It’s hard not to plant roots in Louisiana. The “Pelican State” is home to some of the best food, art, music and beaches this country has to offer.
However, evaluating all of the home financing options available can be difficult to understand. Many people in Louisiana choose an FHA loan in order to take advantage of the program’s low down payment opportunities, buyer-friendly credit requirements, and more. Keep reading to learn why a Louisiana FHA loan could be the right mortgage option for you.
From Shreveport to New Orleans, people have been leveraging the benefits of the FHA loan program to buy their homes. As of April 2019, over $161 million dollars were lent through the FHA loan program! No matter where you choose to live in Louisiana, an FHA loan can be a reliable mortgage option for you.
There are maximum FHA loan amounts for Louisiana FHA loans, so you'll want to have some idea of how much you can borrow before you start shopping. The maximum is adjusted every year and, for 2024, is currently $498,257 for single family dwellings.
The loan limit is typically adjusted for areas with higher cost of living so regardless of your location, you'll be able to afford a home. However, since Louisiana does not have a high cost of living, the baseline limit applies statewide.
You may be eligible for an FHA loan, if you:
Credit Requirements
Employment Requirements
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.