FHA Loan Requirements, Limits and Approval Tips
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2023 FHA Loan Limits in Louisiana

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Home loans from the Federal Housing Administration (FHA) may make buying a home easier for more borrowers since have lower credit score requirements. To qualify for an FHA loan in Louisiana, the maximum amount you can borrow for a single-family home in 2023 is $472,030.

Louisiana FHA loan limits by county

County nameOne unitTwo unitThree unitFour unitMedian sale price
ACADIA$472,030$604,400$730,525$907,900$222,000
ALLEN$472,030$604,400$730,525$907,900$130,000
ASCENSION$472,030$604,400$730,525$907,900$257,000
ASSUMPTION$472,030$604,400$730,525$907,900$257,000
AVOYELLES$472,030$604,400$730,525$907,900$81,000
BEAUREGARD$472,030$604,400$730,525$907,900$143,000
BIENVILLE$472,030$604,400$730,525$907,900$80,000
BOSSIER$472,030$604,400$730,525$907,900$215,000
CADDO$472,030$604,400$730,525$907,900$215,000
CALCASIEU$472,030$604,400$730,525$907,900$165,000
CALDWELL$472,030$604,400$730,525$907,900$96,000
CAMERON$472,030$604,400$730,525$907,900$165,000
CATAHOULA$472,030$604,400$730,525$907,900$109,000
CLAIBORNE$472,030$604,400$730,525$907,900$71,000
CONCORDIA$472,030$604,400$730,525$907,900$120,000
DE SOTO$472,030$604,400$730,525$907,900$215,000
EAST BATON ROUG$472,030$604,400$730,525$907,900$257,000
EAST CARROLL$472,030$604,400$730,525$907,900$84,000
EAST FELICIANA$472,030$604,400$730,525$907,900$257,000
EVANGELINE$472,030$604,400$730,525$907,900$45,000
FRANKLIN$472,030$604,400$730,525$907,900$88,000
GRANT$472,030$604,400$730,525$907,900$145,000
IBERIA$472,030$604,400$730,525$907,900$222,000
IBERVILLE$472,030$604,400$730,525$907,900$257,000
JACKSON$472,030$604,400$730,525$907,900$69,000
JEFFERSON$472,030$604,400$730,525$907,900$283,000
JEFFERSON DAVIS$472,030$604,400$730,525$907,900$101,000
LAFAYETTE$472,030$604,400$730,525$907,900$222,000
LAFOURCHE$472,030$604,400$730,525$907,900$140,000
LASALLE$472,030$604,400$730,525$907,900$304,000
LINCOLN$472,030$604,400$730,525$907,900$200,000
LIVINGSTON$472,030$604,400$730,525$907,900$257,000
MADISON$472,030$604,400$730,525$907,900$35,000
MOREHOUSE$472,030$604,400$730,525$907,900$175,000
NATCHITOCHES$472,030$604,400$730,525$907,900$165,000
ORLEANS$472,030$604,400$730,525$907,900$283,000
OUACHITA$472,030$604,400$730,525$907,900$175,000
PLAQUEMINES$472,030$604,400$730,525$907,900$283,000
POINTE COUPEE$472,030$604,400$730,525$907,900$257,000
RAPIDES$472,030$604,400$730,525$907,900$145,000
RED RIVER$472,030$604,400$730,525$907,900$80,000
RICHLAND$472,030$604,400$730,525$907,900$130,000
SABINE$472,030$604,400$730,525$907,900$108,000
ST. BERNARD$472,030$604,400$730,525$907,900$283,000
ST. CHARLES$472,030$604,400$730,525$907,900$283,000
ST. HELENA$472,030$604,400$730,525$907,900$257,000
ST. JAMES$472,030$604,400$730,525$907,900$283,000
ST. JOHN THE BA$472,030$604,400$730,525$907,900$283,000
ST. LANDRY$472,030$604,400$730,525$907,900$106,000
ST. MARTIN$472,030$604,400$730,525$907,900$222,000
ST. MARY$472,030$604,400$730,525$907,900$110,000
ST. TAMMANY$472,030$604,400$730,525$907,900$283,000
TANGIPAHOA$472,030$604,400$730,525$907,900$199,000
TENSAS$472,030$604,400$730,525$907,900$95,000
TERREBONNE$472,030$604,400$730,525$907,900$140,000
UNION$472,030$604,400$730,525$907,900$175,000
VERMILION$472,030$604,400$730,525$907,900$222,000
VERNON$472,030$604,400$730,525$907,900$160,000
WASHINGTON$472,030$604,400$730,525$907,900$75,000
WEBSTER$472,030$604,400$730,525$907,900$104,000
WEST BATON ROUG$472,030$604,400$730,525$907,900$257,000
WEST CARROLL$472,030$604,400$730,525$907,900$104,000
WEST FELICIANA$472,030$604,400$730,525$907,900$257,000
WINN$472,030$604,400$730,525$907,900$93,000

How are FHA loan limits determined?

To determine FHA loan limits for the year, the U.S. Department of Housing and Urban Development (HUD) uses a percentage of the conforming loan limits set by the Federal Housing Finance Agency (FHFA) each year. The single-family conforming loan limit rose to $726,200, and this limit is the benchmark for setting FHA loan limits.

The lowest limit is set at 65% of the conforming loan limit, which is $472,030 for a one-unit home in 2023. If home prices are higher than the “floor” limit, the maximum loan limit, or “ceiling,” is set at 150% of the conforming loan limit and applied to high-cost parts of the country. The 2023 “ceiling” for FHA loans is $1,089,300. One note: There are no high-cost counties in the state of Louisiana.

How to qualify for an FHA loan in Louisiana

Louisiana homebuyers may find it easier to qualify for an FHA loan if they have credit scores below 620 (which is the conventional loan minimum credit score). And you probably won’t have to worry about borrowing above the Louisiana FHA loan limit of $472,030; the most expensive median prices in Louisiana counties topped out at $283,000 last year.

You’ll need to meet these FHA loan requirements to have a shot at an FHA loan approval:

Down payment and credit scores: With a credit score of at least 580, you qualify for a 3.5% down payment FHA loan. If you can come up with a 10% down payment, the score minimum is 500.

Debt-to-income (DTI) ratio: The FHA prefers that your total debt including your new FHA mortgage makes up no more than 43% of your income. More commonly known as your DTI ratio, exceptions may be possible with extra cash reserves and high credit scores.

Mortgage insurance: FHA loans require two types of mortgage insurance. The first is an upfront mortgage insurance premium equal to 1.75% of your loan amount and is usually added to your total loan. The second type is an annual mortgage insurance premium that 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.

FHA appraisal: If you purchase a home with an FHA loan, you’ll need an FHA appraisal to estimate the home’s value and check its condition.

Buying a multifamily property with an FHA loan

You can purchase a multifamily home with up to four units — as long as one unit serves as your primary residence for a minimum of one year after you buy the home. You can purchase a multifamily home with just 3.5% down, and you may be able to use the rental income on the other units to help you qualify.

An added bonus: FHA loan limits are higher with each additional unit you purchase:

Number of unitsMaximum low-cost FHA loan limit in 2023
Two$604,400
Three$730,525
Four$907,900

FHA lenders in Louisiana

Lender nameLT ratingMinimum FHA credit score
Guild Mortgage3 stars540
Fairway Independent Mortgage3 stars580
Truist Mortgage4 stars580
PennyMac Mortgage5 stars580
Caliber Home Loans3 stars620

 

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