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 144 lenders originated 3,854 FHA loans during 2022. The total origination value was $945,360,000, with an average FHA loan value of $245,293.

    New Orleans FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in New Orleans averaged 6.37% for the week of 2023-09-22, compared to the national average (all FHA variants) of 7.036% for the same period.

    New Orleans's average FHA mortgage closing costs are $7,607.

    The average rate for the prior week (2023-09-15) was 6.72% and one month ago for the week of 2023-08-18, the average rate was 6.63%.

    The average rate one year ago was 5.62%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.77%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 318 4.96% $10,228
    GMFS LLC 282 4.70% $7,635
    QUICKEN LOANS, LLC 266 4.58% $10,113
    EUSTIS AND AMERICAN MORTGAGE COMPANY 164 5.26% $10,249
    MOVEMENT MORTGAGE, LLC 138 4.88% $10,394
    DHI MORTGAGE COMPANY, LTD. 133 4.37% $10,119
    Gulf Coast Bank and Trust Company 132 4.92% $9,403
    FIDELITY BANK 124 4.95% $9,936
    CALIBER HOME LOANS, INC. 117 4.55% $10,286
    LOANDEPOT.COM, LLC 113 5.00% $9,635
    CROSSCOUNTRY MORTGAGE, LLC 96 5.24% $10,860
    FREEDOM MORTGAGE CORPORATION 86 4.84% $9,952
    CARDINAL FINANCIAL 79 4.61% $10,047
    SOUTHWEST FUNDING, LP 68 5.35% $12,529
    Flagstar Bank, FSB 63 4.56% $9,401
    DRAPER AND KRAMER MORTGAGE CORP. 62 5.28% $9,951
    SUMMIT FUNDING, INC. 62 5.23% $10,155
    PRIMELENDING, A PLAINSCAPITAL COMPANY 61 4.93% $9,615
    DSLD MORTGAGE, LLC 58 4.62% $6,630
    PENNYMAC LOAN SERVICES, LLC 57 4.51% $9,599
    HOME POINT FINANCIAL CORPORATION 50 4.20% $9,781
    LHM FINANCIAL CORPORATION 44 4.70% $9,359
    T2 FINANCIAL LLC 43 5.02% $11,229
    UNION HOME MORTGAGE CORP. 43 5.03% $10,037
    MORTGAGE SOLUTIONS OF COLORADO, LLC 36 4.99% $10,808
    Regions Bank 35 4.95% $9,799
    PERFORMANCE MORTGAGE LLC 34 5.15% $10,476
    Mr. Cooper ( Nationstar Mortgage ) 30 4.40% $9,503
    Hancock Whitney Bank 30 4.76% $8,186
    JPMorgan Chase Bank 29 4.70% $5,784
    Carrington Mortgage Services, LLC 26 5.25% $11,263
    NEWREZ LLC 24 4.91% $7,646
    STANDARD MORTGAGE CORPORATION 22 4.44% $8,391
    Assurance Financial Group, L.L.C. 21 5.28% $10,288
    Nations Lending Corporation 20 4.86% $7,110
    CMG MORTGAGE, INC. 20 4.82% $12,339
    NTFN, INC. 19 4.55% $10,322
    Gateway First Bank 19 4.99% $7,748
    America's Mortgage Resource, Inc. 19 4.39% $7,384
    RELIANCE FIRST CAPITAL, LLC 18 5.06% $8,137
    LAKEVIEW LOAN SERVICING, LLC 18 3.87% $6,158
    FBT Mortgage, L.L.C. 18 3.48% $7,746
    INTERLINC MORTGAGE SERVICES, LLC 17 5.08% $9,812
    PLANET HOME LENDING, LLC 16 4.37% $9,239
    Bank of England 16 4.96% $10,071
    Equity Prime Mortgage LLC 15 5.88% $12,731
    AMERISAVE MORTGAGE CORPORATION 15 4.52% $10,433
    GENEVA FINANCIAL, LLC 15 4.83% $12,590
    Lakeview Community Capital, LLC 15 4.09% $6,404
    BROKER SOLUTIONS, INC. 14 5.05% $10,832
    AMCAP MORTGAGE, LTD. 14 5.05% $11,898
    Mortgage Research Center, LLC 14 5.12% $5,775
    GUILD MORTGAGE COMPANY 14 5.13% $9,838
    AMERICAN FINANCIAL RESOURCES, INC. 12 5.00% $9,698
    GSF Mortgage Corporation 12 4.74% $11,632
    GUARANTEED RATE, INC. 12 4.75% $12,490
    ANGEL OAK HOME LOANS LLC 12 5.31% $10,003
    PRIMARY RESIDENTIAL MORTGAGE, INC. 11 5.43% $11,652
    VILLAGE CAPITAL MORTGAGE 11 3.34% $3,288
    First Horizon Bank 11 5.02% $10,648
    HOMEBRIDGE FINANCIAL SERVICES, INC. 11 4.73% $12,301
    HOMESIDE FINANCIAL, LLC 11 5.09% $9,492
    MID AMERICA MORTGAGE, INC. 11 5.77% $7,484
