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 6.66% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.38% and one month ago for the week of 2024-03-08, the average rate was 6.72%.

The average rate one year ago was 6.36%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.8%.

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
New Orleans's median listing price for 2024-03-01 was $329,000, a difference of $-900 (-0.3%) versus the prior year and $4,000 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 2024-03-01 was $461,041, a difference of $2,611 (0.6%) versus the prior year and $9,220 versus the prior month.

For the 2024-03-01 period, New Orleans had 4,455 MLS listings, a difference of 107 listings (2%) versus the prior month and 966 listings (28%) 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
New Orleans's median listing age (time on market) for 2024-03-01 was 67 days. This is 16% longer than the same period one year ago.

New Orleans's median square footage for active listings during the 2024-03-01 period was 1,813 sqft. One year prior, the average listing was 1,831 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).