New Orleans FHA Loan Rates, Closing Costs & Stats

NEW ORLEANS-METAIRIE, 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.

    New Orleans's 127 lenders originated 3,022 FHA loans during 2024. The total origination value was $738,540,000, with an average FHA loan value of $244,388.

    New Orleans FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in New Orleans averaged 6.69% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

    New Orleans's average FHA mortgage closing costs are $8,190.

    The average rate for the prior week (2025-07-11) was 6.49% and one month ago for the week of 2025-06-13, the average rate was 6.74%.

    The average rate one year ago was 6.71%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.32%.

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

    New Orleans 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 New Orleans level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 290 6.33% $11,631
    QUICKEN LOANS, LLC 194 6.34% $11,334
    GMFS LLC 183 6.45% $7,579
    Gulf Coast Bank and Trust Company 167 6.37% $9,080
    FIDELITY BANK 133 6.40% $10,539
    EUSTIS AND AMERICAN MORTGAGE COMPANY 133 6.34% $11,461
    FREEDOM MORTGAGE CORPORATION 126 6.38% $11,388
    DHI MORTGAGE COMPANY, LTD. 119 4.82% $7,541
    MOVEMENT MORTGAGE, LLC 109 6.49% $10,332
    CROSSCOUNTRY MORTGAGE, LLC 77 6.63% $10,983
    Equity Prime Mortgage LLC 72 6.80% $11,872
    DSLD MORTGAGE, LLC 67 6.05% $6,024
    PENNYMAC LOAN SERVICES, LLC 57 6.14% $8,825
    Hancock Whitney Bank 51 6.08% $9,381
    SOUTHWEST FUNDING, LP 51 7.13% $11,571
    BROKER SOLUTIONS, INC. 47 6.71% $10,444
    America's Mortgage Resource, Inc. 42 6.22% $7,955
    Flagstar Bank, FSB 38 6.35% $8,516
    LOANDEPOT.COM, LLC 38 6.25% $11,528
    T2 FINANCIAL LLC 34 6.44% $10,928
    CARDINAL FINANCIAL 30 6.51% $11,893
    STANDARD MORTGAGE CORPORATION 30 6.07% $9,072
    NEWREZ LLC 29 6.47% $10,125
    PRIMELENDING, A PLAINSCAPITAL COMPANY 29 6.71% $10,425
    AMERICAN FINANCIAL NETWORK, INC. 29 6.67% $12,616
    MID AMERICA MORTGAGE, INC. 25 6.92% $9,197
    PLANET HOME LENDING, LLC 24 6.34% $7,428
    SUMMIT FUNDING, INC. 20 6.67% $11,460
    First Horizon Bank 18 6.29% $11,241
    MUTUAL OF OMAHA MORTGAGE, INC. 18 6.62% $12,020
    Mortgage Research Center, LLC 16 6.58% $6,017
    CMG MORTGAGE, INC. 14 6.55% $11,807
    INTERLINC MORTGAGE SERVICES, LLC 13 6.65% $6,808
    AmeriHome Mortgage Company, LLC 13 6.30% $9,645
    Regions Bank 12 6.39% $9,583
    MORTGAGE SOLUTIONS OF COLORADO, LLC 12 6.81% $10,608
    HOMESIDE FINANCIAL, LLC 12 6.47% $12,942
    Mr. Cooper ( Nationstar Mortgage ) 12 6.52% $13,451
    Cornerstone First Mortgage, Inc 11 6.75% $9,857
    GUILD MORTGAGE COMPANY 11 6.36% $11,225
    Nations Lending Corporation 11 6.34% $7,618
    JPMorgan Chase Bank 10 6.39% $5,518
    Carrington Mortgage Services, LLC 10 6.48% $12,485
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 10 6.31% $10,050
    S1L, Inc. 10 6.74% $10,826
    KEESLER 9 5.43% $8,427
    THE MORTGAGE FIRM, INC. 9 6.54% $9,432
    MORTGAGE FINANCIAL SERVICES, LLC 9 6.30% $8,735
    Assurance Financial Group, L.L.C. 8 6.70% $11,858
    Goldwater Bank, N.A. 8 6.33% $10,004
    GUARANTEED RATE, INC. 8 6.38% $12,251
    HOMEBRIDGE FINANCIAL SERVICES, INC. 8 6.44% $9,337
    Towne Bank 8 6.77% $11,455
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.82% $12,514
    UNION HOME MORTGAGE CORP. 7 6.48% $11,863
    Paramount Residential Mortgage Group, Inc. 7 6.80% $8,854
    V.I.P. MORTGAGE, INC. 6 6.56% $8,936
    PRIMARY RESIDENTIAL MORTGAGE, INC. 6 6.46% $11,958
    PLAZA HOME MORTGAGE, INC. 5 7.75% $9,221
    Century Mortgage Company DBA Century Lending Company 5 6.10% $10,413
    Bank of England 5 6.58% $8,330
    AMERICAN FINANCIAL RESOURCES, INC. 5 7.33% $10,416
    AMERICAN FINANCING CORPORATION 5 6.23% $8,653
    LAKEVIEW LOAN SERVICING, LLC 5 6.35% $7,894
    ZILLOW HOME LOANS, LLC 5 6.53% $9,932
    Red River Bank 4 6.03% $7,426
    CANOPY MORTGAGE, LLC 4 6.88% $9,805
    FIRST COMMUNITY MORTGAGE, INC. 4 6.96% $14,311
    LAND HOME FINANCIAL SERVICES, INC. 4 6.88% $13,731
    Residential Acceptance Corporation 4 7.19% $7,661
    VILLAGE CAPITAL MORTGAGE 4 6.50% $6,118
    TOWNE MORTGAGE COMPANY 3 6.33% $17,510
    Plains Commerce Bank 3 6.54% $11,048
    AMERITRUST MORTGAGE CORPORATION 3 7.08% $14,382
    AMERISAVE MORTGAGE CORPORATION 3 6.25% $12,175
    Hometown Equity Mortgage, LLC 3 6.75% $14,736
    NETWORK CAPITAL FUNDING CORPORATION 3 6.00% $12,290
    OCMBC, INC. 3 6.17% $15,019
    SUN WEST MORTGAGE COMPANY, INC. 3 6.33% $12,508
    NATIONS RELIABLE LENDING, LLC 3 6.71% $10,105
    BankPlus 3 6.42% $11,891
    Prosperity Home Mortgage, LLC 2 6.88% $9,360
    TruHome Solutions, LLC 2 6.56% $8,066
    Lakeview Community Capital, LLC 2 6.44% $7,218
    NORWICH COMMERCIAL GROUP, INC. 2 6.00% $10,371
    EMM LOANS LLC 2 6.56% $13,325
    RELIANCE FIRST CAPITAL, LLC 2 6.88% $10,543
    Wells Fargo Bank 2 5.38% $7,725
    Renasant Bank 2 6.75% $8,296
    HOMESPIRE MORTGAGE CORPORATION 2 6.79% $8,329
    PENTAGON FEDERAL CREDIT UNION 2 5.75% $13,743
    BM Real Estate Services, Inc. 2 6.75% $15,290
    BAY EQUITY LLC 2 6.19% $17,078
    GSF Mortgage Corporation 2 6.81% $9,631
    The Federal Savings Bank 2 6.31% $16,018
    First Option Mortgage, LLC 2 6.63% $8,296
    NATIONS DIRECT MORTGAGE, LLC 2 6.00% $13,518
    TOP FLITE FINANCIAL, INC. 2 6.31% $11,323
    Merchants & Marine Bank 1 6.00% $8,629
    MEMBER FIRST MORTGAGE, LLC 1 6.13% $13,318
    M&T Bank 1 6.25% $5,428
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.25% $26,474
    NBKC BANK 1 6.13% $7,120
    Network Funding, L.P. 1 7.25% $8,235
    NFM, INC. 1 7.13% $16,852
    Northpointe Bank 1 5.00% $21,004
    OPEN MORTGAGE, LLC 1 6.50% $13,692
    Home Mortgage Alliance Corp 1 6.99% $10,396
    Grand Bank for Savings, FSB 1 6.13% $6,317
    First Federal Bank 1 5.75% $13,985
    FIRST COLONY MORTGAGE CORPORATION 1 6.63% $10,990
    RANLIFE, INC. 1 7.00% $7,145
    EVERETT FINANCIAL, INC. 1 6.25% $17,027
    ROYAL UNITED MORTGAGE LLC 1 6.13% $15,109
    Commerce Home Mortgage, Inc. 1 6.88% $9,545
    Servion, Inc. 1 5.63% $8,465
    ServisFirst Bank 1 5.63% $6,825
    BETTER MORTGAGE CORPORATION 1 5.50% $10,740
    SWBC MORTGAGE CORPORATION 1 6.13% $5,793
    The Loan Store, Inc. 1 6.25% $8,132
    Bank of America 1 6.75% $8,092
    THE MORTGAGE LINK, INC. 1 7.13% $19,974
    BancorpSouth 1 6.25% $11,381
    U.S. Bank 1 6.75% $6,765
    US MORTGAGE CORPORATION 1 6.75% $15,906
    American Mortgage & Equity Consultants, Inc. 1 5.75% $14,979
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.63% $7,708

