New Orleans USDA Loans

NEW ORLEANS-METAIRIE, 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.

New Orleans's 78 lenders originated 1,121 USDA loans during 2021. The total origination value was $219,585,000, with an average USDA loan value of $195,883.

New Orleans USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in New Orleans averaged 5.4% 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 5.33% and one month ago for the week of 2022-04-08, the average rate was 4.7%.

The average rate one year ago was 3.11%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.9%.

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

New Orleans 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 New Orleans level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
GMFS LLC 244 2.97% $3,943
EUSTIS AND AMERICAN MORTGAGE COMPANY 51 2.81% $5,544
UNION HOME MORTGAGE CORP. 48 2.77% $5,685
FIDELITY BANK 42 2.93% $5,700
DSLD MORTGAGE, LLC 42 2.67% $2,543
MOVEMENT MORTGAGE, LLC 41 2.90% $5,480
CROSSCOUNTRY MORTGAGE, LLC 39 3.03% $6,599
FBT Mortgage, L.L.C. 39 2.69% $5,502
Gulf Coast Bank and Trust Company 38 2.83% $5,850
CALIBER HOME LOANS, INC. 36 2.91% $6,187
NEWREZ LLC 27 2.78% $6,786
CMG MORTGAGE, INC. 27 2.88% $6,363
PERFORMANCE MORTGAGE LLC 25 3.27% $5,670
HOME POINT FINANCIAL CORPORATION 24 2.74% $5,757
UNITED WHOLESALE MORTGAGE, LLC 20 2.91% $7,608
DHI MORTGAGE COMPANY, LTD. 18 2.68% $6,329
Goldwater Bank, N.A. 16 2.81% $6,005
Nations Lending Corporation 16 3.13% $4,597
Flagstar Bank, FSB 15 2.69% $6,753
SUMMIT FUNDING, INC. 14 3.05% $6,157
MID AMERICA MORTGAGE, INC. 14 3.28% $5,205
LHM FINANCIAL CORPORATION 14 2.89% $5,634
PENNYMAC LOAN SERVICES, LLC 12 2.90% $5,407
AMERICAN FINANCIAL NETWORK, INC. 11 3.42% $9,187
MORTGAGE FINANCIAL SERVICES, LLC 11 2.99% $5,601
MORTGAGE SOLUTIONS OF COLORADO, LLC 11 3.24% $6,064
NFM, INC. 10 3.11% $4,483
SOUTHWEST FUNDING, LP 10 3.69% $9,094
STANDARD MORTGAGE CORPORATION 10 2.76% $5,280
Assurance Financial Group, L.L.C. 10 3.01% $5,561
ANGEL OAK HOME LOANS LLC 10 2.95% $5,697
Hancock Whitney Bank 10 2.39% $5,375
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 9 3.36% $7,145
LOANDEPOT.COM, LLC 9 3.04% $6,128
PRIMELENDING, A PLAINSCAPITAL COMPANY 9 3.54% $5,694
Hometown Equity Mortgage, LLC 8 3.22% $6,275
SECURITYNATIONAL MORTGAGE COMPANY 8 3.27% $7,295
Bank of England 7 2.48% $5,499
America's Mortgage Resource, Inc. 6 2.96% $2,882
NTFN, INC. 6 2.79% $6,468
GUILD MORTGAGE COMPANY 5 3.28% $7,281
Plains Commerce Bank 5 2.85% $6,627
First Horizon Bank 5 2.98% $5,756
Carrington Mortgage Services, LLC 5 3.73% $6,681
GENEVA FINANCIAL, LLC 4 2.97% $8,329
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.44% $5,885
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.19% $5,996
Republic State Mortgage Co. 4 2.97% $4,404
Regions Bank 3 3.04% $6,490
Gateway First Bank 3 3.29% $5,292
HOMESIDE FINANCIAL, LLC 2 3.31% $4,796
LAKEVIEW LOAN SERVICING, LLC 2 2.75% $4,653
GUARANTY HOME MORTGAGE CORPORATION 2 2.94% $5,281
GUARANTEED RATE, INC. 2 3.56% $6,152
GSF Mortgage Corporation 2 2.75% $4,776
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 2.81% $6,479
NATIONS RELIABLE LENDING, LLC 2 2.81% $6,169
OPEN MORTGAGE, LLC 2 3.06% $6,177
PLANET HOME LENDING, LLC 2 2.81% $5,567
PLAZA HOME MORTGAGE, INC. 2 3.31% $5,582
DRAPER AND KRAMER MORTGAGE CORP. 2 2.88% $6,632
SWBC MORTGAGE CORPORATION 2 3.19% $2,924
FREEDOM MORTGAGE CORPORATION 1 2.50% $16,642
INTERLINC MORTGAGE SERVICES, LLC 1 3.25% $1,478
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.25% $8,333
NATIONS DIRECT MORTGAGE, LLC 1 3.75% $12,972
HOMESPIRE MORTGAGE CORPORATION 1 2.75% $6,199
Red River Bank 1 2.75% $5,430
MORIA DEVELOPMENT, INC. 1 2.88% $6,673
RELIANCE FIRST CAPITAL, LLC 1 2.38% $8,980
Loan Simple, Inc. 1 3.38% $5,727
AMERICAN FINANCIAL RESOURCES, INC. 1 4.13% $5,062
CRESCENT MORTGAGE COMPANY 1 2.88% $4,383
FIRST COMMUNITY MORTGAGE, INC. 1 3.50% $6,452
KEESLER 1 3.00% $5,141
Paramount Residential Mortgage Group, Inc. 1 3.25% $5,648
Network Funding, L.P. 1 3.63% $4,304
EVANSVILLE TEACHERS 1 2.50% $4,674

The top New Orleans USDA lender as defined by loan originations is GMFS LLC, with 244 USDA loans originated. Their average total fees are $3,943, which is $1,601 lower than the next largest lender, EUSTIS AND AMERICAN MORTGAGE COMPANY.

The lowest fee New Orleans USDA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($2,543), GMFS LLC ($3,943), NFM, INC. ($4,483), Nations Lending Corporation ($4,597) and MID AMERICA MORTGAGE, INC. ($5,205).

The lowest rate New Orleans USDA lenders (with over 10 loans originated) are Hancock Whitney Bank (2.39%), DSLD MORTGAGE, LLC (2.67%), DHI MORTGAGE COMPANY, LTD. (2.68%), Flagstar Bank, FSB (2.69%) and FBT Mortgage, L.L.C. (2.69%).


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
New Orleans's median listing price for 2022-04-01 was $349,000, a difference of $6,500 (1.9%) versus the prior year and $-500 versus the prior month.

New Orleans's median listing price comes in at 82% of the national average.

New Orleans's average listing price for 2022-04-01 was $477,853, a difference of $-20,002 (-4.0%) versus the prior year and $-11,147 versus the prior month.

For the 2022-04-01 period, New Orleans had 1,915 MLS listings, a difference of 192 listings (11%) versus the prior month and -146 listings (-7%) 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
New Orleans's median listing age (time on market) for 2022-04-01 was 40 days. This is -23% shorter than the same period one year ago.

New Orleans's median square footage for active listings during the 2022-04-01 period was 1,840 sqft. One year prior, the average listing was 1,813 sqft.