
    2021-04-01 58 days 1,805 sqft
    2021-05-01 57 days 1,825 sqft
    2021-06-01 54 days 1,846 sqft
    2021-07-01 51 days 1,850 sqft
    2021-08-01 52 days 1,832 sqft
    2021-09-01 63 days 1,830 sqft
    2021-10-01 78 days 1,800 sqft
    2021-11-01 85 days 1,818 sqft
    2021-12-01 74 days 1,800 sqft
    2022-01-01 73 days 1,819 sqft
    2022-02-01 64 days 1,828 sqft
    2022-03-01 43 days 1,837 sqft
    2022-04-01 37 days 1,827 sqft
    2022-05-01 38 days 1,850 sqft
    2022-06-01 39 days 1,864 sqft
    2022-07-01 42 days 1,868 sqft
    2022-08-01 49 days 1,855 sqft
    2022-09-01 55 days 1,838 sqft
    2022-10-01 58 days 1,836 sqft
    2022-11-01 63 days 1,833 sqft
    2022-12-01 74 days 1,817 sqft
    2023-01-01 80 days 1,810 sqft
    2023-02-01 69 days 1,821 sqft
    2023-03-01 58 days 1,831 sqft
    2023-04-01 56 days 1,850 sqft
    2023-05-01 57 days 1,872 sqft
    2023-06-01 58 days 1,854 sqft
    2023-07-01 60 days 1,850 sqft
    2023-08-01 64 days 1,856 sqft
    2023-09-01 66 days 1,840 sqft
    2023-10-01 67 days 1,833 sqft
    2023-11-01 67 days 1,828 sqft
    2023-12-01 77 days 1,819 sqft
    2024-01-01 84 days 1,802 sqft
    2024-02-01 83 days 1,805 sqft
    2024-03-01 67 days 1,813 sqft
    2024-04-01 60 days 1,837 sqft
    2024-05-01 58 days 1,842 sqft
    2024-06-01 61 days 1,839 sqft
    2024-07-01 67 days 1,828 sqft
    2024-08-01 69 days 1,821 sqft
    2024-09-01 79 days 1,819 sqft
    2024-10-01 79 days 1,827 sqft
    New Orleans's median listing age (time on market) for 2024-10-01 was 79 days. This is 17% longer than the same period one year ago.

    New Orleans's median square footage for active listings during the 2024-10-01 period was 1,827 sqft. One year prior, the average listing was 1,833 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).