Louisiana FHA loans are home loans insured by the FHA (Federal Housing Administration) which give Louisiana borrowers the opportunity to secure LA home loans, when they don't quality for other conventional loans. For example, future Louisiana homeowners with little credit history or poor credit history are sometimes able to qualify for Louisiana FHA loans.
Louisiana FHA Loans for First Time Homeowners
LA FHA loans are ideal for first-time Louisiana homeowners due to low down-payment requirements and flexible qualifying guidelines.
Refinancing with FHA Loans in Louisiana
FHA also offers a refinancing option for Louisiana homeowners where it's possible to refinance up to 97.5% of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85%.
FHA Loan Requirements
- No income limit
- Louisiana borrower credit score flexibility
- 3.5% down payment on Louisiana Purchase Loans
- Bankruptcy: LA FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: An FHA loan can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
Louisiana FHA Loan Limits
FHA loan limits in Louisiana vary based on a number of criteria including the specific. location (county), number of units in the property (up to 4-unit properties in Louisiana), etc. Please contact Home Point Financial's Louisiana FHA loan experts for details on loan limits for FHA loans in Louisiana (LA).