New Orleans FHA Loans

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 154 lenders originated 5,817 FHA loans during 2021. The total origination value was $1,238,045,000, with an average FHA loan value of $212,832.

New Orleans FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in New Orleans averaged 5.8% for the week of 2022-09-23, compared to the national average (all FHA variants) of 6.08% for the same period.

The average rate for the prior week (2022-09-16) was 5.6% and one month ago for the week of 2022-08-19, the average rate was 5.21%.

The average rate one year ago was 3.26%.

For refis of the same type during the week of 2022-09-23, the average rate was 5.7%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the New Orleans level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 436 2.72% $6,399
GMFS LLC 335 3.00% $6,185
UNITED WHOLESALE MORTGAGE, LLC 265 2.81% $8,080
FREEDOM MORTGAGE CORPORATION 221 2.81% $6,295
MOVEMENT MORTGAGE, LLC 202 3.17% $8,030
FIDELITY BANK 191 3.20% $8,644
Gulf Coast Bank and Trust Company 182 2.99% $8,470
CALIBER HOME LOANS, INC. 180 2.97% $7,128
EUSTIS AND AMERICAN MORTGAGE COMPANY 143 3.00% $9,161
PENNYMAC LOAN SERVICES, LLC 137 3.08% $4,664
CROSSCOUNTRY MORTGAGE, LLC 121 3.20% $9,427
FBT Mortgage, L.L.C. 120 2.84% $7,127
SOUTHWEST FUNDING, LP 116 3.61% $10,556
Mr. Cooper ( Nationstar Mortgage ) 116 3.28% $3,568
LAKEVIEW LOAN SERVICING, LLC 110 3.01% $4,484
DSLD MORTGAGE, LLC 102 2.70% $4,466
AMERICAN FINANCIAL NETWORK, INC. 101 3.10% $12,462
DHI MORTGAGE COMPANY, LTD. 97 2.85% $8,371
LOANDEPOT.COM, LLC 83 3.17% $8,069
CMG MORTGAGE, INC. 83 3.27% $9,345
SUMMIT FUNDING, INC. 76 3.48% $8,861
Goldwater Bank, N.A. 67 3.10% $7,771
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 66 2.99% $8,366
HOME POINT FINANCIAL CORPORATION 57 2.75% $8,109
LHM FINANCIAL CORPORATION 51 2.96% $8,458
UNION HOME MORTGAGE CORP. 50 2.95% $8,634
Flagstar Bank, FSB 49 2.85% $7,979
Carrington Mortgage Services, LLC 46 3.33% $8,082
PRIMELENDING, A PLAINSCAPITAL COMPANY 46 3.54% $9,474
AmeriHome Mortgage Company, LLC 45 2.91% $4,563
PERFORMANCE MORTGAGE LLC 43 3.12% $8,812
STANDARD MORTGAGE CORPORATION 42 2.83% $6,664
Hancock Whitney Bank 41 2.54% $6,989
First Horizon Bank 41 2.91% $8,181
INTERLINC MORTGAGE SERVICES, LLC 40 3.54% $6,242
VILLAGE CAPITAL MORTGAGE 38 2.97% $2,657
NEWREZ LLC 36 3.02% $6,690
HOMEBRIDGE FINANCIAL SERVICES, INC. 32 2.82% $6,461