    Republic State Mortgage Co. 10 5.04% $9,986
    MUTUAL OF OMAHA MORTGAGE, INC. 9 5.13% $10,324
    AmRes Corporation 9 4.42% $10,479
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 5.26% $9,859
    Hometown Equity Mortgage, LLC 8 4.73% $10,701
    KEESLER 7 4.96% $9,057
    NATIONS RELIABLE LENDING, LLC 7 4.93% $11,114
    Citizens Bank 7 4.59% $10,912
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 4.71% $10,588
    EVERETT FINANCIAL, INC. 6 4.88% $6,848
    NFM, INC. 6 5.42% $8,826
    OCMBC, INC. 6 5.67% $14,521
    OPEN MORTGAGE, LLC 5 4.63% $14,129
    EMM LOANS LLC 5 4.83% $13,218
    MORIA DEVELOPMENT, INC. 5 4.55% $8,381
    Paramount Residential Mortgage Group, Inc. 5 5.58% $10,420
    AMERICAN FINANCING CORPORATION 5 4.00% $9,302
    BECKAM FUNDING CORP. 4 4.41% $13,256
    KELLER MORTGAGE, LLC 4 4.22% $9,288
    AmeriHome Mortgage Company, LLC 4 5.15% $10,318
    Wells Fargo Bank 4 4.06% $8,206
    THE MORTGAGE FIRM, INC. 4 4.94% $9,570
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 3.94% $11,577
    Cornerstone First Mortgage, Inc 3 5.42% $9,811
    NATIONS DIRECT MORTGAGE, LLC 3 4.46% $10,496
    LEGEND LENDING CORPORATION 3 6.08% $7,491
    M&T Bank 3 3.96% $7,300
    First Option Mortgage, LLC 3 4.67% $10,028
    PLAZA HOME MORTGAGE, INC. 3 4.83% $7,229
    US MORTGAGE CORPORATION 3 5.38% $9,239
    ZILLOW HOME LOANS, LLC 2 5.06% $10,391
    BancorpSouth 2 3.50% $8,925
    BAY EQUITY LLC 2 4.94% $12,881
    BAYSHORE MORTGAGE FUNDING, LLC 2 5.13% $10,060
    CERTAINTY HOME LOANS, LLC 2 6.38% $12,619
    CHURCHILL MORTGAGE CORPORATION 2 4.31% $11,717
    First Guaranty Mortgage Corporation 2 4.19% $7,475
    First Home Bank 2 3.94% $11,903
    MORTGAGE FINANCIAL SERVICES, LLC 2 4.94% $11,825
    North American Savings Bank, F.S.B. 2 5.31% $6,422
    PACIFIC RESIDENTIAL MORTGAGE, LLC 2 5.44% $10,453
    PHH Mortgage Corporation 2 5.44% $7,720
    RESIDENTIAL BANCORP 2 4.94% $9,161
    SECURITYNATIONAL MORTGAGE COMPANY 2 5.13% $12,918
    SUN WEST MORTGAGE COMPANY, INC. 2 5.19% $5,944
    The Federal Savings Bank 2 3.75% $20,385
    TJC Mortgage, Inc. 2 4.69% $10,959
    Trustmark National Bank 2 4.75% $11,690
    UNITED SECURITY FINANCIAL CORP 2 6.25% $11,204
    Wyndham Capital Mortgage, Inc. 2 5.38% $6,574
    MIDLAND MORTGAGE CORPORATION 1 5.75% $8,834
    PREMIA MORTGAGE, LLC 1 5.63% $10,351
    Loan Simple, Inc. 1 3.25% $10,398
    LAND HOME FINANCIAL SERVICES, INC. 1 7.50% $10,072
    HOPE FEDERAL CREDIT UNION 1 2.88% $7,914
    Goldwater Bank, N.A. 1 4.88% $9,563
    Florida Capital Bank 1 4.63% $11,053
    FIRST COMMUNITY MORTGAGE, INC. 1 6.00% $10,775
    Colonial Savings, F.A. 1 3.13% $5,872
    ROYAL UNITED MORTGAGE LLC 1 5.63% $9,725
    S1L, Inc. 1 5.25% $10,249
    BELEM SERVICING LLC 1 1.75% $13,185
    Evolve Bank & Trust 1 7.25% $20,898
    EMBRACE HOME LOANS, INC. 1 4.13% $10,809
    East Coast Capital Corp. 1 5.13% $12,924
    VAN DYK MORTGAGE CORPORATION 1 4.63% $11,872
    Eagle Bank and Trust Company 1 4.88% $6,337
    Barrington Bank & Trust Company, N.A. 1 6.25% $7,637
    DELMAR FINANCIAL COMPANY 1 5.50% $4,872
    Bank of America 1 3.75% $6,194
    West Town Bank & Trust 1 4.75% $10,603
    CRESCENT MORTGAGE COMPANY 1 5.88% $9,142
    Paramount Bank 1 5.50% $6,292
    OCEANSIDE MORTGAGE COMPANY 1 3.38% $1,902
    Northpointe Bank 1 4.00% $13,586
    PENTAGON FEDERAL CREDIT UNION 1 3.13% $8,934
    Peoples Bank 1 6.13% $13,790
    NATIONWIDE MORTGAGE BANKERS, INC. 1 3.25% $10,558
    Arvest Bank 1 5.50% $11,214
    Plains Commerce Bank 1 6.13% $6,157
    MORTGAGE ACCESS CORP. 1 4.25% $11,398

