New Orleans FHA Loan Rates, Closing Costs & Stats
NEW ORLEANS-METAIRIE, 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.
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
6.37%
for the week of 2024-10-25, compared to the national average (all FHA variants) of
6.253% for the same period.
New Orleans's average FHA mortgage closing costs are $7,948.
The average rate for the prior week (2024-10-18) was
5.96% and
one month ago for the week of 2024-09-20, the
average rate was 5.58%.
The average rate one year ago was 7.12%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.12%.
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.
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. LouisDate | 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 |
New Orleans's median listing price comes in at 76% of the national average.
New Orleans's average listing price for 2024-09-01 was $442,377, a difference of $-22,240 (-4.8%) versus the prior year and $1,840 versus the prior month.
For the 2024-09-01 period, New Orleans had 5,263 MLS listings, a difference of -566 listings (-10%) versus the prior month and 856 listings (19%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - New Orleans (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
New Orleans's median square footage for active listings during the 2024-09-01 period was 1,819 sqft. One year prior, the average listing was 1,840 sqft.