Regions Bank 31 2.85% $7,444
Nations Lending Corporation 30 3.10% $5,766
Hometown Equity Mortgage, LLC 29 3.72% $9,853
Assurance Financial Group, L.L.C. 28 3.13% $7,833
Lakeview Community Capital, LLC 26 2.99% $4,196
PLANET HOME LENDING, LLC 26 3.12% $6,295
NTFN, INC. 25 3.07% $9,565
GENEVA FINANCIAL, LLC 25 3.54% $9,389
ANGEL OAK HOME LOANS LLC 24 3.07% $8,083
Gateway First Bank 24 3.46% $5,940
JPMorgan Chase Bank 24 2.85% $4,443
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 23 3.31% $8,176
MID AMERICA MORTGAGE, INC. 23 3.30% $5,395
America's Mortgage Resource, Inc. 22 2.87% $7,339
Bank of England 17 3.09% $7,657
AMERISAVE MORTGAGE CORPORATION 16 2.88% $9,246
AMCAP MORTGAGE, LTD. 15 3.19% $9,399
GSF Mortgage Corporation 15 3.18% $8,363
MORTGAGE SOLUTIONS OF COLORADO, LLC 13 3.30% $9,388
RELIANCE FIRST CAPITAL, LLC 13 3.24% $8,625
GUILD MORTGAGE COMPANY 12 3.32% $10,220
GUARANTEED RATE, INC. 12 2.98% $8,797
AmRes Corporation 11 3.02% $9,211
BECKAM FUNDING CORP. 10 3.33% $8,365
AMERICAN FINANCIAL RESOURCES, INC. 9 3.39% $7,975
SUN WEST MORTGAGE COMPANY, INC. 9 3.05% $9,737
DRAPER AND KRAMER MORTGAGE CORP. 9 3.18% $8,567
PRIMARY RESIDENTIAL MORTGAGE, INC. 9 3.56% $9,045
BROKER SOLUTIONS, INC. 9 2.89% $9,919
First Guaranty Mortgage Corporation 9 3.21% $5,433
NATIONS DIRECT MORTGAGE, LLC 9 3.14% $7,603
Citizens Bank 8 2.80% $8,957
OPEN MORTGAGE, LLC 8 3.06% $8,456
NATIONS RELIABLE LENDING, LLC 7 3.30% $9,266
LEADERONE FINANCIAL CORPORATION 7 3.45% $9,262
Republic State Mortgage Co. 7 3.25% $6,591
MORTGAGE FINANCIAL SERVICES, LLC 7 3.13% $7,886
Mortgage Research Center, LLC 6 3.04% $5,774
NFM, INC. 6 3.17% $5,363
Equity Prime Mortgage LLC 6 3.40% $7,276
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 3.52% $8,599
CELEBRITY HOME LOANS, LLC 6 3.27% $9,960
SECURITYNATIONAL MORTGAGE COMPANY 6 3.46% $7,432
MUTUAL OF OMAHA MORTGAGE, INC. 6 2.83% $9,966
UNITED SECURITY FINANCIAL CORP 6 2.73% $5,128
MORIA DEVELOPMENT, INC. 6 3.52% $7,464
OCEANSIDE MORTGAGE COMPANY 6 3.02% $2,969
EMM LOANS LLC 5 3.10% $10,479
ACADEMY MORTGAGE CORPORATION 5 2.85% $10,982
InterContinental Capital Group, Inc 4 2.78% $8,190
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 3.34% $9,042
Barrington Bank & Trust Company, N.A. 4 3.48% $7,775
Commerce Home Mortgage, Inc. 4 3.22% $7,232
HOMESPIRE MORTGAGE CORPORATION 4 3.16% $10,015
KELLER MORTGAGE, LLC 4 2.97% $5,684