    The top New Orleans FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 318 FHA loans originated. Their average total fees are $10,228, which is $2,592 higher than the next largest lender, GMFS LLC.

    The lowest fee New Orleans FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($3,288), Mortgage Research Center, LLC ($5,775), JPMorgan Chase Bank ($5,784), LAKEVIEW LOAN SERVICING, LLC ($6,158) and Lakeview Community Capital, LLC ($6,404).

    The lowest rate New Orleans FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (3.34%), FBT Mortgage, L.L.C. (3.48%), LAKEVIEW LOAN SERVICING, LLC (3.87%), Lakeview Community Capital, LLC (4.09%) and HOME POINT FINANCIAL CORPORATION (4.20%).

    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%) $377,117 (5.4%) 1.00 4,542
    2018-02-01 $267,000 (5.4%) $380,898 (6.0%) 0.97 4,567
    2018-03-01 $274,600 (4.6%) $385,939 (5.6%) 0.96 4,793
    2018-04-01 $282,450 (4.9%) $394,680 (6.6%) 0.96 4,890
    2018-05-01 $289,000 (5.1%) $399,546 (5.1%) 0.97 4,961
    2018-06-01 $285,000 (3.0%) $394,082 (2.4%) 0.95 5,050
    2018-07-01 $279,450 (1.6%) $393,420 (3.6%) 0.93 4,964
    2018-08-01 $279,950 (1.8%) $393,197 (4.0%) 0.94 4,960
    2018-09-01 $279,000 (2.6%) $391,225 (4.8%) 0.94 4,861
    2018-10-01 $279,900 (2.7%) $391,258 (3.4%) 0.95 4,900
    2018-11-01 $279,250 (2.5%) $386,465 (1.2%) 0.95 4,874
    2018-12-01 $275,000 (2.2%) $380,949 (0.4%) 0.95 4,786
    2019-01-01 $269,975 (0.4%) $376,916 (-0.1%) 0.93 4,563
    2019-02-01 $275,000 (3.0%) $384,234 (0.9%) 0.93 4,582
    2019-03-01 $283,671 (3.3%) $393,845 (2.1%) 0.93 4,500
    2019-04-01 $289,950 (2.7%) $404,016 (2.4%) 0.92 4,494
    2019-05-01 $291,625 (0.9%) $409,192 (2.4%) 0.91 4,536
    2019-06-01 $290,000 (1.8%) $406,811 (3.2%) 0.91 4,589
    2019-07-01 $289,900 (3.7%) $403,284 (2.5%) 0.91 4,637
    2019-08-01 $285,000 (1.8%) $395,277 (0.5%) 0.90 4,680
    2019-09-01 $285,000 (2.2%) $395,082 (1.0%) 0.91 4,649
    2019-10-01 $284,500 (1.6%) $394,321 (0.8%) 0.92 4,595
    2019-11-01 $282,000 (1.0%) $395,132 (2.2%) 0.92 4,486
    2019-12-01 $278,349 (1.2%) $391,996 (2.9%) 0.93 4,267
    2020-01-01 $277,450 (2.8%) $391,457 (3.9%) 0.93 4,025
    2020-02-01 $280,000 (1.8%) $392,010 (2.0%) 0.92 3,950
    2020-03-01 $289,125 (1.9%) $396,513 (0.7%) 0.91 4,101
    2020-04-01 $289,450 (-0.2%) $395,883 (-2.0%) 0.91 4,137
    2020-05-01 $299,000 (2.5%) $411,424 (0.6%) 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%) $439,940 (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 (16.4%) $461,924 (16.9%) 0.96 2,758
    2020-12-01 $325,000 (16.8%) $459,660 (17.3%) 0.97 2,622
    2021-01-01 $314,900 (13.5%) $449,330 (14.8%) 0.94 2,502
    2021-02-01 $317,000 (13.2%) $460,275 (17.4%) 0.92 2,300
