Opelousas FHA Loan Rates, Closing Costs & Stats

Opelousas, 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.

    Opelousas's 40 lenders originated 176 FHA loans during 2023. The total origination value was $32,300,000, with an average FHA loan value of $183,523.

    Opelousas FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Opelousas averaged 6.27% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Opelousas's average FHA mortgage closing costs are $6,876.

    The average rate for the prior week (2024-11-01) was 6.44% and one month ago for the week of 2024-10-04, the average rate was 6.06%.

    The average rate one year ago was 7.21%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

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

    Opelousas 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 Opelousas level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 21 6.49% $8,820
    QUICKEN LOANS, LLC 17 6.60% $8,124
    DHI MORTGAGE COMPANY, LTD. 16 5.18% $8,013
    GMFS LLC 12 6.62% $6,068
    EUSTIS AND AMERICAN MORTGAGE COMPANY 12 6.85% $7,017
    PENNYMAC LOAN SERVICES, LLC 10 6.35% $9,185
    NEWREZ LLC 8 6.61% $7,607
    Assurance Financial Group, L.L.C. 8 6.78% $8,450
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 6.69% $7,273
    FREEDOM MORTGAGE CORPORATION 5 6.83% $8,343
    Equity Prime Mortgage LLC 5 7.28% $7,669
    PLAZA HOME MORTGAGE, INC. 4 6.94% $7,578
    CROSSCOUNTRY MORTGAGE, LLC 3 6.78% $8,199
    FIDELITY BANK 3 6.42% $11,014
    MID AMERICA MORTGAGE, INC. 3 6.83% $6,478
    GENEVA FINANCIAL, LLC 2 6.63% $10,004
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 6.25% $10,032
    First Horizon Bank 2 6.36% $8,364
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.75% $8,209
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.81% $4,371
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.25% $11,947
    Paramount Residential Mortgage Group, Inc. 2 6.63% $10,544
    CARDINAL FINANCIAL 2 6.12% $7,155
    Victorian Finance, LLC 2 6.38% $8,447
    ZILLOW HOME LOANS, LLC 1 6.25% $10,017
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $7,065
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.75% $13,982
    GUARANTEED RATE, INC. 1 6.75% $7,515
    LEADERONE FINANCIAL CORPORATION 1 6.00% $11,240
    LOANDEPOT.COM, LLC 1 7.13% $10,455
    MORTGAGE FINANCIAL SERVICES, LLC 1 6.63% $7,139
    NATIONS DIRECT MORTGAGE, LLC 1 6.25% $6,956
    Nations Lending Corporation 1 7.25% $6,005
    Plains Commerce Bank 1 6.25% $5,789
    Regions Bank 1 7.25% $12,145
    RESIDENTIAL BANCORP 1 7.13% $11,603
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.00% $6,264
    STOCKTON MORTGAGE CORPORATION 1 6.75% $11,442
    Summit Mortgage Corporation 1 7.25% $7,450
    ACADEMY MORTGAGE CORPORATION 1 6.63% $10,355

    The top Opelousas FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 21 FHA loans originated. Their average total fees are $8,820, which is $695 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Opelousas FHA lenders (with over 10 loans originated) are GMFS LLC ($6,068), EUSTIS AND AMERICAN MORTGAGE COMPANY ($7,017), DHI MORTGAGE COMPANY, LTD. ($8,013), QUICKEN LOANS, LLC ($8,124) and UNITED WHOLESALE MORTGAGE, LLC ($8,820).

    The lowest rate Opelousas FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.18%), PENNYMAC LOAN SERVICES, LLC (6.35%), UNITED WHOLESALE MORTGAGE, LLC (6.49%), QUICKEN LOANS, LLC (6.60%) and GMFS LLC (6.62%).

