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Last updated: Jun 20, 2024
6.119% APR 30 Year Fixed
$1,487 / month
Rate: 5.920%
Fees: $625
Points: 1.908
Pts amt: $4,770
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  • Minimum 620 credit score needed to prequalify
  • 0% down USDA loan for rural homebuyers
  • 97% of borrowers would recommend to friends or family
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  • 2024 FHA Loan tools and resources
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  • Easy to qualify, no obligation
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Louisiana Mortgage Overview

There are many great reasons to live in Louisiana. Whether you love the food, music, or community, Louisiana has a lower than average cost of living and home prices. The average home price is around $163,000. If you're ready to join the 4.6 million people living in Louisiana, here are your top mortgage options:

Louisiana FHA loans

If you have less than perfect credit, the FHA loan is a great choice. You need just a 580 credit score and 3.5 percent down. It's a great way to get into a home and stop renting. Even if you have a 500 - 579 credit score, you can qualify with a 10 percent down payment. Make sure your debts are manageable and you have stable employment for the best chances.

Louisiana VA loans

Veterans deserve help buying a home and the VA provides it with 100 percent financing. All you need is a 620 credit score and proof you have enough disposable income to cover the daily cost of living for your family. The VA loan doesn't require mortgage insurance and has the most flexible guidelines for our veterans.

Louisiana USDA loans

Living in a 'rural' area doesn't mean cornfields and isolation. The USDA has loans available in low populated areas of LA right outside the city lines. Low to moderate-income families are eligible for this 100 percent financing program. You need just a 640 credit score, stable income and employment, and average debts to qualify.

Louisiana conventional loans

If you have great credit (660+), stable employment, and a 40 percent or lower debt ratio, a conventional loan is a great option. You can put just 3 percent down but will pay PMI until you owe less than 80 percent of the home's value.

First-Time Homebuyer Programs in Louisiana

MRB Program

If you make less than 80 percent of the area's median income, the MRB Program may help. You need a 640 credit score and must be a first-time homebuyer to get the down payment/closing cost assistance (5 to 9 percent) and low interest rate program.

MRB Home and Assisted Program

If you don't have enough money to meet the down payment or closing costs the MRB Home and Assisted Program may help. You must have 'low' income for the area and a minimum 640 credit score. You can receive up to 4 percent of the sales price for down payment and closing costs as a soft second mortgage.

Resilient Soft Second

If you make less than 80 percent of the area's median income, the RSS offers a soft second loan. You can borrow up to $55,000 and $5,000 for closing costs. The loan isn't payable until you refinance or sell the home. Only certain parishes are included.

MCC Tax Certificate

Low-income Louisiana families may qualify for the MCC certificate which provides a tax credit for up to 40 percent of the interest paid for the year, up to $2,000.

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