MEMBER FIRST MORTGAGE, LLC 4 2.63% $7,226
Paramount Residential Mortgage Group, Inc. 4 3.09% $7,137
PLAZA HOME MORTGAGE, INC. 4 3.00% $7,316
THRIVE MORTGAGE, LLC 4 3.50% $15,911
SOUTHWEST STAGE FUNDING, LLC 3 3.08% $3,534
AMERICAN FINANCING CORPORATION 3 3.33% $6,996
The Federal Savings Bank 3 2.58% $13,732
BancorpSouth Bank 3 2.79% $6,629
CHURCHILL MORTGAGE CORPORATION 3 3.42% $7,738
NP, Inc. 3 3.33% $8,779
Colonial Savings, F.A. 2 3.13% $6,319
Ameris Bank 2 2.44% $8,515
Northpointe Bank 2 3.00% $7,629
MLD MORTGAGE INC. 2 2.75% $9,588
Florida Capital Bank 2 2.50% $12,401
HOMESIDE FINANCIAL, LLC 2 3.63% $8,349
EVERETT FINANCIAL, INC. 2 3.38% $5,624
EMBRACE HOME LOANS, INC. 2 3.31% $6,126
RUOFF MORTGAGE COMPANY, INC. 2 3.63% $6,647
LOANLEADERS OF AMERICA, INC. 2 2.63% $10,016
VAN DYK MORTGAGE CORPORATION 1 3.25% $8,726
FBC MORTGAGE, LLC 1 3.25% $4,316
ALLIED MORTGAGE GROUP, INC. 1 3.25% $6,065
PNC Bank 1 3.00% $8,738
DELMAR FINANCIAL COMPANY 1 2.38% $5,565
CRESCENT MORTGAGE COMPANY 1 2.38% $9,000
CERTAINTY HOME LOANS, LLC 1 3.38% $7,353
BNC National Bank 1 2.75% $7,285
RESIDENTIAL BANCORP. 1 3.49% $9,000
BETTER MORTGAGE CORPORATION 1 3.63% $4,535
BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $5,062
Bank of America 1 3.38% $6,590
Sunflower Bank 1 3.88% $8,072
Austin Capital Bank SSB 1 2.88% $11,495
T2 FINANCIAL LLC 1 3.00% $11,817
The Huntington National Bank 1 2.88% $8,413
THE MORTGAGE FIRM, INC. 1 2.99% $8,404
Wells Fargo Bank 1 2.88% $4,500
TJC Mortgage, Inc. 1 2.50% $7,730
TOWNE MORTGAGE COMPANY 1 4.25% $6,381
Trustmark National Bank 1 2.50% $4,895
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.75% $7,625
US MORTGAGE CORPORATION 1 3.88% $6,866
MICHIGAN MUTUAL, INC. 1 3.25% $11,526
Low VA Rates, LLC 1 2.63% $3,517
Manufacturers and Traders Trust Company 1 2.63% $12,998
LIBERTY HOME MORTGAGE CORPORATION 1 2.88% $8,915
KEESLER 1 3.00% $5,847
Ixonia Bank 1 3.88% $10,785
HOPE FEDERAL CREDIT UNION 1 2.50% $9,980
GUARANTY HOME MORTGAGE CORPORATION 1 3.38% $6,512
NBKC BANK 1 2.75% $10,426
Network Funding, L.P. 1 3.25% $7,405
NEW DAY FINANCIAL, LLC 1 2.99% $10,499
First State Bank of St. Charles, Missouri 1 2.75% $10,789
First Savings Bank 1 2.50% $10,760
North American Savings Bank, F.S.B. 1 2.25% $9,967
First Option Mortgage, LLC 1 3.25% $6,820
FIRST HERITAGE FINANCIAL, LLC 1 2.50% $9,274
FirstBank 1 3.00% $7,181
PANORAMA MORTGAGE GROUP, LLC 1 2.75% $8,405

