FHA Loan Calculator for Louisiana

FHA Loans in Louisiana

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Louisiana's median home of $195,000, that's a minimum down payment of $6,800.

FHA Loan Limits in Louisiana

FHA loan limits vary by county and are tied to conforming limits. In most Louisiana counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. All Louisiana counties are at the standard conforming limit.

FHA vs Conventional in Louisiana

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Louisiana's median home at $195,000, buyers who can put down $39,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Louisiana closing costs average $3,200. Louisiana uses a unique civil law system with closing costs that include notary fees (replacing attorney fees in most states). Transfer taxes are low, but notary and recording costs add up. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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