    Opelousas FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    OPELOUSAS, LA ST. LANDRY 2022 $420,680 $538,650 $651,050 $809,150
    OPELOUSAS, LA ST. LANDRY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Opelousas (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 $135,000 (-1.8%) $187,158 (3.3%) 0.00 274
    2018-02-01 $133,750 (-4.4%) $187,467 (0.2%) 0.00 281
    2018-03-01 $130,000 (-11.6%) $191,078 (1.4%) 0.00 293
    2018-04-01 $135,000 (-9.9%) $193,173 (1.5%) 0.00 287
    2018-05-01 $139,125 (-8.9%) $204,388 (0.9%) 0.00 281
    2018-06-01 $140,000 (-9.7%) $202,844 (-3.2%) 0.00 296
    2018-07-01 $139,800 (-6.7%) $201,263 (-7.5%) 0.00 307
    2018-08-01 $139,975 (-6.3%) $202,748 (-1.9%) 0.00 320
    2018-09-01 $140,775 (-2.9%) $201,818 (2.8%) 0.00 314
    2018-10-01 $140,000 (3.2%) $200,624 (2.1%) 0.00 326
    2018-11-01 $143,000 (2.2%) $197,854 (1.2%) 0.00 323
    2018-12-01 $146,500 (8.5%) $200,870 (7.2%) 0.00 309
    2019-01-01 $146,750 (8.7%) $206,508 (10.3%) 0.00 292
    2019-02-01 $147,500 (10.3%) $198,082 (5.7%) 0.00 300
    2019-03-01 $147,857 (13.7%) $196,185 (2.7%) 0.00 295
    2019-04-01 $145,000 (7.4%) $191,738 (-0.7%) 0.00 300
    2019-05-01 $145,450 (4.6%) $196,072 (-4.1%) 0.00 298
    2019-06-01 $146,450 (4.6%) $199,773 (-1.5%) 0.00 297
    2019-07-01 $154,975 (10.9%) $203,477 (1.1%) 0.00 284
    2019-08-01 $154,000 (10.0%) $203,184 (0.2%) 0.00 271
    2019-09-01 $151,750 (7.8%) $201,161 (-0.3%) 0.00 263
    2019-10-01 $149,950 (7.1%) $198,187 (-1.2%) 0.00 258
    2019-11-01 $149,500 (4.6%) $189,057 (-4.5%) 0.00 262
    2019-12-01 $144,000 (-1.7%) $184,801 (-8.0%) 0.00 267
    2020-01-01 $143,000 (-2.6%) $182,363 (-11.7%) 0.00 258
    2020-02-01 $142,000 (-3.7%) $187,866 (-5.2%) 0.00 259
    2020-03-01 $148,000 (0.1%) $196,994 (0.4%) 0.00 259
    2020-04-01 $149,000 (2.8%) $202,133 (5.4%) 0.00 257
    2020-05-01 $149,750 (3.0%) $206,822 (5.5%) 0.00 238
    2020-06-01 $156,500 (6.9%) $207,786 (4.0%) 0.00 227
    2020-07-01 $155,975 (0.7%) $206,966 (1.7%) 0.00 207
    2020-08-01 $158,000 (2.6%) $199,391 (-1.9%) 0.00 189
    2020-09-01 $160,925 (6.1%) $216,169 (7.5%) 0.00 180
    2020-10-01 $159,900 (6.6%) $216,768 (9.4%) 0.00 164
    2020-11-01 $163,475 (9.4%) $227,945 (20.6%) 0.00 159
    2020-12-01 $165,000 (14.6%) $244,476 (32.3%) 0.00 140
    2021-01-01 $177,000 (23.8%) $253,073 (38.8%) 0.00 135
    2021-02-01 $166,725 (17.4%) $257,495 (37.1%) 0.00 122
    2021-03-01 $174,450 (17.9%) $268,734 (36.4%) 0.00 104
    2021-04-01 $169,000 (13.4%) $258,361 (27.8%) 0.00 100
