Thu. Dec 3rd, 2020

Buying a house in Bayou state? There is no shortage of homes for you to choose. There are approximately 2.1 million in Louisiana housing units And according to the US Census Bureau, a homemade rate of about 66% 2018 American Community Survey.

Louisiana’s average housing price is $ 167,300, which is significantly lower than the national average price of $ 229,700. Louisiana has some areas with low housing prices, but prices for housing may be higher in other parts of the state.

US News conducted an in-depth review of major direct mortgage lenders. Research was based on program availability and customer satisfaction ratings. Because each consumer has different needs, the top finishers were chosen in several key areas.

What are the mortgage rates in Louisiana?

Average interest rate for a 30 year fixed rate Customizing mortgage in louisiana 2.87%.

House interest rates Range from 2.38% Service 3.25% In Louisiana.

What are today’s mortgage rates?

By locking in a low mortgage rate today, you can save thousands over the life of your loan. Compare your mortgage rate offers with national average trends.

Loan type

Rate of this week

Last week rate

30-Year Fixed Rate Mortgage 3.01% 3.03%
15-Year Fixed Rate Mortgage 2.58% 2.56%
30-Year Fixed-Rate Jumbo Mortgage 3.03% 3.09%
5/1 ARM 3.04% 3.06%
5/1 Jumbo ARM 2.86% 2.87%

* Rates up to October 28, 2020

US News’ best Louisiana mortgage lenders

Methodology: US News conducted an in-depth review of major direct mortgage lenders in Louisiana. The research was based on program availability, customer satisfaction ratings, and qualification requirements. Because each consumer has different needs, the top finishers were chosen in several key areas.

Best for va loan

Giants United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, DC, and specializes in VA loans. In 2019, Veterans United Home Loan generated the largest VA loan in the nation.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Refinance, USDA and VA
  • Minimum FICO Credit Score: 660
  • Maximum loan amount: $ 1.5 million
  • Better Business Bureau Rating: A +

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  • No military service required

  • No minimum loan amount determined

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Best for large loan amount

Bank of America serves approximately 66 million customers in all 50 states. The lender offers traditional, Federal Housing Administration, Department of Veterans Affairs and Jumbo loans, as well as home equity lines of credit and mortgage refinancing.

Lender highlights

  • Mortgage Type: ARM, traditional, FHA, first time homebuyer program, home equity lines of credit, refinance, VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: $ 5 million
  • Better Business Bureau Rating: A +

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  • Different types of mortgages

  • Annual percentage rate or closing cost rebate for qualifying Bank of America and Merrill Lynch clients

  • No closing costs and no annual cash balance fees for balance transfers and HELOCs

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Best for online service

Caliber Home Loans of Coppell, Texas offers nationwide mortgages including traditional, refinance, jumbo and adjustable rate loans. The government-backed options are FHA, USDA and VA. Caliber has been in business since 2008 and focuses solely on home loans.

Before you apply

  • Mortgage Type: Traditional, FHA, Jumbo, Refinance, USDA and VA
  • Minimum FICO Credit Score: 580
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: a

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  • Homebuyer offers programs for the first time

  • FICO accepts mortgage applicants with credit scores as low as 580

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Best for low cost

Chase, one of the largest banks in the country, offers mortgage and refinance loans to qualified borrowers. Home equity loans and HELOC are also available.

Before you apply

  • Mortgage Type Offered: ARM, Traditional, FHA, Jumbo, Refinance and VA
  • Minimum FICO Credit Score: 620
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: A +

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  • Accepts up to 3% down payment

  • Receives high marks from Better Business Bureau

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Best for product selection

Guild Mortgage, established in 1960, specializes in home loans and serves lenders around the country. The complete lender of products includes traditional and government-backed mortgages and home equity loans.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Jumbo, Manufactured Homes, Refinance, Reverse, USDA & VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: Different
  • Better Business Bureau Rating: A +

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  • Receives strong customer service rating from Better Business Bureau

  • Offers a wide range of mortgage products

  • Offers exclusive mortgage programs for first time buyers and manufactured homebuyers

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Best for customer service

LoanDepot was founded in 2010 and has since funded over $ 70 billion in mortgages. It offers FHA, traditional and other mortgage options. Borrowers with a FICO credit score as low as 580 may qualify for a loan.

main characteristics:

  • Mortgage Type Offered: Traditional, FHA, VA, ARM, Refinance (Conventional), Refinance (FHA), Refinance (VA), Home Equity Loan
  • Minimum FICO Credit Score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined debt-to-value ratio: 90%
  • JD Power Satisfaction Rating: Four out of five

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  • The LoanDepot mortgage has a lifetime guarantee, which means that if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fee and reimburse the appraisal fee.

