Ruston FHA Loan Rates, Closing Costs & Stats

Ruston, 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.

Ruston's 22 lenders originated 72 FHA loans during 2023. The total origination value was $16,030,000, with an average FHA loan value of $222,639.

Ruston FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Ruston averaged 6.63% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

Ruston's average FHA mortgage closing costs are $7,441.

The average rate for the prior week (2024-03-15) was 6.35% and one month ago for the week of 2024-02-16, the average rate was 6.78%.

The average rate one year ago was 6.26%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.5%.

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

Ruston 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 Ruston level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Origin Bank 12 6.18% $8,943
MOVEMENT MORTGAGE, LLC 10 6.76% $10,010
GMFS LLC 7 6.75% $7,491
QUICKEN LOANS, LLC 6 6.18% $9,236
NEWREZ LLC 5 6.25% $11,275
EUSTIS AND AMERICAN MORTGAGE COMPANY 5 7.00% $11,628
LOANDEPOT.COM, LLC 3 6.67% $9,222
UNITED WHOLESALE MORTGAGE, LLC 2 5.38% $14,953
BancorpSouth 2 6.44% $10,947
Century Next Bank 2 5.88% $9,259
FREEDOM MORTGAGE CORPORATION 1 6.50% $18,868
Eagle Bank and Trust Company 1 5.75% $9,088
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $15,387
CALCON MUTUAL MORTGAGE LLC 1 7.25% $19,281
BROKER SOLUTIONS, INC. 1 6.88% $12,794
BAYSHORE MORTGAGE FUNDING, LLC 1 7.63% $8,180
Assurance Financial Group, L.L.C. 1 7.25% $9,706
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $14,685
Red River Bank 1 5.25% $6,903
Regions Bank 1 5.25% $11,678
SOUTHWEST STAGE FUNDING, LLC 1 6.75% $4,203
AMERISAVE MORTGAGE CORPORATION 1 6.13% $9,218

The top Ruston FHA lender as defined by loan originations is Origin Bank, with 12 FHA loans originated. Their average total fees are $8,943, which is $1,067 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Ruston FHA lenders (with over 10 loans originated) are Origin Bank ($8,943), MOVEMENT MORTGAGE, LLC ($10,010), .

The lowest rate Ruston FHA lenders (with over 10 loans originated) are Origin Bank (6.18%), MOVEMENT MORTGAGE, LLC (6.76%), .

