Lafayette USDA Loans

LAFAYETTE, LA

USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

Lafayette's 66 lenders originated 1,133 USDA loans during 2021. The total origination value was $202,475,000, with an average USDA loan value of $178,707.

Lafayette USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Lafayette averaged 5.05% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.38% and one month ago for the week of 2022-04-08, the average rate was 4.84%.

The average rate one year ago was 3.05%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.08%.

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

Lafayette USDA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Lafayette level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
GMFS LLC 158 2.84% $4,010
HOME POINT FINANCIAL CORPORATION 142 2.78% $5,352
Assurance Financial Group, L.L.C. 89 3.06% $5,593
DSLD MORTGAGE, LLC 74 2.70% $2,430
MID AMERICA MORTGAGE, INC. 74 2.87% $3,983
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 71 2.89% $5,340
FIDELITY BANK 40 3.00% $5,601
MORTGAGE FINANCIAL SERVICES, LLC 37 3.06% $5,579
DHI MORTGAGE COMPANY, LTD. 37 2.81% $5,185
UNION HOME MORTGAGE CORP. 25 2.86% $5,328
MOVEMENT MORTGAGE, LLC 24 3.04% $5,414
First Horizon Bank 22 2.70% $5,067
TJC Mortgage, Inc. 21 2.86% $6,126
Flagstar Bank, FSB 18 2.59% $5,072
EUSTIS AND AMERICAN MORTGAGE COMPANY 17 2.85% $5,263
STANDARD MORTGAGE CORPORATION 16 2.73% $5,826
SUN WEST MORTGAGE COMPANY, INC. 14 2.62% $5,851
UNITED WHOLESALE MORTGAGE, LLC 13 2.81% $6,388
PLAZA HOME MORTGAGE, INC. 11 3.00% $4,680
MICHIGAN MUTUAL, INC. 10 2.85% $7,062
CRESCENT MORTGAGE COMPANY 10 2.80% $6,243
SOUTHWEST FUNDING, LP 9 3.39% $6,262
CALIBER HOME LOANS, INC. 9 3.10% $5,792
DIRECT MORTGAGE, CORP. 8 2.97% $9,557
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.06% $7,261
GENEVA FINANCIAL, LLC 6 2.88% $6,614
Bank of England 6 3.08% $5,812
AMERICAN FINANCIAL RESOURCES, INC. 6 3.52% $4,634
CMG MORTGAGE, INC. 5 2.75% $5,193
Home Bank 5 2.88% $4,872
Carrington Mortgage Services, LLC 5 3.78% $6,237
PENNYMAC LOAN SERVICES, LLC 4 2.66% $5,195
Equity Prime Mortgage LLC 4 3.59% $4,925
AMERICAN FINANCIAL NETWORK, INC. 3 3.13% $11,303
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.46% $6,348
Paramount Residential Mortgage Group, Inc. 3 3.21% $7,072
First Guaranty Mortgage Corporation 3 2.75% $6,416
TOWNE MORTGAGE COMPANY 3 3.21% $5,828
GUILD MORTGAGE COMPANY 3 3.08% $6,503
Hancock Whitney Bank 2 2.38% $5,130
Citizens Bank 2 3.13% $4,622
CROSSCOUNTRY MORTGAGE, LLC 2 3.31% $6,134
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.87% $4,236
LEADERONE FINANCIAL CORPORATION 2 2.94% $6,160
NTFN, INC. 2 2.38% $5,399
OCEANSIDE MORTGAGE COMPANY 2 2.75% $1,681
PLANET HOME LENDING, LLC 2 3.00% $4,122
Regions Bank 2 3.00% $4,017
STEARNS LENDING, LLC 2 2.63% $5,547
Hometown Equity Mortgage, LLC 1 3.13% $6,053
PERFORMANCE MORTGAGE LLC 1 3.50% $5,857
BancorpSouth Bank 1 2.88% $4,381
AMCAP MORTGAGE, LTD. 1 3.25% $6,937
GSF Mortgage Corporation 1 2.75% $10,661
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.50% $5,831
Renasant Bank 1 2.75% $5,881
Sabine State Bank and Trust Company 1 3.13% $4,691
Gateway First Bank 1 2.25% $2,468
FINANCE OF AMERICA MORTGAGE LLC 1 2.88% $8,460
American Mortgage Bank, LLC 1 3.63% $6,503
CIS Financial Services, Inc. 1 3.38% $8,811
Nations Lending Corporation 1 2.88% $2,050
NEWREZ LLC 1 2.63% $5,619
THE MORTGAGE FIRM, INC. 1 2.63% $6,949
BAYSHORE MORTGAGE FUNDING, LLC 1 4.00% $5,596
MORIA DEVELOPMENT, INC. 1 3.25% $5,440

The top Lafayette USDA lender as defined by loan originations is GMFS LLC, with 158 USDA loans originated. Their average total fees are $4,010, which is $1,342 lower than the next largest lender, HOME POINT FINANCIAL CORPORATION.