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Best for online service

Priming is a Dallas-based mortgage lender, with a number of mortgage loan options including traditional loans, jumbo loans, government backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

main characteristics:

  • Loan Type: Traditional, FHA, VA, USDA, ARM, Refinance
  • Minimum FICO Score: 600
  • Maximum debt-to-value ratio: Not disclosed
  • Maximum debt-to-income ratio: 43%
  • Total Closing Cost: 2% to 6% of the loan amount
  • Equity required: Not disclosed
  • JD Power Satisfaction Rating: Not rated

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  • Offers various types of mortgage loans.

  • Nationwide offers mortgage loans.

  • Helps with closing costs.

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Best for product availability

Quick Loan is a nationwide mortgage lender with several mortgage options. Known for customer service, the lender has an A + Better Business Bureau rating and received a rating of five (out of the best) in the 2018 US Primary Mortgage Organization Satisfaction Study.

Highlight:

  • Mortgage Type Offered: ARM, FHA, VA, Refinance (FHA), USDA, Traditional, Refinance (Traditional)
  • Minimum FICO Credit Score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • JD Power Satisfaction Rating: Five out of five

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  • The complete loan procedure is available online.

  • Wide variety of mortgage products.

  • Good customer service rating.

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mortgage calculator

Is your dream home within reach? US News’ mortgage calculator will show you how much home you can buy.

Louisiana Homebuyer Program

The Louisiana Housing Corporation offers six assistance programs to help Louisiana homebuyers purchase homes. These include down payment and closing cost loans, federal income tax credit, low fixed interest rates and low down payment options.

  • available to: Worthy Louisiana Homebuyers.
  • Income Range: 80% of the area is divided by parish based on average income (see) Income range).
  • First time homebuyers only? Yes.
  • Benefit: The down payment and closing cost assistance depends on the loan amount between 5% and 9%, and reduces mortgage insurance.

  • available to: Worthy Louisiana Homebuyers.
  • Income Range: Different from region (see) Income range).
  • First time homebuyers only? Yes, unless the property is in a target area.
  • Benefit: The down payment and closing assistance loan is equal to 4% of the mortgage amount, and has reduced mortgage insurance.

  • available to: Worthy Louisiana Homebuyers.
  • Income Range: Different from parish (see) Income range).
  • First time homebuyers only? No.
  • Benefit: Up to 4% off for down payment, closing costs and / or prepaid items.

  • available to: Qualified Louisiana homebuyers in some Delta remuneration.
  • Income Range: Maximum household income of $ 99,000.
  • First time homebuyers only? Yes.
  • Benefit: Financing up to 100% and closing costs up to 3% and prepayment assistance.

  • available to: Qualified Louisiana homebuyers.
  • Income Range: Other than diligence (see) Income range).
  • First time homebuyers only? Yes.
  • Benefit: A federal tax credit of up to 40% of annual mortgage interest payments of up to $ 2,000 per year.

  • available to: Worthy Louisiana Homebuyers In Some Pares.
  • Income Range: Annual household income 80% of the region’s average income.
  • First time homebuyers only? Yes, but some exceptions apply.
  • Benefit: A loan of 20% of the purchase price of up to $ 55,000, a loan of up to $ 5,000 to close the cost with deferred repayment until the loan expires on sale or refinance. If the homebuyer occupies the house for the full 10-year term, a soft second loan will be forgiven.

Advertisement Disclosure: Some of the loan offers on this site are from companies that are advertising clients of US News. Advertising ideas can influence offers that appear on the site, but do not affect any editorial decisions, such as which loan products we write and how to evaluate them. This site does not include all loan companies or all loan offers available in the market.

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