FHA Loans: What You Need to Know in 2022
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2022 FHA Loan Limits in Louisiana

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Home loans from the Federal Housing Administration (FHA) may make buying a home more accessible to many borrowers, since FHA loans have lower down payments and closing costs, as well as lower credit score requirements. To qualify for a FHA loan in Louisiana, the maximum amount you can borrow for a single-family home with an FHA loan in 2022 is $420,680.

Louisiana FHA loan limits by county

County nameOne familyTwo familyThree familyFour familyMedian sales price
ACADIA$420,680$538,650$651,050$809,150$205,000
ALLEN$420,680$538,650$651,050$809,150$109,000
ASCENSION$420,680$538,650$651,050$809,150$248,000
ASSUMPTION$420,680$538,650$651,050$809,150$248,000
AVOYELLES$420,680$538,650$651,050$809,150$75,000
BEAUREGARD$420,680$538,650$651,050$809,150$140,000
BIENVILLE$420,680$538,650$651,050$809,150$75,000
BOSSIER$420,680$538,650$651,050$809,150$205,000
CADDO$420,680$538,650$651,050$809,150$205,000
CALCASIEU$420,680$538,650$651,050$809,150$144,000
CALDWELL$420,680$538,650$651,050$809,150$86,000
CAMERON$420,680$538,650$651,050$809,150$144,000
CATAHOULA$420,680$538,650$651,050$809,150$99,000
CLAIBORNE$420,680$538,650$651,050$809,150$70,000
CONCORDIA$420,680$538,650$651,050$809,150$106,000
DE SOTO$420,680$538,650$651,050$809,150$205,000
EAST BATON ROUG$420,680$538,650$651,050$809,150$248,000
EAST CARROLL$420,680$538,650$651,050$809,150$86,000
EAST FELICIANA$420,680$538,650$651,050$809,150$248,000
EVANGELINE$420,680$538,650$651,050$809,150$42,000
FRANKLIN$420,680$538,650$651,050$809,150$89,000
GRANT$420,680$538,650$651,050$809,150$143,000
IBERIA$420,680$538,650$651,050$809,150$205,000
IBERVILLE$420,680$538,650$651,050$809,150$248,000
JACKSON$420,680$538,650$651,050$809,150$64,000
JEFFERSON$420,680$538,650$651,050$809,150$296,000
JEFFERSON DAVIS$420,680$538,650$651,050$809,150$83,000
LAFAYETTE$420,680$538,650$651,050$809,150$205,000
LAFOURCHE$420,680$538,650$651,050$809,150$175,000
LASALLE$420,680$538,650$651,050$809,150$124,000
LINCOLN$420,680$538,650$651,050$809,150$193,000
LIVINGSTON$420,680$538,650$651,050$809,150$248,000
MADISON$420,680$538,650$651,050$809,150$96,000
MOREHOUSE$420,680$538,650$651,050$809,150$167,000
NATCHITOCHES$420,680$538,650$651,050$809,150$140,000
ORLEANS$420,680$538,650$651,050$809,150$296,000
OUACHITA$420,680$538,650$651,050$809,150$167,000
PLAQUEMINES$420,680$538,650$651,050$809,150$296,000
POINTE COUPEE$420,680$538,650$651,050$809,150$248,000
RAPIDES$420,680$538,650$651,050$809,150$143,000
RED RIVER$420,680$538,650$651,050$809,150$77,000
RICHLAND$420,680$538,650$651,050$809,150$103,000
SABINE$420,680$538,650$651,050$809,150$90,000
ST. BERNARD$420,680$538,650$651,050$809,150$296,000
ST. CHARLES$420,680$538,650$651,050$809,150$296,000
ST. HELENA$420,680$538,650$651,050$809,150$248,000
ST. JAMES$420,680$538,650$651,050$809,150$296,000
ST. JOHN THE BA$420,680$538,650$651,050$809,150$296,000
ST. LANDRY$420,680$538,650$651,050$809,150$90,000
ST. MARTIN$420,680$538,650$651,050$809,150$205,000
ST. MARY$420,680$538,650$651,050$809,150$113,000
ST. TAMMANY$420,680$538,650$651,050$809,150$296,000
TANGIPAHOA$420,680$538,650$651,050$809,150$180,000
TENSAS$420,680$538,650$651,050$809,150$74,000
TERREBONNE$420,680$538,650$651,050$809,150$175,000
UNION$420,680$538,650$651,050$809,150$167,000
VERMILION$420,680$538,650$651,050$809,150$205,000
VERNON$420,680$538,650$651,050$809,150$155,000
WASHINGTON$420,680$538,650$651,050$809,150$69,000
WEBSTER$420,680$538,650$651,050$809,150$96,000
WEST BATON ROUG$420,680$538,650$651,050$809,150$248,000
WEST CARROLL$420,680$538,650$651,050$809,150$101,000
WEST FELICIANA$420,680$538,650$651,050$809,150$248,000
WINN$420,680$538,650$651,050$809,150$179,000

How are FHA loan limits determined?

To determine FHA loan limits for the year, the Federal Housing Finance Agency (FHFA) reviews housing prices for each county from the previous year, then sets a conforming loan limit ensuring that current loan limits are in line with current home prices. The FHA uses the conforming loan limit to determine the loan limits for its loans —  for 2022, the conforming loan limit is $647,200.

The 2022 FHA minimum loan limit is 65% of the conforming loan limit, or $420,680. This is known as the “floor,” and applies to counties where 115% of the median home price is lower than the “floor” limit. If home prices are higher than the “floor” limit, the maximum loan limit, or “ceiling,” is set at 150% of the conforming loan limit. The 2022 “ceiling” for FHA loans is $970,800.

How to qualify for an FHA loan in Louisiana

For many Louisiana homebuyers, qualifying for an FHA loan may be easier than qualifying for a conventional mortgage. And, if you’re a first-time homebuyer, you may find further assistance through Louisiana’s first-time homebuyer programs. But first, you’ll need to meet these FHA loan requirements:

A down payment of 3.5%: If your FICO credit score is at least 580, you could qualify for a down payment of 3.5% of the home’s purchase price. The percentage for this requirement increases if your credit score is less than 580.

A minimum credit score of 500: For homebuyers with a credit score between 500 and 579, it’s possible you could still qualify for an FHA loan. However, your required down payment will increase to 10% of the home’s purchase price.

An FHA appraisal: If you purchase a home with an FHA loan, you’ll also have to do an FHA appraisal.

A debt-to-income ratio less than 43%: The FHA prefers a DTI of no more than 43%, although some exceptions could be made by the lender.

Mortgage insurance: Two kinds of FHA mortgage insurance will be required. Upfront mortgage insurance costs 1.75% of your loan, while annual mortgage insurance ranges from 0.45% to 1.05%.

Occupancy: You must live in the home you buy with an FHA loan for at least a year after purchase.

Buying a multifamily property with an FHA loan

You’re not restricted to just purchasing a single-family home with a FHA loan. If you prefer, you can purchase a multifamily home with up to four units — provided that one of the units serves as your primary residence for a minimum of one year following the purchase. As with an FHA loan for a single-family home, you can purchase a multifamily home with just 3.5% down.

FHA lenders in Louisiana

Here’s six highly rated mortgage lenders in Louisiana.

Lender nameLT ratingMinimum FHA credit score
Truist9/10620
Wells Fargo8/10Not disclosed
Lower10/10580
Rocket Mortgage9.5/10580
Guild Mortgage9/10540
PennyMac9/10640

 

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