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Louisiana FHA Home Loans

FHA Mortgage Loan Programs in Louisiana
FHA Loan Requirements - 2020 FHA Loan Limits

Louisiana FHA Loan | Requirements | Loan Limits

FHA loans provide a great opportunity to buy a home in Louisiana.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

Louisiana FHA Loan Requirements

Below are some of the basic requirements to get an FHA loan in Louisiana.  If you would like to find out if you are eligible for an FHA loan, we can help match you with a lender.  To have an FHA lender contact you, request a free consultation.

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2020 FHA loan limits for all counties in Louisiana below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in Louisiana.  To have an FHA lender contact you, request a free consultation.

2020 Louisiana FHA Loan Limits

Below are the 2020 FHA loan limits for every county in Louisiana:

 

County Single Family 2 Family 3 Family 4 Family
ACADIA $331,760 $424,800 $513,450 $638,100
ALLEN $331,760 $424,800 $513,450 $638,100
ASCENSION $331,760 $424,800 $513,450 $638,100
ASSUMPTION $331,760 $424,800 $513,450 $638,100
AVOYELLES $331,760 $424,800 $513,450 $638,100
BEAUREGARD $331,760 $424,800 $513,450 $638,100
BIENVILLE $331,760 $424,800 $513,450 $638,100
BOSSIER $331,760 $424,800 $513,450 $638,100
CADDO $331,760 $424,800 $513,450 $638,100
CALCASIEU $331,760 $424,800 $513,450 $638,100
CALDWELL $331,760 $424,800 $513,450 $638,100
CAMERON $331,760 $424,800 $513,450 $638,100
CATAHOULA $331,760 $424,800 $513,450 $638,100
CLAIBORNE $331,760 $424,800 $513,450 $638,100
CANCORDIA $331,760 $424,800 $513,450 $638,100
DE SOTO $331,760 $424,800 $513,450 $638,100
EAST BATON ROUGE $331,760 $424,800 $513,450 $638,100
EAST CARROLL $331,760 $424,800 $513,450 $638,100
EAST FELICIANA $331,760 $424,800 $513,450 $638,100
EVANGELINE $331,760 $424,800 $513,450 $638,100
FRANKLIN $331,760 $424,800 $513,450 $638,100
GRANT $331,760 $424,800 $513,450 $638,100
IBERIA $331,760 $424,800 $513,450 $638,100
IBERVILLE $331,760 $424,800 $513,450 $638,100
JACKSON $331,760 $424,800 $513,450 $638,100
JEFFERSON $331,760 $424,800 $513,450 $638,100
JEFFERSON DAVIS $331,760 $424,800 $513,450 $638,100
LA SALLE $331,760 $424,800 $513,450 $638,100
LAFAYETTE $331,760 $424,800 $513,450 $638,100
LAFOURCHE $331,760 $424,800 $513,450 $638,100
LINCOLN $331,760 $424,800 $513,450 $638,100
LIVINGSTON $331,760 $424,800 $513,450 $638,100
MADISON $331,760 $424,800 $513,450 $638,100
MOREHOUSE $331,760 $424,800 $513,450 $638,100
NATCHITOCHES $331,760 $424,800 $513,450 $638,100
ORLEANS $331,760 $424,800 $513,450 $638,100
OUACHITA $331,760 $424,800 $513,450 $638,100
PLAQUEMINES $331,760 $424,800 $513,450 $638,100
POINTE COUPEE $331,760 $424,800 $513,450 $638,100
RAPIDES $331,760 $424,800 $513,450 $638,100
RED RIVER $331,760 $424,800 $513,450 $638,100
RICHLAND $331,760 $424,800 $513,450 $638,100
SABINE $331,760 $424,800 $513,450 $638,100
ST. BERNARD $331,760 $424,800 $513,450 $638,100
ST. CHARLES $331,760 $424,800 $513,450 $638,100
ST. HELENA $331,760 $424,800 $513,450 $638,100
ST. JAMES $331,760 $424,800 $513,450 $638,100
ST. JOHN THE BAY $331,760 $424,800 $513,450 $638,100
ST. LANDRY $331,760 $424,800 $513,450 $638,100
ST. MARY $331,760 $424,800 $513,450 $638,100
ST. TAMMANY $331,760 $424,800 $513,450 $638,100
TANGIPAHOA $331,760 $424,800 $513,450 $638,100
TENSAS $331,760 $424,800 $513,450 $638,100
TERREBONNE $331,760 $424,800 $513,450 $638,100
UNION $331,760 $424,800 $513,450 $638,100
VERMILION $331,760 $424,800 $513,450 $638,100
VERNON $331,760 $424,800 $513,450 $638,100
WASHINGTON $331,760 $424,800 $513,450 $638,100
WEBSTER $331,760 $424,800 $513,450 $638,100
WEST BATON ROUGE $331,760 $424,800 $513,450 $638,100
WEST CARROLL $331,760 $424,800 $513,450 $638,100
WEST FELICIANA $331,760 $424,800 $513,450 $638,100
WINN $331,760 $424,800 $513,450 $638,100

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