    The top New Orleans FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 290 FHA loans originated. Their average total fees are $11,631, which is $297 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee New Orleans FHA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($5,518), Mortgage Research Center, LLC ($6,017), DSLD MORTGAGE, LLC ($6,024), INTERLINC MORTGAGE SERVICES, LLC ($6,808) and PLANET HOME LENDING, LLC ($7,428).

    The lowest rate New Orleans FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.82%), DSLD MORTGAGE, LLC (6.05%), STANDARD MORTGAGE CORPORATION (6.07%), Hancock Whitney Bank (6.08%) and PENNYMAC LOAN SERVICES, LLC (6.14%).

    New Orleans FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NEW ORLEANS-METAIRIE, LA JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA ORLEANS 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA PLAQUEMINES 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA ST. BERNARD 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA ST. CHARLES 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA ST. JAMES 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA ST. JOHN THE BA 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA ST. TAMMANY 2022 $420,680 $538,650 $651,050 $809,150
    NEW ORLEANS-METAIRIE, LA JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900
    NEW ORLEANS-METAIRIE, LA ORLEANS 2023 $472,030 $604,400 $730,525 $907,900
    NEW ORLEANS-METAIRIE, LA PLAQUEMINES 2023 $472,030 $604,400 $730,525 $907,900
    NEW ORLEANS-METAIRIE, LA ST. BERNARD 2023 $472,030 $604,400 $730,525 $907,900
    NEW ORLEANS-METAIRIE, LA ST. CHARLES 2023 $472,030 $604,400 $730,525 $907,900
    NEW ORLEANS-METAIRIE, LA ST. JAMES 2023 $472,030 $604,400 $730,525 $907,900
    NEW ORLEANS-METAIRIE, LA ST. JOHN THE BA 2023 $472,030 $604,400 $730,525 $907,900
    NEW ORLEANS-METAIRIE, LA ST. TAMMANY 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).