Hammond FHA Loan Rates, Closing Costs & Stats

HAMMOND, 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.

    Hammond's 68 lenders originated 563 FHA loans during 2024. The total origination value was $132,195,000, with an average FHA loan value of $234,805.

    Hammond FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hammond averaged 6.43% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

    Hammond's average FHA mortgage closing costs are $7,343.

    The average rate for the prior week (2025-07-11) was 6.42% and one month ago for the week of 2025-06-13, the average rate was 6.68%.

    The average rate one year ago was 6.74%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.36%.

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

    Hammond 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 Hammond level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    DSLD MORTGAGE, LLC 57 5.99% $5,423
    GMFS LLC 43 6.35% $7,211
    DHI MORTGAGE COMPANY, LTD. 39 4.73% $7,416
    MOVEMENT MORTGAGE, LLC 32 6.59% $9,213
    QUICKEN LOANS, LLC 31 6.31% $11,149
    UNITED WHOLESALE MORTGAGE, LLC 29 6.16% $12,964
    Gulf Coast Bank and Trust Company 25 6.24% $9,961
    Equity Prime Mortgage LLC 19 6.43% $9,099
    FREEDOM MORTGAGE CORPORATION 19 6.22% $9,498
    EUSTIS AND AMERICAN MORTGAGE COMPANY 18 6.44% $9,803
    FIDELITY BANK 15 6.35% $10,584
    CARDINAL FINANCIAL 13 6.47% $13,892
    CROSSCOUNTRY MORTGAGE, LLC 12 6.58% $9,819
    NEWREZ LLC 11 7.10% $7,744
    MID AMERICA MORTGAGE, INC. 10 6.74% $4,904
    PENNYMAC LOAN SERVICES, LLC 7 6.02% $6,370
    STANDARD MORTGAGE CORPORATION 7 6.61% $7,449
    LOANDEPOT.COM, LLC 7 6.25% $12,875
    Flagstar Bank, FSB 6 6.02% $8,628
    SUMMIT FUNDING, INC. 6 6.20% $9,984
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 6.56% $10,088
    Hancock Whitney Bank 6 6.13% $9,790
    GUARANTEED RATE, INC. 5 6.38% $12,459
    Towne Bank 5 6.50% $9,556
    AMERITRUST MORTGAGE CORPORATION 4 6.66% $15,616
    Carrington Mortgage Services, LLC 4 6.13% $13,205
    PLANET HOME LENDING, LLC 4 6.37% $6,742
    AMERICAN FINANCIAL NETWORK, INC. 3 6.75% $10,670
    Assurance Financial Group, L.L.C. 3 6.62% $7,266
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.64% $8,284
    GUILD MORTGAGE COMPANY 3 6.67% $9,549
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.90% $7,889
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.58% $11,876
    Mortgage Research Center, LLC 2 6.75% $10,621
    AMERICAN FINANCING CORPORATION 2 6.12% $7,882
    AmeriHome Mortgage Company, LLC 2 6.75% $5,175
    AMERISAVE MORTGAGE CORPORATION 2 6.38% $11,659
    BankPlus 2 6.06% $6,692
    BROKER SOLUTIONS, INC. 2 7.00% $16,358
    Century Mortgage Company DBA Century Lending Company 2 6.69% $11,862
    CMG MORTGAGE, INC. 2 6.44% $11,752
    FIRST COMMUNITY MORTGAGE, INC. 2 6.31% $8,680
    First Horizon Bank 2 6.35% $8,449
    Goldwater Bank, N.A. 2 6.69% $13,085
    Lakeview Community Capital, LLC 2 6.25% $9,654
    LAKEVIEW LOAN SERVICING, LLC 2 6.00% $10,607
    Nations Lending Corporation 1 6.75% $7,030
    Mr. Cooper ( Nationstar Mortgage ) 1 7.13% $15,057
    NORWICH COMMERCIAL GROUP, INC. 1 6.25% $3,732
    OCMBC, INC. 1 7.25% $13,242
    Paramount Residential Mortgage Group, Inc. 1 6.63% $9,784
    INTERLINC MORTGAGE SERVICES, LLC 1 6.27% $9,174
    GENEVA FINANCIAL, LLC 1 6.75% $14,951
    PLAZA HOME MORTGAGE, INC. 1 6.13% $9,276
    First Option Mortgage, LLC 1 7.25% $9,095
    Prosperity Home Mortgage, LLC 1 6.13% $7,069
    EMM LOANS LLC 1 6.50% $25,185
    Red River Bank 1 6.13% $7,363
    Regions Bank 1 6.63% $11,722
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $11,761
    Residential Acceptance Corporation 1 7.13% $10,830
    Cornerstone First Mortgage, Inc 1 6.75% $6,973
    Citizens Bank 1 5.88% $9,507
    T2 FINANCIAL LLC 1 5.75% $9,236
    Bank of England 1 6.13% $11,303
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $8,563
    VILLAGE CAPITAL MORTGAGE 1 6.75% $3,468
    Wolfe Financial, Inc 1 6.38% $14,718

    The top Hammond FHA lender as defined by loan originations is DSLD MORTGAGE, LLC, with 57 FHA loans originated. Their average total fees are $5,423, which is $1,788 lower than the next largest lender, GMFS LLC.

    The lowest fee Hammond FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,904), DSLD MORTGAGE, LLC ($5,423), GMFS LLC ($7,211), DHI MORTGAGE COMPANY, LTD. ($7,416) and NEWREZ LLC ($7,744).

    The lowest rate Hammond FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.73%), DSLD MORTGAGE, LLC (5.99%), UNITED WHOLESALE MORTGAGE, LLC (6.16%), FREEDOM MORTGAGE CORPORATION (6.22%) and Gulf Coast Bank and Trust Company (6.24%).

    Hammond FHA Loan Limits

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

    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).