The top New Orleans FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 436 FHA loans originated. Their average total fees are $6,399, which is $213 higher than the next largest lender, GMFS LLC.

The lowest fee New Orleans FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,657), Mr. Cooper ( Nationstar Mortgage ) ($3,568), Lakeview Community Capital, LLC ($4,196), JPMorgan Chase Bank ($4,443) and DSLD MORTGAGE, LLC ($4,466).

The lowest rate New Orleans FHA lenders (with over 10 loans originated) are Hancock Whitney Bank (2.54%), DSLD MORTGAGE, LLC (2.70%), QUICKEN LOANS, LLC (2.72%), HOME POINT FINANCIAL CORPORATION (2.75%) and UNITED WHOLESALE MORTGAGE, LLC (2.81%).

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

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 $269,500 (5.7%) $377,807 (5.7%) 0.99 4,586
2018-02-01 $269,000 (5.5%) $381,243 (6.2%) 0.97 4,601
2018-03-01 $274,900 (4.7%) $387,260 (5.9%) 0.95 4,846
2018-04-01 $282,450 (4.8%) $395,971 (7.0%) 0.95 4,933
2018-05-01 $289,000 (5.1%) $401,466 (5.6%) 0.96 5,006
2018-06-01 $285,000 (2.9%) $395,212 (2.8%) 0.95 5,077
2018-07-01 $279,450 (1.6%) $394,547 (4.1%) 0.93 4,996
2018-08-01 $281,750 (2.5%) $394,460 (4.2%) 0.94 4,996
2018-09-01 $279,213 (2.8%) $392,365 (5.1%) 0.93 4,896
2018-10-01 $279,900 (2.4%) $392,592 (3.7%) 0.94 4,937
2018-11-01 $279,250 (2.5%) $387,394 (1.4%) 0.94 4,913
2018-12-01 $275,000 (2.0%) $382,318 (0.7%) 0.94 4,834
2019-01-01 $272,000 (0.9%) $379,175 (0.4%) 0.94 4,591
2019-02-01 $276,750 (2.9%) $385,775 (1.2%) 0.93 4,624
2019-03-01 $283,671 (3.2%) $395,548 (2.1%) 0.92 4,542
2019-04-01 $291,250 (3.1%) $405,949 (2.5%) 0.92 4,526
2019-05-01 $292,000 (1.0%) $410,068 (2.1%) 0.90 4,570
2019-06-01 $290,000 (1.8%) $406,530 (2.9%) 0.89 4,620
2019-07-01 $289,900 (3.7%) $402,862 (2.1%) 0.90 4,673
2019-08-01 $289,757 (2.8%) $398,037 (0.9%) 0.91 4,680
2019-09-01 $288,307 (3.3%) $392,662 (0.1%) 0.92 4,623
2019-10-01 $287,000 (2.5%) $394,928 (0.6%) 0.92 4,619
2019-11-01 $283,680 (1.6%) $395,708 (2.2%) 0.92 4,517
2019-12-01 $279,750 (1.7%) $396,932 (3.8%) 0.93 4,307
2020-01-01 $279,450 (2.7%) $395,489 (4.3%) 0.93 4,051
2020-02-01 $285,000 (3.0%) $397,348 (3.0%) 0.92 3,980
2020-03-01 $290,250 (2.3%) $401,351 (1.5%) 0.91 4,127
2020-04-01 $292,000 (0.3%) $401,106 (-1.2%) 0.91 4,176
2020-05-01 $299,000 (2.4%) $417,194 (1.7%) 0.91 3,963
2020-06-01 $309,000 (6.6%) $430,418 (5.9%) 0.90 3,657
2020-07-01 $315,000 (8.7%) $440,468 (9.3%) 0.90 3,352
2020-08-01 $325,000 (12.2%) $458,599 (15.2%) 0.93 3,051
2020-09-01 $335,000 (16.2%) $474,935 (21.0%) 0.96 2,936
2020-10-01 $345,000 (20.2%) $487,341 (23.4%) 0.99 2,817
2020-11-01 $339,950 (19.8%) $477,328 (20.6%) 0.97 2,773
2020-12-01 $334,500 (19.6%) $478,956 (20.7%) 0.98 2,636
2021-01-01 $325,000 (16.3%) $463,097 (17.1%) 0.96 2,515
2021-02-01 $327,250 (14.8%) $475,425 (19.7%) 0.94 2,301
2021-03-01 $339,450 (17.0%) $490,559 (22.2%) 0.95 2,206
2021-04-01 $342,500 (17.3%) $497,855 (24.1%) 0.92 2,061
2021-05-01 $339,500 (13.6%) $491,691 (17.9%) 0.89 2,024
2021-06-01 $344,950 (11.6%) $489,708 (13.8%) 0.90 2,206
2021-07-01 $343,000 (8.9%) $482,483 (9.5%) 0.89 2,517
2021-08-01 $340,450 (4.8%) $476,702 (4.0%) 0.89 2,765
2021-09-01 $339,500 (1.3%) $477,015 (0.4%) 0.89 2,598
2021-10-01 $340,000 (-1.5%) $483,514 (-0.8%) 0.89 2,272
2021-11-01 $348,500 (2.5%) $494,567 (3.6%) 0.92 2,089
2021-12-01 $344,500 (3.0%) $488,127 (1.9%) 0.92 1,937
2022-01-01 $347,000 (6.8%) $494,926 (6.9%) 0.93 1,710
2022-02-01 $347,000 (6.0%) $492,208 (3.5%) 0.88 1,621
2022-03-01 $349,500 (3.0%) $489,000 (-0.3%) 0.86 1,723
2022-04-01 $349,000 (1.9%) $477,853 (-4.0%) 0.82 1,915
2022-05-01 $349,000 (2.8%) $477,468 (-2.9%) 0.78 2,199
2022-06-01 $349,999 (1.5%) $476,048 (-2.8%) 0.78 2,548
2022-07-01 $344,900 (0.6%) $468,183 (-3.0%) 0.77 3,107
2022-08-01 $334,450 (-1.8%) $453,236 (-4.9%) 0.77 3,440
New Orleans's median listing price for 2022-08-01 was $334,450, a difference of $-6,000 (-1.8%) versus the prior year and $-10,450 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 2022-08-01 was $453,236, a difference of $-23,466 (-4.9%) versus the prior year and $-14,947 versus the prior month.

