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Buying a home in the Bayou State? There’s no shortage of homes for you to choose from. Louisiana has almost 2.1 million housing units and a homeownership rate of about 66%, according to the U.S. Census Bureau’s 2018 American Community Survey.
Louisiana’s median housing value is $167,300, which is significantly lower than the national median value of $229,700. Louisiana has some localities with lower housing prices, but prices for housing can be higher in other parts of the state.
U.S. News conducted an in-depth review of leading direct mortgage lenders. Research was based on program availability and customer satisfaction ratings. Because each consumer has different needs, the top finishers in several key areas were chosen.
What Are the Mortgage Rates in Louisiana?
The average interest rate for a 30-year fixed-rate conforming mortgage in Louisiana is 3.67%.
Home interest rates range from 2.88% to 4.75% in Louisiana.
What Are Today’s Mortgage Rates?
Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.
|
Loan Types |
This Week’s Rate |
Last Week’s Rate |
| 30-Year Fixed Rate | 3.50% | 3.51% |
| 15-Year Fixed Rate | 2.83% | 2.83% |
| 30-Year Fixed Jumbo Rate | 3.58% | 3.60% |
| 5/1 ARM Rate | 3.19% | 3.20% |
| 5/1 ARM Jumbo Rate | 3.02% | 3.00% |
*Rates as of June 8, 2020.
U.S. News’ Best Louisiana Mortgage Lenders
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Bank of America: Best lender for up to 100% of the appraised value of the home.
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Caliber Home Loans: Best feature: first-time homebuyer program.
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Chase: Best for up to $3,000 at closing with the Chase Homebuyer grant and completion of a homebuyer education course.
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Guild Mortgage Co.: Best lender for loans for up to $3 million.
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loanDepot: Best lender for waived lender fees on future refinancing.
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PrimeLending: Best lender with a closing cost assistance program.
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Quicken Loans: Best lender for good customer satisfaction ratings.
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Veterans United Home Loans: Best lender for focused service for veterans and service members.
Methodology: U.S. News conducted an in-depth review of leading direct mortgage lenders in Louisiana. Research was based on program availability, customer satisfaction ratings and qualification requirements. Because each consumer has different needs, the top finishers in several key areas were chosen.
Best lender for up to 100% of the appraised value of the home.
Highlights:
- Mortgage types offered: Conventional, VA, FHA, refinance, home equity
- Minimum FICO score: 620
- Maximum loan-to-value ratio: 100%
- Maximum debt-to-income ratio: 55%
- Loan amounts: Up to $5,000,000
- Total closing costs: Varies
- J.D. Power overall satisfaction rating: Four out of five
Best Features
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Bank of America has a wide variety of mortgage products.
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The lender offers annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients.
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Home equity lines of credit have no annual, balance transfer or cash advance fees or closing costs.
Best feature: first-time homebuyer program.
Highlights
• Mortgage types offered: Conventional, FHA, VA, USDA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), First-time homebuyer program
• Minimum FICO score: 580
• Max DTI: 50%
• Origination fee: Not disclosed
• J.D. Power satisfaction rating: Three out of five
Best Features
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A first-time homebuyer program called HomeOne. It only requires a 3% down payment and borrowers may qualify with a minimum 620 credit score.
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Government-insured loans including Federal Housing Administration, Veterans Affairs, and United States Department of Agriculture programs are available.
Best lender for loans for up to $3 million.
Highlights:
- Mortgage types offered: Conventional, FHA, VA, USDA, ARM, Home equity loans, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Refinancing (USDA), First-time homebuyer program, Jumbo, renovation, expanded (non-qm)
- Minimum FICO credit score: 620
- Maximum debt-to-income ratio: 50%
- J.D. Power satisfaction rating: Four out of five
Best Features
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Good customer service ratings.
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A broad range of mortgage products.
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Special mortgage programs including ones for first-time homebuyers and buyers of manufactured homes.
Best lender for waived lender fees on future refinancing.
Highlights:
- Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Home equity loans
- Minimum FICO credit score: 500 with conditions
- Maximum debt-to-income ratio: 43% for FHA
- Maximum combined loan-to-value ratio: 90%
- J.D. Power satisfaction rating: Four out of five
Best Features
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LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees.
Best lender with a closing cost assistance program.
Highlights:
- Loan types: conventional, FHA, VA, USDA, ARM, refinancing
- Minimum FICO Score: 600
- Maximum loan-to-value ratio: not disclosed
- Maximum debt-to-income ratio: 43%
- Total closing costs: 2% to 6% of loan amount
- Equity required: not disclosed
- J.D. Power Satisfaction rating: not rated
Best Features
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Offers a wide variety of mortgage loans.
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Provides mortgage loans nationwide.
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Helps with closing costs.
Best lender for good customer satisfaction ratings.
Highlights:
- Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
- Minimum FICO credit score: 580 (FHA), other l
oans vary - Maximum debt-to-income ratio: 60%
- J.D. Power satisfaction rating: Five out of five
Best Features
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Complete loan process available online.
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Wide variety of mortgage products.
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Good customer service ratings.
Best lender for focused service for veterans and service members.
Highlights:
- Mortgage types offered: Conventional, ARM, VA, FHA, USDA, refinance
- Minimum FICO credit score: 620
- Maximum debt-to-income ratio: Varies
- J.D. Power satisfaction rating: Not rated
Mortgage Calculator
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
Louisiana Homebuyer Programs
Louisiana Housing Corporation offers six assistance programs to help Louisiana homebuyers afford to purchase a home. They include down payment and closing cost loans, federal income tax credits, low fixed interest rates and low down payment options.
- Available to: Eligible Louisiana homebuyers.
- Income limits: Vary by parish based on 80% of area median income (see income limits).
- First-time homebuyers only? Yes.
- Benefits: Down payment and closing cost assistance between 5% and 9% depending on the loan amount, and reduced mortgage insurance.
- Available to: Eligible Louisiana homebuyers.
- Income limits: Vary by area (see income limits).
- First-time homebuyers only? Yes, unless the property is in a targeted area.
- Benefits: Down payment and closing cost assistance loan equal to 4% of the mortgage amount, and reduced mortgage insurance.
- Available to: Eligible Louisiana homebuyers.
- Income limits: Vary by parish (see income limits).
- First-time homebuyers only? No.
- Benefits: Up to 4% assistance for down payment, closing costs and/or prepaid items.
- Available to: Eligible Louisiana homebuyers in certain delta parishes.
- Income limits: Maximum household income of $99,000.
- First-time homebuyers only? Yes.
- Benefits: Up to 100% financing and up to 3% closing cost and prepayment assistance.
- Available to: Qualifying Louisiana homebuyers.
- Income limits: Vary by parish (see income limits).
- First-time homebuyers only? Yes.
- Benefits: A federal tax credit of up to 40% of annual mortgage interest payments up to $2,000 per year.
- Available to: Eligible Louisiana homebuyers in certain parishes.
- Income limits: Annual household income of 80% of the area median income.
- First-time homebuyers only? Yes, but certain exceptions apply.
- Benefits: A loan of 20% of the purchase price up to $55,000, plus up to $5,000 for closing costs with deferred repayment until the loan is extinguished upon sale or refinance. If the homebuyer occupies the home for the full 10-year term, the soft second loan will be forgiven.
Find the Best Mortgage Lenders by State
Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.
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