The lowest fee Lafayette USDA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($2,430), MID AMERICA MORTGAGE, INC. ($3,983), GMFS LLC ($4,010), PLAZA HOME MORTGAGE, INC. ($4,680) and First Horizon Bank ($5,067).

The lowest rate Lafayette USDA lenders (with over 10 loans originated) are Flagstar Bank, FSB (2.59%), SUN WEST MORTGAGE COMPANY, INC. (2.62%), DSLD MORTGAGE, LLC (2.70%), First Horizon Bank (2.70%) and STANDARD MORTGAGE CORPORATION (2.73%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lafayette (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 $208,500 (-0.5%) $258,538 (-1.4%) 0.77 2,107
2018-02-01 $209,950 (0.0%) $262,399 (0.5%) 0.76 2,135
2018-03-01 $210,000 (-2.3%) $263,718 (-1.6%) 0.73 2,235
2018-04-01 $214,900 (-2.7%) $267,995 (-2.7%) 0.72 2,259
2018-05-01 $214,100 (-2.9%) $268,114 (-3.2%) 0.71 2,319
2018-06-01 $211,900 (-3.7%) $266,949 (-3.5%) 0.71 2,393
2018-07-01 $210,000 (-4.1%) $268,051 (-2.7%) 0.70 2,472
2018-08-01 $210,650 (-2.0%) $265,010 (-2.3%) 0.70 2,507
2018-09-01 $212,500 (-0.3%) $266,547 (-0.3%) 0.71 2,471
2018-10-01 $205,000 (-2.8%) $260,262 (-2.3%) 0.69 2,470
2018-11-01 $207,950 (-1.0%) $262,596 (-0.4%) 0.70 2,412
2018-12-01 $205,524 (-1.4%) $261,794 (0.1%) 0.70 2,359
2019-01-01 $208,500 (0.0%) $266,166 (3.0%) 0.72 2,243
2019-02-01 $210,000 (0.0%) $270,151 (3.0%) 0.70 2,285
2019-03-01 $212,143 (1.0%) $274,582 (4.1%) 0.69 2,287
2019-04-01 $215,000 (0.1%) $278,329 (3.9%) 0.68 2,292
2019-05-01 $217,785 (1.7%) $283,201 (5.6%) 0.67 2,233
2019-06-01 $219,000 (3.4%) $284,174 (6.5%) 0.67 2,252
2019-07-01 $220,000 (4.8%) $292,002 (8.9%) 0.68 2,236
2019-08-01 $219,143 (4.0%) $293,940 (10.9%) 0.69 2,169
2019-09-01 $218,143 (2.7%) $295,611 (10.9%) 0.69 2,077
2019-10-01 $219,000 (6.8%) $293,968 (13.0%) 0.70 2,068
2019-11-01 $214,000 (2.9%) $289,447 (10.2%) 0.69 2,020
2019-12-01 $210,168 (2.3%) $283,099 (8.1%) 0.70 1,922
2020-01-01 $210,000 (0.7%) $284,403 (6.9%) 0.70 1,826
2020-02-01 $210,000 (0.0%) $288,808 (6.9%) 0.68 1,848
2020-03-01 $213,455 (0.6%) $300,262 (9.4%) 0.67 1,866
2020-04-01 $217,000 (0.9%) $301,875 (8.5%) 0.68 1,791
2020-05-01 $219,500 (0.8%) $309,479 (9.3%) 0.67 1,726
2020-06-01 $219,000 (0.0%) $312,533 (10.0%) 0.64 1,594
2020-07-01 $226,850 (3.1%) $317,742 (8.8%) 0.65 1,479
2020-08-01 $234,000 (6.8%) $323,685 (10.1%) 0.67 1,422
2020-09-01 $234,750 (7.6%) $329,172 (11.4%) 0.67 1,296
2020-10-01 $229,835 (5.0%) $336,237 (14.4%) 0.66 1,223
2020-11-01 $231,950 (8.4%) $340,349 (17.6%) 0.66 1,117
2020-12-01 $227,000 (8.0%) $338,742 (19.7%) 0.67 1,080
2021-01-01 $227,520 (8.3%) $343,614 (20.8%) 0.67 982
2021-02-01 $235,000 (11.9%) $344,473 (19.3%) 0.68 915
2021-03-01 $239,450 (12.2%) $357,620 (19.1%) 0.67 844
2021-04-01 $246,815 (13.7%) $376,903 (24.9%) 0.66 769
2021-05-01 $274,500 (25.1%) $392,767 (26.9%) 0.72 713
2021-06-01 $275,000 (25.6%) $402,059 (28.7%) 0.71 716
2021-07-01 $269,000 (18.6%) $401,350 (26.3%) 0.70 760
2021-08-01 $269,000 (15.0%) $408,792 (26.3%) 0.71 785
2021-09-01 $271,250 (15.6%) $410,807 (24.8%) 0.71 783
2021-10-01 $274,900 (19.6%) $387,916 (15.4%) 0.72 792
2021-11-01 $269,000 (16.0%) $381,434 (12.1%) 0.71 787
2021-12-01 $269,000 (18.5%) $372,055 (9.8%) 0.72 762
2022-01-01 $265,500 (16.7%) $376,615 (9.6%) 0.71 692
2022-02-01 $275,000 (17.0%) $385,032 (11.8%) 0.70 661
2022-03-01 $283,500 (18.4%) $396,794 (11.0%) 0.70 635
2022-04-01 $300,000 (21.6%) $409,766 (8.7%) 0.71 624
Lafayette's median listing price for 2022-04-01 was $300,000, a difference of $53,185 (21.6%) versus the prior year and $16,500 versus the prior month.