For the 2022-08-01 period, New Orleans had 3,440 MLS listings, a difference of 333 listings (11%) versus the prior month and 675 listings (24%) 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 86 days 1,842 sqft
2018-02-01 84 days 1,848 sqft
2018-03-01 66 days 1,859 sqft
2018-04-01 61 days 1,885 sqft
2018-05-01 63 days 1,912 sqft
2018-06-01 63 days 1,899 sqft
2018-07-01 68 days 1,896 sqft
2018-08-01 71 days 1,887 sqft
2018-09-01 72 days 1,875 sqft
2018-10-01 75 days 1,876 sqft
2018-11-01 75 days 1,870 sqft
2018-12-01 81 days 1,858 sqft
2019-01-01 88 days 1,850 sqft
2019-02-01 83 days 1,865 sqft
2019-03-01 69 days 1,891 sqft
2019-04-01 64 days 1,919 sqft
2019-05-01 60 days 1,946 sqft
2019-06-01 65 days 1,950 sqft
2019-07-01 69 days 1,950 sqft
2019-08-01 72 days 1,934 sqft
2019-09-01 73 days 1,912 sqft
2019-10-01 72 days 1,896 sqft
2019-11-01 73 days 1,892 sqft
2019-12-01 80 days 1,883 sqft
2020-01-01 87 days 1,873 sqft
2020-02-01 80 days 1,886 sqft
2020-03-01 60 days 1,906 sqft
2020-04-01 67 days 1,913 sqft
2020-05-01 73 days 1,942 sqft
2020-06-01 79 days 1,947 sqft
2020-07-01 72 days 1,945 sqft
2020-08-01 66 days 1,931 sqft
2020-09-01 64 days 1,910 sqft
2020-10-01 64 days 1,903 sqft
2020-11-01 65 days 1,883 sqft
2020-12-01 69 days 1,876 sqft
2021-01-01 72 days 1,830 sqft
2021-02-01 65 days 1,833 sqft
2021-03-01 54 days 1,837 sqft
2021-04-01 52 days 1,813 sqft
2021-05-01 50 days 1,822 sqft
2021-06-01 46 days 1,860 sqft
2021-07-01 44 days 1,878 sqft
2021-08-01 45 days 1,855 sqft
2021-09-01 59 days 1,854 sqft
2021-10-01 73 days 1,836 sqft
2021-11-01 71 days 1,850 sqft
2021-12-01 63 days 1,820 sqft
2022-01-01 64 days 1,846 sqft
2022-02-01 54 days 1,848 sqft
2022-03-01 46 days 1,854 sqft
2022-04-01 40 days 1,840 sqft
2022-05-01 39 days 1,858 sqft
2022-06-01 40 days 1,877 sqft
2022-07-01 42 days 1,878 sqft
2022-08-01 49 days 1,860 sqft
New Orleans's median listing age (time on market) for 2022-08-01 was 49 days. This is 9% longer than the same period one year ago.

New Orleans's median square footage for active listings during the 2022-08-01 period was 1,860 sqft. One year prior, the average listing was 1,855 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).