    2021-03-01 $326,725 (13.0%) $469,898 (18.5%) 0.93 2,201
    2021-04-01 $338,875 (17.1%) $487,050 (23.0%) 0.92 2,058
    2021-05-01 $339,900 (13.7%) $491,582 (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%) $472,709 (4.4%) 0.90 2,495
    2021-09-01 $337,250 (3.8%) $474,905 (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%) $481,322 (4.7%) 0.93 1,796
    2022-01-01 $345,000 (9.6%) $486,985 (8.4%) 0.93 1,620
    2022-02-01 $348,750 (10.0%) $486,293 (5.7%) 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 (-3.0%) 0.80 2,149
    2022-06-01 $349,950 (2.8%) $475,946 (-2.5%) 0.78 2,492
    2022-07-01 $342,900 (1.2%) $464,953 (-2.9%) 0.77 3,005
    2022-08-01 $333,450 (-0.8%) $451,597 (-4.5%) 0.77 3,318
    2022-09-01 $329,450 (-2.3%) $447,737 (-5.7%) 0.77 3,432
    2022-10-01 $329,000 (-3.0%) $447,488 (-6.0%) 0.77 3,650
    2022-11-01 $327,000 (-5.8%) $450,037 (-7.9%) 0.79 3,737
    2022-12-01 $325,000 (-4.7%) $444,213 (-7.7%) 0.80 3,544
    2023-01-01 $324,950 (-5.8%) $446,043 (-8.4%) 0.81 3,397
    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 3,664
    2023-05-01 $345,000 (-1.2%) $483,142 (1.4%) 0.78 3,891
    2023-06-01 $345,000 (-1.4%) $477,174 (0.3%) 0.78 3,986
    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
    New Orleans's median listing price for 2023-08-01 was $339,250, a difference of $5,800 (1.7%) versus the prior year and $-749 versus the prior month.

    New Orleans's median listing price comes in at 78% of the national average.

    New Orleans's average listing price for 2023-08-01 was $468,284, a difference of $16,687 (3.7%) versus the prior year and $-4,986 versus the prior month.

    For the 2023-08-01 period, New Orleans had 4,288 MLS listings, a difference of 92 listings (2%) versus the prior month and 970 listings (29%) 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 60 days 1,905 sqft
    2018-06-01 59 days 1,896 sqft
    2018-07-01 65 days 1,890 sqft
    2018-08-01 68 days 1,884 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 1,863 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 71 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 1,809 sqft
    2021-02-01 69 days 1,814 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 75 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 1,838 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 1,818 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
    New Orleans's median listing age (time on market) for 2023-08-01 was 64 days. This is 31% longer than the same period one year ago.

    New Orleans's median square footage for active listings during the 2023-08-01 period was 1,856 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).