    2021-05-01 $185,000 (23.5%) $277,961 (34.4%) 0.00 94
    2021-06-01 $179,950 (15.0%) $273,612 (31.7%) 0.00 91
    2021-07-01 $169,500 (8.7%) $265,843 (28.5%) 0.00 92
    2021-08-01 $183,750 (16.3%) $271,747 (36.3%) 0.00 90
    2021-09-01 $182,500 (13.4%) $272,248 (25.9%) 0.00 92
    2021-10-01 $185,000 (15.7%) $282,849 (30.5%) 0.00 93
    2021-11-01 $190,550 (16.6%) $306,667 (34.5%) 0.00 99
    2021-12-01 $185,925 (12.7%) $289,806 (18.5%) 0.00 93
    2022-01-01 $185,000 (4.5%) $284,138 (12.3%) 0.00 99
    2022-02-01 $185,000 (11.0%) $282,109 (9.6%) 0.00 97
    2022-03-01 $187,250 (7.3%) $262,243 (-2.4%) 0.00 107
    2022-04-01 $188,700 (11.7%) $250,471 (-3.1%) 0.00 113
    2022-05-01 $179,900 (-2.8%) $234,377 (-15.7%) 0.00 120
    2022-06-01 $191,250 (6.3%) $245,110 (-10.4%) 0.00 117
    2022-07-01 $205,000 (20.9%) $258,417 (-2.8%) 0.00 126
    2022-08-01 $219,500 (19.5%) $261,191 (-3.9%) 0.00 137
    2022-09-01 $213,875 (17.2%) $289,952 (6.5%) 0.00 147
    2022-10-01 $201,750 (9.1%) $320,029 (13.1%) 0.00 162
    2022-11-01 $214,375 (12.5%) $336,622 (9.8%) 0.00 163
    2022-12-01 $225,000 (21.0%) $348,472 (20.2%) 0.00 150
    2023-01-01 $228,500 (23.5%) $343,310 (20.8%) 0.00 152
    2023-02-01 $225,000 (21.6%) $335,943 (19.1%) 0.00 162
    2023-03-01 $224,000 (19.6%) $331,519 (26.4%) 0.00 160
    2023-04-01 $224,500 (19.0%) $336,860 (34.5%) 0.00 147
    2023-05-01 $198,750 (10.5%) $325,673 (39.0%) 0.00 151
    2023-06-01 $199,000 (4.1%) $321,102 (31.0%) 0.00 159
    2023-07-01 $214,500 (4.6%) $326,398 (26.3%) 0.00 165
    2023-08-01 $214,625 (-2.2%) $338,327 (29.5%) 0.00 175
    2023-09-01 $210,000 (-1.8%) $322,421 (11.2%) 0.00 178
    2023-10-01 $205,750 (2.0%) $293,296 (-8.4%) 0.00 197
    2023-11-01 $209,000 (-2.5%) $283,350 (-15.8%) 0.00 210
    2023-12-01 $200,000 (-11.1%) $277,779 (-20.3%) 0.00 207
    2024-01-01 $197,625 (-13.5%) $276,058 (-19.6%) 0.00 211
    2024-02-01 $198,250 (-11.9%) $277,406 (-17.4%) 0.00 216
    2024-03-01 $194,999 (-13.0%) $266,904 (-19.5%) 0.00 225
    2024-04-01 $189,250 (-15.7%) $261,188 (-22.5%) 0.00 230
    2024-05-01 $192,500 (-3.1%) $265,955 (-18.3%) 0.00 216
    2024-06-01 $191,000 (-4.0%) $279,326 (-13.0%) 0.00 211
    2024-07-01 $187,000 (-12.8%) $265,849 (-18.6%) 0.00 218
    2024-08-01 $192,500 (-10.3%) $263,959 (-22.0%) 0.00 223
    2024-09-01 $188,250 (-10.4%) $259,295 (-19.6%) 0.00 229
    2024-10-01 $189,500 (-7.9%) $264,042 (-10.0%) 0.00 218
    Opelousas's median listing price for 2024-10-01 was $189,500, a difference of $-16,250 (-7.9%) versus the prior year and $1,250 versus the prior month.