Lafayette's median listing price comes in at 71% of the national average.

Lafayette's average listing price for 2022-04-01 was $409,766, a difference of $32,863 (8.7%) versus the prior year and $12,972 versus the prior month.

For the 2022-04-01 period, Lafayette had 624 MLS listings, a difference of -11 listings (-2%) versus the prior month and -145 listings (-19%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lafayette (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 107 days 1,860 sqft
2018-02-01 107 days 1,864 sqft
2018-03-01 93 days 1,862 sqft
2018-04-01 80 days 1,888 sqft
2018-05-01 75 days 1,890 sqft
2018-06-01 80 days 1,891 sqft
2018-07-01 85 days 1,887 sqft
2018-08-01 94 days 1,885 sqft
2018-09-01 96 days 1,891 sqft
2018-10-01 101 days 1,877 sqft
2018-11-01 105 days 1,879 sqft
2018-12-01 111 days 1,875 sqft
2019-01-01 118 days 1,885 sqft
2019-02-01 121 days 1,900 sqft
2019-03-01 120 days 1,903 sqft
2019-04-01 96 days 1,908 sqft
2019-05-01 97 days 1,925 sqft
2019-06-01 94 days 1,925 sqft
2019-07-01 98 days 1,941 sqft
2019-08-01 102 days 1,936 sqft
2019-09-01 105 days 1,923 sqft
2019-10-01 101 days 1,911 sqft
2019-11-01 100 days 1,902 sqft
2019-12-01 105 days 1,895 sqft
2020-01-01 107 days 1,892 sqft
2020-02-01 100 days 1,889 sqft
2020-03-01 90 days 1,914 sqft
2020-04-01 90 days 1,922 sqft
2020-05-01 100 days 1,917 sqft
2020-06-01 107 days 1,910 sqft
2020-07-01 103 days 1,967 sqft
2020-08-01 85 days 1,998 sqft
2020-09-01 80 days 1,982 sqft
2020-10-01 83 days 1,953 sqft
2020-11-01 86 days 2,000 sqft
2020-12-01 86 days 2,000 sqft
2021-01-01 81 days 2,006 sqft
2021-02-01 79 days 2,001 sqft
2021-03-01 68 days 2,000 sqft
2021-04-01 63 days 2,022 sqft
2021-05-01 60 days 2,118 sqft
2021-06-01 52 days 2,101 sqft
2021-07-01 50 days 2,061 sqft
2021-08-01 59 days 2,032 sqft
2021-09-01 61 days 2,062 sqft
2021-10-01 64 days 1,991 sqft
2021-11-01 60 days 1,972 sqft
2021-12-01 62 days 1,995 sqft
2022-01-01 74 days 1,966 sqft
2022-02-01 72 days 1,990 sqft
2022-03-01 64 days 2,080 sqft
2022-04-01 59 days 2,145 sqft
Lafayette's median listing age (time on market) for 2022-04-01 was 59 days. This is -6% shorter than the same period one year ago.

Lafayette's median square footage for active listings during the 2022-04-01 period was 2,145 sqft. One year prior, the average listing was 2,022 sqft.