Ruston FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Ruston (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 $256,875 (-6.1%) $272,391 (-6.8%) 0.00 121
2018-02-01 $258,225 (-5.5%) $266,831 (-7.7%) 0.00 127
2018-03-01 $255,000 (-5.5%) $267,444 (-6.5%) 0.00 149
2018-04-01 $254,000 (-6.8%) $261,463 (-8.7%) 0.00 172
2018-05-01 $260,000 (-0.3%) $274,323 (-2.2%) 0.00 161
2018-06-01 $271,450 (8.8%) $282,375 (4.7%) 0.00 149
2018-07-01 $271,400 (6.6%) $287,428 (0.4%) 0.00 152
2018-08-01 $265,600 (-0.3%) $281,042 (-3.9%) 0.00 150
2018-09-01 $260,000 (2.0%) $282,719 (-1.5%) 0.00 150
2018-10-01 $272,000 (6.3%) $285,573 (0.2%) 0.00 161
2018-11-01 $268,500 (1.7%) $284,466 (-0.7%) 0.00 157
2018-12-01 $272,250 (6.8%) $294,472 (6.4%) 0.00 153
2019-01-01 $269,625 (5.0%) $292,388 (7.3%) 0.00 144
2019-02-01 $276,950 (7.3%) $303,492 (13.7%) 0.00 149
2019-03-01 $275,000 (7.8%) $301,490 (12.7%) 0.00 164
2019-04-01 $275,000 (8.3%) $301,784 (15.4%) 0.00 177
2019-05-01 $271,950 (4.6%) $301,028 (9.7%) 0.00 191
2019-06-01 $269,000 (-0.9%) $296,615 (5.0%) 0.00 201
2019-07-01 $260,000 (-4.2%) $290,724 (1.2%) 0.00 194
2019-08-01 $252,684 (-4.9%) $288,730 (2.7%) 0.00 188
2019-09-01 $241,710 (-7.0%) $286,617 (1.4%) 0.00 186
2019-10-01 $233,725 (-14.1%) $283,756 (-0.6%) 0.00 179
2019-11-01 $231,400 (-13.8%) $283,139 (-0.5%) 0.00 167
2019-12-01 $223,950 (-17.7%) $271,656 (-7.8%) 0.00 180
2020-01-01 $229,500 (-14.9%) $278,132 (-4.9%) 0.00 151
2020-02-01 $233,900 (-15.5%) $280,227 (-7.7%) 0.00 148
2020-03-01 $245,000 (-10.9%) $284,543 (-5.6%) 0.00 160
2020-04-01 $231,250 (-15.9%) $279,895 (-7.3%) 0.00 160
2020-05-01 $240,000 (-11.8%) $273,845 (-9.0%) 0.00 144
2020-06-01 $230,000 (-14.5%) $276,226 (-6.9%) 0.00 133
2020-07-01 $251,125 (-3.4%) $282,113 (-3.0%) 0.00 120
2020-08-01 $241,950 (-4.3%) $276,538 (-4.2%) 0.00 101
2020-09-01 $225,000 (-6.9%) $271,495 (-5.3%) 0.00 94
2020-10-01 $189,900 (-18.8%) $251,418 (-11.4%) 0.00 79
2020-11-01 $188,975 (-18.3%) $244,999 (-13.5%) 0.00 74
2020-12-01 $189,450 (-15.4%) $219,045 (-19.4%) 0.00 72
2021-01-01 $192,000 (-16.3%) $224,749 (-19.2%) 0.00 71
2021-02-01 $200,000 (-14.5%) $228,839 (-18.3%) 0.00 65
2021-03-01 $242,750 (-0.9%) $252,181 (-11.4%) 0.00 61
2021-04-01 $241,975 (4.6%) $255,028 (-8.9%) 0.00 51
2021-05-01 $257,250 (7.2%) $298,975 (9.2%) 0.00 43
2021-06-01 $306,000 (33.0%) $332,053 (20.2%) 0.00 35
2021-07-01 $299,000 (19.1%) $344,873 (22.3%) 0.00 41
2021-08-01 $285,000 (17.8%) $314,951 (13.9%) 0.00 40
2021-09-01 $264,250 (17.4%) $276,327 (1.8%) 0.00 37
2021-10-01 $289,000 (52.2%) $300,213 (19.4%) 0.00 31
2021-11-01 $290,750 (53.9%) $311,427 (27.1%) 0.00 36
2021-12-01 $295,500 (56.0%) $309,040 (41.1%) 0.00 40
2022-01-01 $293,750 (53.0%) $293,865 (30.8%) 0.00 34
2022-02-01 $274,625 (37.3%) $285,983 (25.0%) 0.00 26
2022-03-01 $288,750 (19.0%) $306,920 (21.7%) 0.00 25
2022-04-01 $300,000 (24.0%) $328,204 (28.7%) 0.00 27
2022-05-01 $316,225 (22.9%) $422,054 (41.2%) 0.00 28
2022-06-01 $305,000 (-0.3%) $413,828 (24.6%) 0.00 30
2022-07-01 $309,000 (3.3%) $410,319 (19.0%) 0.00 31
2022-08-01 $282,500 (-0.9%) $397,241 (26.1%) 0.00 43
2022-09-01 $310,500 (17.5%) $431,933 (56.3%) 0.00 45
2022-10-01 $317,500 (9.9%) $431,410 (43.7%) 0.00 51
2022-11-01 $311,000 (7.0%) $433,181 (39.1%) 0.00 60
2022-12-01 $309,000 (4.6%) $429,854 (39.1%) 0.00 60
2023-01-01 $308,500 (5.0%) $418,223 (42.3%) 0.00 58
2023-02-01 $293,750 (7.0%) $398,458 (39.3%) 0.00 54
2023-03-01 $311,625 (7.9%) $400,868 (30.6%) 0.00 56
2023-04-01 $314,250 (4.8%) $392,242 (19.5%) 0.00 57
2023-05-01 $328,250 (3.8%) $415,637 (-1.5%) 0.00 60
2023-06-01 $324,375 (6.4%) $381,826 (-7.7%) 0.00 69
2023-07-01 $314,500 (1.8%) $375,829 (-8.4%) 0.00 75
2023-08-01 $302,500 (7.1%) $367,484 (-7.5%) 0.00 74
2023-09-01 $288,250 (-7.2%) $344,869 (-20.2%) 0.00 73
2023-10-01 $278,750 (-12.2%) $335,080 (-22.3%) 0.00 78
2023-11-01 $280,000 (-10.0%) $343,057 (-20.8%) 0.00 71
2023-12-01 $272,500 (-11.8%) $341,458 (-20.6%) 0.00 85
2024-01-01 $284,000 (-7.9%) $354,065 (-15.3%) 0.00 81
2024-02-01 $268,750 (-8.5%) $346,867 (-13.0%) 0.00 80
Ruston's median listing price for 2024-02-01 was $268,750, a difference of $-25,000 (-8.5%) versus the prior year and $-15,250 versus the prior month.

