Louisiana FHA Loan | Requirements | Loan Limits
Are you willing to buy your dream home in Louisiana but not sure about the finances, FHA loans got your covered. Providing a once in a lifetime opportunity for the first time home buyers in Louisiana, they are backed by The FHA (Federal Housing Administration). The prime objective of this loan system is to help and offer financial aid for the average Americans to help them own their own dream home. FHA loans are very popular in US due to its low down payment options of 3.5% with less strict requirements and low credit score of 500 in comparison to other conventional loans.
Louisiana FHA Loan Requirements
Below mentioned is a list of the basic requirements to qualify for an FHA loan in Louisiana. If you wish to check your eligibility for an FHA loan, we can help you match with the right lender. To let FHA lender contact you, request a free consultation.
- Credit Score– As a borrower, in order to qualify for the 3.5% down payment, your credit score should be 580 credit or higher. Else you need to settle for a down payment of 10% with a credit score range of 500-579.
- Job History – As a borrower, an employment proof of at least 2 years in consistency is required. However, with changed jobs, a borrower can still qualify with substantial proofs of their consistent employment/income.
- Financial Statements– As a borrower, you need to submit your two most recent bank statements, your pay stubs, and the tax returns to qualify for the FHA loans in your lender’s eyes.
- Debt-to-Income– As a borrower, it is very important to hold a debt-to-income ratio lower than 43%. However, under “compensating factors,” you can also qualify for the FHA loans but only if you hold higher savings in your account, an extraordinary credit score and a consistent and long job history.
- Primary Residence– As a borrower, the home for which you are applying for the FHA loan should mandatorily be your primary residence and not your investment property, or a second home, or vacation home, else it may lead to cancellation of your application.
- Mortgage Insurance– As a borrower, it is very important to back your FHA loans, regardless of the lender, with any of the two types of mortgage insurance, mandatory for it. This includes- the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium). Use this FHA loan calculator to find an estimate of your monthly payments, soon after the loan is approved and the associated mortgage insurance costs.
- FHA Loan Limits– As a borrower, make sure to check the FHA loans FHA loan limits for all the counties in Louisiana as given below. Every FHA loan holds its maximum lending limits, based on the county, it falls in.
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.
2023 Louisiana FHA Loan Limits
Below are the 2023 FHA loan limits for every county in Louisiana:
| County | Single Family | 2 Family | 3 Family | 4 Family |
|---|---|---|---|---|
| ACADIA | $472,030 | $604,400 | $730,525 | $907,900 |
| ALLEN | $472,030 | $604,400 | $730,525 | $907,900 |
| ASCENSION | $472,030 | $604,400 | $730,525 | $907,900 |
| ASSUMPTION | $472,030 | $604,400 | $730,525 | $907,900 |
| AVOYELLES | $472,030 | $604,400 | $730,525 | $907,900 |
| BEAUREGARD | $472,030 | $604,400 | $730,525 | $907,900 |
| BIENVILLE | $472,030 | $604,400 | $730,525 | $907,900 |
| BOSSIER | $472,030 | $604,400 | $730,525 | $907,900 |
| CADDO | $472,030 | $604,400 | $730,525 | $907,900 |
| CALCASIEU | $472,030 | $604,400 | $730,525 | $907,900 |
| CALDWELL | $472,030 | $604,400 | $730,525 | $907,900 |
| CAMERON | $472,030 | $604,400 | $730,525 | $907,900 |
| CATAHOULA | $472,030 | $604,400 | $730,525 | $907,900 |
| CLAIBORNE | $472,030 | $604,400 | $730,525 | $907,900 |
| CONCORDIA | $472,030 | $604,400 | $730,525 | $907,900 |
| DE SOTO | $472,030 | $604,400 | $730,525 | $907,900 |
| EAST BATON ROUG | $472,030 | $604,400 | $730,525 | $907,900 |
| EAST CARROLL | $472,030 | $604,400 | $730,525 | $907,900 |
| EAST FELICIANA | $472,030 | $604,400 | $730,525 | $907,900 |
| EVANGELINE | $472,030 | $604,400 | $730,525 | $907,900 |
| FRANKLIN | $472,030 | $604,400 | $730,525 | $907,900 |
| GRANT | $472,030 | $604,400 | $730,525 | $907,900 |
| IBERIA | $472,030 | $604,400 | $730,525 | $907,900 |
| IBERVILLE | $472,030 | $604,400 | $730,525 | $907,900 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 |
| JEFFERSON | $472,030 | $604,400 | $730,525 | $907,900 |
| JEFFERSON DAVIS | $472,030 | $604,400 | $730,525 | $907,900 |
| LAFAYETTE | $472,030 | $604,400 | $730,525 | $907,900 |
| LAFOURCHE | $472,030 | $604,400 | $730,525 | $907,900 |
| LASALLE | $472,030 | $604,400 | $730,525 | $907,900 |
| LINCOLN | $472,030 | $604,400 | $730,525 | $907,900 |
| LIVINGSTON | $472,030 | $604,400 | $730,525 | $907,900 |
| MADISON | $472,030 | $604,400 | $730,525 | $907,900 |
| MOREHOUSE | $472,030 | $604,400 | $730,525 | $907,900 |
| NATCHITOCHES | $472,030 | $604,400 | $730,525 | $907,900 |
| ORLEANS | $472,030 | $604,400 | $730,525 | $907,900 |
| OUACHITA | $472,030 | $604,400 | $730,525 | $907,900 |
| PLAQUEMINES | $472,030 | $604,400 | $730,525 | $907,900 |
| POINTE COUPEE | $472,030 | $604,400 | $730,525 | $907,900 |
| RAPIDES | $472,030 | $604,400 | $730,525 | $907,900 |
| RED RIVER | $472,030 | $604,400 | $730,525 | $907,900 |
| RICHLAND | $472,030 | $604,400 | $730,525 | $907,900 |
| SABINE | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. BERNARD | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. CHARLES | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. HELENA | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. JAMES | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. JOHN THE BA | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. LANDRY | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. MARTIN | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. MARY | $472,030 | $604,400 | $730,525 | $907,900 |
| ST. TAMMANY | $472,030 | $604,400 | $730,525 | $907,900 |
| TANGIPAHOA | $472,030 | $604,400 | $730,525 | $907,900 |
| TENSAS | $472,030 | $604,400 | $730,525 | $907,900 |
| TERREBONNE | $472,030 | $604,400 | $730,525 | $907,900 |
| UNION | $472,030 | $604,400 | $730,525 | $907,900 |
| VERMILION | $472,030 | $604,400 | $730,525 | $907,900 |
| VERNON | $472,030 | $604,400 | $730,525 | $907,900 |
| WASHINGTON | $472,030 | $604,400 | $730,525 | $907,900 |
| WEBSTER | $472,030 | $604,400 | $730,525 | $907,900 |
| WEST BATON ROUG | $472,030 | $604,400 | $730,525 | $907,900 |
| WEST CARROLL | $472,030 | $604,400 | $730,525 | $907,900 |
| WEST FELICIANA | $472,030 | $604,400 | $730,525 | $907,900 |
| WINN | $472,030 | $604,400 | $730,525 | $907,900 |