    Opelousas's median listing price comes in at 0% of the national average.

    Opelousas's average listing price for 2024-10-01 was $264,042, a difference of $-29,254 (-10.0%) versus the prior year and $4,747 versus the prior month.

    For the 2024-10-01 period, Opelousas had 218 MLS listings, a difference of -11 listings (-5%) versus the prior month and 21 listings (11%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Opelousas (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,700 sqft
    2018-02-01 0 days 1,708 sqft
    2018-03-01 0 days 1,707 sqft
    2018-04-01 0 days 1,704 sqft
    2018-05-01 0 days 1,748 sqft
    2018-06-01 0 days 1,800 sqft
    2018-07-01 0 days 1,777 sqft
    2018-08-01 0 days 1,794 sqft
    2018-09-01 0 days 1,736 sqft
    2018-10-01 0 days 1,743 sqft
    2018-11-01 0 days 1,780 sqft
    2018-12-01 0 days 1,800 sqft
    2019-01-01 0 days 1,813 sqft
    2019-02-01 0 days 1,798 sqft
    2019-03-01 0 days 1,773 sqft
    2019-04-01 0 days 1,754 sqft
    2019-05-01 0 days 1,794 sqft
    2019-06-01 0 days 1,802 sqft
    2019-07-01 0 days 1,826 sqft
    2019-08-01 0 days 1,822 sqft
    2019-09-01 0 days 1,810 sqft
    2019-10-01 0 days 1,800 sqft
    2019-11-01 0 days 1,798 sqft
    2019-12-01 0 days 1,758 sqft
    2020-01-01 0 days 1,753 sqft
    2020-02-01 0 days 1,800 sqft
    2020-03-01 0 days 1,822 sqft
    2020-04-01 0 days 1,839 sqft
    2020-05-01 0 days 1,857 sqft
    2020-06-01 0 days 1,875 sqft
    2020-07-01 0 days 1,851 sqft
    2020-08-01 0 days 1,867 sqft
    2020-09-01 0 days 1,899 sqft
    2020-10-01 0 days 1,828 sqft
    2020-11-01 0 days 1,869 sqft
    2020-12-01 0 days 1,868 sqft
    2021-01-01 0 days 1,871 sqft
    2021-02-01 0 days 1,798 sqft
    2021-03-01 0 days 1,898 sqft
    2021-04-01 0 days 1,910 sqft
    2021-05-01 0 days 1,806 sqft
    2021-06-01 0 days 1,782 sqft
    2021-07-01 0 days 1,591 sqft
    2021-08-01 0 days 1,807 sqft
    2021-09-01 0 days 1,843 sqft
    2021-10-01 0 days 1,924 sqft
    2021-11-01 0 days 1,817 sqft
    2021-12-01 0 days 1,754 sqft
    2022-01-01 0 days 1,800 sqft
    2022-02-01 0 days 1,830 sqft
    2022-03-01 0 days 1,778 sqft
    2022-04-01 0 days 1,780 sqft
    2022-05-01 0 days 1,801 sqft
    2022-06-01 0 days 1,843 sqft
    2022-07-01 0 days 1,876 sqft
    2022-08-01 0 days 1,932 sqft
    2022-09-01 0 days 1,913 sqft
    2022-10-01 0 days 1,800 sqft
    2022-11-01 0 days 1,875 sqft
    2022-12-01 0 days 1,886 sqft
    2023-01-01 0 days 1,877 sqft
    2023-02-01 0 days 1,890 sqft
    2023-03-01 0 days 1,867 sqft
    2023-04-01 0 days 1,800 sqft
    2023-05-01 0 days 1,754 sqft
    2023-06-01 0 days 1,786 sqft
    2023-07-01 0 days 1,840 sqft
    2023-08-01 0 days 1,829 sqft
    2023-09-01 0 days 1,803 sqft
    2023-10-01 0 days 1,795 sqft
    2023-11-01 0 days 1,782 sqft
    2023-12-01 0 days 1,770 sqft
    2024-01-01 0 days 1,741 sqft
    2024-02-01 0 days 1,714 sqft
    2024-03-01 0 days 1,704 sqft
    2024-04-01 0 days 1,704 sqft
    2024-05-01 0 days 1,772 sqft
    2024-06-01 0 days 1,705 sqft
    2024-07-01 0 days 1,650 sqft
    2024-08-01 0 days 1,621 sqft
    2024-09-01 0 days 1,648 sqft
    2024-10-01 0 days 1,637 sqft
    Opelousas's median listing age (time on market) for 2024-10-01 was 0 days.

    Opelousas's median square footage for active listings during the 2024-10-01 period was 1,637 sqft. One year prior, the average listing was 1,795 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).