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

Ruston's average listing price for 2024-02-01 was $346,867, a difference of $-51,591 (-13.0%) versus the prior year and $-7,198 versus the prior month.

For the 2024-02-01 period, Ruston had 80 MLS listings, a difference of -1 listings (-1%) versus the prior month and 26 listings (48%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Ruston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,030 sqft
2018-02-01 0 days 2,029 sqft
2018-03-01 0 days 2,061 sqft
2018-04-01 0 days 2,060 sqft
2018-05-01 0 days 2,083 sqft
2018-06-01 0 days 2,100 sqft
2018-07-01 0 days 2,123 sqft
2018-08-01 0 days 2,076 sqft
2018-09-01 0 days 2,084 sqft
2018-10-01 0 days 2,076 sqft
2018-11-01 0 days 2,076 sqft
2018-12-01 0 days 2,078 sqft
2019-01-01 0 days 2,054 sqft
2019-02-01 0 days 2,174 sqft
2019-03-01 0 days 2,201 sqft
2019-04-01 0 days 2,212 sqft
2019-05-01 0 days 2,159 sqft
2019-06-01 0 days 2,071 sqft
2019-07-01 0 days 2,045 sqft
2019-08-01 0 days 2,019 sqft
2019-09-01 0 days 1,982 sqft
2019-10-01 0 days 1,933 sqft
2019-11-01 0 days 1,898 sqft
2019-12-01 0 days 1,775 sqft
2020-01-01 0 days 1,812 sqft
2020-02-01 0 days 1,852 sqft
2020-03-01 0 days 1,931 sqft
2020-04-01 0 days 1,932 sqft
2020-05-01 0 days 1,930 sqft
2020-06-01 0 days 1,927 sqft
2020-07-01 0 days 1,952 sqft
2020-08-01 0 days 2,011 sqft
2020-09-01 0 days 1,952 sqft
2020-10-01 0 days 1,752 sqft
2020-11-01 0 days 1,722 sqft
2020-12-01 0 days 1,715 sqft
2021-01-01 0 days 1,704 sqft
2021-02-01 0 days 1,807 sqft
2021-03-01 0 days 1,982 sqft
2021-04-01 0 days 1,863 sqft
2021-05-01 0 days 1,919 sqft
2021-06-01 0 days 2,113 sqft
2021-07-01 0 days 2,314 sqft
2021-08-01 0 days 2,277 sqft
2021-09-01 0 days 1,831 sqft
2021-10-01 0 days 2,025 sqft
2021-11-01 0 days 2,176 sqft
2021-12-01 0 days 2,054 sqft
2022-01-01 0 days 1,900 sqft
2022-02-01 0 days 1,780 sqft
2022-03-01 0 days 1,780 sqft
2022-04-01 0 days 1,868 sqft
2022-05-01 0 days 2,175 sqft
2022-06-01 0 days 1,994 sqft
2022-07-01 0 days 2,092 sqft
2022-08-01 0 days 2,009 sqft
2022-09-01 0 days 2,010 sqft
2022-10-01 0 days 1,974 sqft
2022-11-01 0 days 1,879 sqft
2022-12-01 0 days 1,862 sqft
2023-01-01 0 days 1,928 sqft
2023-02-01 0 days 1,916 sqft
2023-03-01 0 days 1,944 sqft
2023-04-01 0 days 1,939 sqft
2023-05-01 0 days 2,023 sqft
2023-06-01 0 days 1,931 sqft
2023-07-01 0 days 1,931 sqft
2023-08-01 0 days 1,928 sqft
2023-09-01 0 days 1,945 sqft
2023-10-01 0 days 1,942 sqft
2023-11-01 0 days 1,956 sqft
2023-12-01 0 days 1,900 sqft
2024-01-01 0 days 1,931 sqft
2024-02-01 0 days 1,878 sqft
Ruston's median listing age (time on market) for 2024-02-01 was 0 days.

Ruston's median square footage for active listings during the 2024-02-01 period was 1,878 sqft. One year prior, the average listing was 1,916 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).